As a small business owner, you likely have big goals for your business. A good business plan can help you achieve those goals. By detailing plans, budgets, and goals, a business plan can act as your road map to success.
There is no wrong or right way to structure a business plan and they often vary as much as businesses do, but there are a few key components that should be included.
- Executive summary
- Company description
- Market analysis
- Organization structure
- Description of product or service
- Marketing strategy
- Financing needs
- Financial projections
- Supporting documents
Each section of a business plan serves a purpose. It provides investors, lenders, and potential partners with a clear strategy for success. It’s also a valuable document to have when requesting funding. Most importantly, a business plan can serve as your company’s guide as you start, grow, and develop. Its description of your vision is something you can refer back to when determining next steps.
There are a lot of steps involved with starting a business, but taking time to develop a thoughtful business plan will serve you well – both now and in the future. If you have questions about your business plan or are ready to apply for financing, reach out to the lending team at FNB Small Business Finance to get started!