I bet many of you didn’t know that December is National How to Write a Business Plan month. Well, when we discovered this, we saw it as a prime opportunity to share with you entrepreneurs out there our thoughts on writing a business plan and the steps that follow the completion of writing this plan – keeping it updated and following through with it! It is fairly simple to pull together the words on a page of a business plan and put some organization to them. The hard part comes when you need to start to execute that plan. You write the plan to then put it to action. So, let’s start with the basics. Below is our take on an outline of the components that a business plan needs to include.
- Executive Summary
- Company Description including mission, vision, and values
- What is your differentiator/your uniqueness factor?
- What are your products/services?
- Strengths Weakness Opportunities Threats (SWOT) Analysis
- Marketplace/Competitive Analysis
- Target Market – consumer/customer
- 1-year goals, 3-year goals, 5-year and 10-year goals – what is that big out-there goal that you know you can make happen? (other people may think you’re just plain crazy for it – but you know you can do it!)
- Marketing and Business Development Plan
- Financial Projections and Budget
You made it through the outline! Now start to plug in the components of your business that are mingling about in your head and start to put them on paper. This helps to make the business become a reality.
You put the business plan together on plan. Now what? Start to take action. Implement the plan and meet those goals. You may say – I need an office. I need an assistant. What type of business insurance do I need? Do I even need insurance? What other things am I not considering when diving into this adventure?
There are a number of online resources and templates that exist for creating your business plan as well as resources to help guide you through your business creation. We recommend that you take a look at the SBA (U.S. Small Business Administration for additional resources.
A business plan will help your insurance agent to help understand more about your business and the products and services that you offer. Therefore, allowing them to assist you in making sure you receive the appropriate coverage for your business, employees, customers, and more.
We look forward to hearing about your new business opportunity and assisting in any way we can. As a small business, KDA understands that it takes a lot of work and many questions and answers to get your business up and running. Let us take the pressure off of the insurance worries and provide information for the needs of your business.