3 Top Tips to Utilize As You Develop Your Business Plan

Your business plan should be an action guide on how you plan to run your business. It should be written in a concise manner that will enable any banker or investor to completely understand your business concept. Your plan does not have to be 30 pages long to get your point across. It can be as short a few pages as long as long as it details your concept and the plan to launch it. Here are three top tips to use as you develop your plan:

Tip #1: Using Your #1 Free Resource: Your local library

Your library should have resources available to assist you with the development of your business plan. Most libraries have online sites now and many enable you access to valuable research databases if you have a library card. Some libraries even give you access to expensive business plan software as long as you use your library card for access. This alone can save you hundreds of dollars! Depending on the software, they usually have the option to download the template into Excel or Word for editing purposes.

Tip #2: Brainstorming Questions to Ask as you Develop Your Plan

As you develop your plan, ask yourself a few questions:

  • Who represents your customer base?
  • Who is your competition?
  • What products or services do you plan to sell?
  • Where will you be located?
  • How will you approach marketing for your business?
  • When will you start or launch your business?
  • How will you get financing for your business?
  • What type of entity will you be?

Answering these questions initially will start the foundation of your business plan. These questions require thought and research and your local library can give you assistance in this area.

Tip #3: Using A Great Development Research Tool: Reference USA

A great resource to use to get information on your type of business would be Reference USA. Access to this database is offered at many libraries as long as you have a library card. This database can answer questions regarding your customer demographics, competition statistics, sales data, etc. You can even use this data when you are developing your marketing portion of your business plan.