Reference no: EM133257339

Choose a business that you declared in the chat room during class. Once company per class. make a business plan based on the guidance you received in class.

Creating an extensive business plan is unnecessary for most businesses to get started. Keep it short when you are getting started. However, the exercise of creating a business plan offers you several benefits that more than outweigh the investment of time:

The process of thinking and writing the plan provides clarity to your business
If capital is needed from beyond your savings, investors want to see a plan that demonstrates a solid understanding and vision for your business
The plan will help you to prioritize the tasks that are most important
With growth, the plan offers a common understanding of the vision to new leaders
It is something you should continually review and update over time
A simple business plan for a product or service company that is just forming, can be completed rather quickly. Write it simply keeping in mind who the audience might be. It needs to be understandable, readable, and realistic.

This template is organized into seven sub-plans or sections to be completed. It is recommended to complete the Executive Summary last once the other sections have been completed. As you move from the Company Overview to the Financial Plan, the writing should tell the story of your motivation, your vision, why you will be successful, how you will achieve success, and how you will measure it.

It will be important to keep your plan up to date so you can see your progress, celebrate success, and adjust where you missed the mark. This is best done on a quarterly, if not monthly basis.