I believe, it is wrong to assume that having a business plan is only necessary when you are seeking funding. In fact, many legal services, financial advisors and even business mentors will want to see a business plan.
A business plan should be considered a living document; there is no traditional final draft. As your business changes and grows over time, your business plan needs to adjust to reflect that.
Important Areas your Business Plan should include:
1. Cover
2. Table of Contents
3. Executive Summary
4. Company & Industry
5. Products & Services
6. The Market
7. Marketing
8. Management
9. Development Plan
10. Overall Schedule
11. Risks
12. Financial Statements & Projections
13. Appendices
Do not forget to be as specific as you can and to review your business plan on an annual basis.
What if you are a service-based Solo-Entrepreneur?
Well, if you do not have a ‘brick and mortar’ business, but rather work as a coach, author, speaker, model or entertainer, to name just a few, an old school business plan might not be the right fit.
Why not create a your unique Elevator Pitch page instead, including a one or two sentence statement of your vision, objectives, your mission (if you have one) and the action steps you are planning to take to accomplish the latter.
Answering the 5Ws; Who, What, Where, When and Why, may help you to establish ideas what to include in your Elevator Pitch page.
Let me know what you think in the comment section below.
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All the Best,
Naomi x
