Entrepreneur.com has continued their Two Weeks to Startup Series. The series can be found on the website. Recently, day 3 and 4 have been posted by Kimberly Stansell.
Obviously, most businesses need money to start. Startup investment needs to cover costs for up to 6 months. The article warns that not all businesses will see revenue quick. Also, not all businesses make profit in the first year. For an idea of costs to expect, Stansell offers to seek free resources that can provide you with a draft of startup costs. And better to overestimate costs than to underestimate. Of course, the article features worksheets to help with configuring costs.
The article states the business plan is the roadmap of your startup and the means to obtaining resources such as a loan. The business plan should also be considered the most important part of your business, if you plan on introducing it to outsiders. Whether for marketing, investors, or potential partners, all will need to see a business plan or a draft of one to consider working with you. While you can market your business without the plan, the plan includes the details most do not have time to mention in an elevator speech.
The three main parts of the plan are the business concept, the marketplace section, and the financial section. While they are only three parts, they will take a lot of consideration. The article includes great resources: the website’s business plan guide, a guide from the U.S. Small Business Administration and the website’s sample business plans. All of the links can be found on the article.
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