There are many things to consider when starting a business, including what type of business formation to choose, what types of products or services to sell and how many employees to hire. It’s also very important to have a business plan in place.
Business plan overview
A business plan outlines the organization’s objectives and how it will meet its goals. Many business plans contain similar elements and are approximately 15-20 pages long, however the length can vary depending on the needs of the business.
The first section of the business plan is the executive summary, which lays out information about the organization’s leadership, employees, location and overall mission. Then, it may address the products or services the business will sell and the expected consumer demand for them, the business’s competition in the marketplace and its plan to market to its customers.
It also includes financial information, such as financial planning and projections. The business may include financial statements and balance sheets. It should also include a proposed budget for business expenses, such as development, marketing, manufacturing and other costs the business may incur.
The business plan should be updated as the business grows, so it reflects the business’s current needs.
Types of business plans
There are two main types of business plans, a traditional plan and a lean startup plan. A traditional plan is usually longer and has more detail. A lean startup plan is usually shorter and highlights key elements of the business.
If a business owner would like assistance to create a business plan or needs guidance about other business law matters, an experienced attorney can help.