You've thought it through, you've considered the finances, and you've decided that you're ready to move forward with the next step of starting your own small business. What's next? Time to create a plan.
Drafting a Business Plan
According to the U.S. Small Business Administration, one of the first steps to planning a business is determining who your target market is and why they would want to buy from you.
A thorough business plan will answer the following rudimentary questions, plus much more:
- What purpose does my business serve?
- Who is my competition?
- What is my strategy to capitalize on existing market opportunity?
- What are my operating procedures?
- What types of capital equipment will I need?
- How much profit/loss should I expect?
The goal of a business plan is not simply to identify needs and projections, but also establish a market niche. Finding a niche is important for capitalizing on your competitors' oversight and identifying opportunities for growth within your own business.
Having trouble crafting a business plan?
Help is available.
In fact, there are countless business resources available for budding entrepreneurs. A good place to start is at the U.S. Small Business Administration's website. The SBA's site provides excellent resources at no cost.
At WaFd Bank, we're in the business of bringing simplicity to yours. If you're looking for straightforward solutions to help you grow your business, contact your local small business officer today or open a business account online.