The best way to come up with a business plan is to put down on paper everything you will need to learn about your industry and the market you're entering. The companies you will be competing against can provide a lot of clues – if you know who your direct competitors are, you can determine approximately how many people you'll need to hire, the reasonable sales levels you can reach, and even the net profit margin that you should model into your plan's pro forma. But obviously you don't want to be just another company, so you can't model off your competitors exactly. You want to figure out what makes them tick, but also what makes you different:
• What competitive advantages do you wield?
• Is there anything special about your product or service?
• What is your background for this business?
• How do you fill the market need?
• What can you do with the seed money you're seeking, in 3-5 years?
These are the core questions to ponder as you piece together sections of your plan. There are resources online including the census, the statistics from the Bureau of Labor, free business stats from Manta, and other templates and tools that can give you a read on consumer spending, patterns and trends, and even emerging market opportunities. Read about business plans for your industry online and see if you can get a draft underway. If you get stuck or don't want to take the time yourself, MasterPlans is here for you. Our group of expert consultants will write your entire business plan cover to cover in as little as 10 days. Call 877-453-2011 to learn more.
