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When you create a business plan, you plan for success

| Nov 7, 2020 | Business formation |

Virtually everyone can come up with an idea for a St. George business. But it takes drive and determination – and much more – to turn that idea into a brick-and-mortar store where you can welcome and serve customers.

Experts recommend that before you rush out to find a location, design a logo or decide how much to charge customers, you sit down and create a business plan.

Giving form to a great idea

A business plan not only helps you to organize and give form to different aspects of your great business idea, but it’s essential if you plan to seek a loan or investments for your enterprise. It also helps you set achievable goals and understand the parts of business ownership in which you need more information or assistance.

The Small Business Administration says a traditional business plan includes the following:

  • An executive summary that gives a high-level description of your planned business
  • Detailed description of who you expect your customers to be
  • Mission statement
  • Legal structure: corporation, limited liability company (LLC), limited partnership or family limited partnership (FLP)
  • Market research about the industry, customers and your company’s advantages
  • Detailed description of the products or services you’ll offer and the pricing structure
  • Address anticipated intellectual property issues
  • Growth strategy
  • Description of customer acquisition and communication

Getting help and information

While that list of items can be daunting, it can be less so if you reach out to people with experience and knowledge in areas where you need assistance. Some budding entrepreneurs will need help with market research, and acquiring a good understanding of competitors, trends and your target market.

Others interested in starting a business might need help deciding on the most advantageous legal structure for their venture or assistance in protecting valuable intellectual property. Still others will want to better understand funding options.

Nearly every prospective business owner needs help along the way. Resources worth checking out include websites for the Small Business Administration, Department of Veterans Affairs, the St. George city site and the IRS.