How to Start a Business Plan

By | February 26, 2016

EHow is everybody?  Hope all is well with you and yours. Knowing How to Start a Business Plan and focusing on applying all that it entails is challenging.  I know things can get hectic at times, especially if you are trying to run a home business.  

The family mostly the little ones don’t realize that you are working when you are in your home office.  But when you are learning how to start a business plan, you have to cut the family off.  I have two grandchildren that I see regularly, I love these kids with all my heart, and will do anything to see them happy.

A lot of times it means sacrificing time that I could devote to work.  But it is hard denying their pure heart and honesty in which they approach me.  

The name of my site is Success With a Home Business, and while I am working, I’ll hear a knock on the door then the sound of the two (ages 2&4), saying “hey papa what you are you doing “success with a home business.”

Then they’ll say, “when you come out we want, you to play with us.”  All before they are chased away by a grown up. Oh! They will be back at the door the first chance they get.

And I ultimately give in.  See working at home comes with a lot of distractions that you have to ignore to put in a good day’s work.  

Therefore having and knowing how to start a business plan is essential, and sticking to it along with your mission statement will sound out any distractions by merely focusing. We all know the saying “plan your work and work your plan.”

How to Start a Business Plan

A  plan details your business goals, strategies, potential problems and ways to solve them, where you see it in the future, (including titles and responsibilities), and finally, the amount of capital required to finance your business and to sustain it until it breaks even.

Business plans can help perform investment-seeking entrepreneurs; they firms that are trying to attract prospects for new business, or just to understand how to manage your company.How to Start a Business Plan-DREAM IT AND BELIEVE IT

Writing your business plan 

  • Do your research – You will need to make quite a few decisions about your business including structure, marketing strategies, and finances before you can, complete your plan. By having the right information in hand, you also can be more accurate in your forecasts and analysis.
  • Determine, who the plan is for, – Does it have more than one purpose? Will it be used internally or will third parties be involved?
  • Do not attempt to complete your business plan from start to finish – First, decide which sections are relevant to your business and set aside the articles that don’t apply. You can always go back to the other items later. Get some help – If you aren’t confident in completing the plan yourself, you can enlist the help of a professional (i.e., Business Enterprise Centre, business adviser, or accountant) to look through your project and provide you with advice.
  • Actual vs. expected figures – Existing businesses can include exact data in the scheme, but if your business is just starting out and you are using projected figures for turnover and finances, you will need to show clearly that these are numbers or estimates.
  • Write your summary last – Use as few words as possible. You want to get to the point but not overlook important facts. It is your opportunity to sell yourself. But don’t overdo it. You want prospective banks, investors, partners or wholesalers to be able to scan your plan, find it realistic and be motivated by what they read.
  • Review. Review – Your business plan is there to make a good impression. Errors will only detract from your professional image so ask some impartial people to proofread your final project.

Primary Parts of a Business Plan

Executive Summary

The executive summary follows the title page. It should tell the reader what you want, and clearly, state what you’re asking.

How to Start a Business Plan-business plan

The company description is an introduction to your business, discussing the modern outlook and future possibilities.

Provide information on all the various way to profit from the firm and industry.  Including any new products or developments that will benefit or affect your business.

Market Strategies

Market strategies are the result detailed market analysis. A market analysis forces you and any prospects to become familiar with all aspects of the market.  So that the target market can be defined, and your company can garner its share of sales.

Competitive Analysis

 Determines the strengths and weaknesses your competitors in your market, strategies that will provide you with a distinct advantage, the barriers that can develop to prevent competition from entering your market, and any weaknesses to exploit.Design & Development Plan

Provide investors with a description of the product’s design, chart its development during building your business, marketing, and creating a budget that will get the company to reach its goals.

Operations & Management Plan

Describe how the business operates on a continuing basis. The operations plan will highlight various responsibilities of the management team,  and capital and expense requirements related to the operations of your business.

Financial Factors

Financial data is always at the back of the plan of activities, but that doesn’t mean it’s any less important than the up-front material such as the business concept and the management team.

Finding the Right Plan for You

Business plans have a lot of elements in common, like cash flow projections and marketing plans. And many of them share specific objectives as well, such as raising money or persuading a partner to join the firm. But business plans are not, all the same, any more than all businesses are.

Depending on your business and what you intend to use your plan for, you may need a very different type of business plan from another entrepreneur. Policies differ widely in their length, their appearance, the detail of their contents, and the different emphases they place on various aspects of the business.

The reason that plan selection is so important is that it has a powerful effect on the overall impact of your project. You want your plan to present you and your business in the best, most accurate light.

That’s true no matter what you intend to use your plan for, whether it’s destined for presentation at a venture capital conference, or will never leave your office or be seen outside internal strategy sessions.

Types of Plans

Business plans can be divided roughly into four separate categories. There are slight plans or mini plans. There are working plans, presentation plans, and even electronic plans. They require very different amounts of labor and not always with proportionately different results. That is to say; a more elaborate scheme is not guaranteed to be superior to an abbreviated one.

  • The Working Plan. A working plan is a tool to be used to operate your business. It has to belong in detail but may be short on presentation. As with a mini-plan, you can probably afford a somewhat higher degree of candor and informality when preparing a working plan.
  • The Mini program. A mini project may consist of one to 10 pages and should include at least cursory attention to such critical matters as the business concept, financing needs, marketing plan and financial statements, especially cash flow, income projection and balance sheet. It’s a great way to test a business concept quickly or measure the interest of a potential partner or minor investor. It can also serve as a valuable prelude to a full-length plan later on.
  • The Presentation Plan. If you take a working plan, with its low stress on cosmetics and impression, and twist the knob to boost the amount of attention paid to its looks, you’ll wind up with a presentation plan. This method is suitable for showing to bankers, investors, and others outside the company.  
  • The Electronic Plan. The majority of business plans compose in hard copy. But more and more business information between parties on paper is now sent electronically. So you may find it appropriate to have an electronic version of your plan available.

Source: The Small Business Encyclopedia, Business Plans Made Easy, Start Your Own Business and Entrepreneur magazine.

How to Start a Business Plan-How Do I Build a Business Plan? (Infographic)

How to Make Your Business Plan Stand Out

One of the first steps to business planning is determining your target market and why they would want to buy from you.  The following tips can help you clarify what your business has to offer, identify the right target market for it and build a niche for yourself.

Be Clear About What You Have to Offer

Ask yourself: Beyond primary products or services, what are you selling? Consider: Your town probably has several restaurants all selling one organic product—food. But each is targeted at a different need or clientele.

When starting a business, be sure to understand what makes your business unique. What needs does your product or service fulfill? What benefits and differentiators will help your business stand out from the crowd?

Don’t Become a Jack of All Trades-Learn to Strategize

It’s important to define precisely what you’re selling. You do not want to become a jack-of-all-trades and master of none because this can have an adverse impact on business growth.

As a smaller business, it’s often a better strategy to divide your products or services into manageable market niches. Small operations can then offer specialized goods and services that are attractive to a particular group of prospective buyers.

Identify Your Niche

Creating a niche for your business is essential to success. Often, business owners can identify a niche based on their market knowledge, but it can also be helpful to conduct a market survey with potential customers to uncover untapped needs. During your research process, identify the following:

  • Which areas your competitors are already an authority
  • Your competitors are ignoring Which areas
  • Potential opportunities for your business

Thanks for stopping by,  I wish you all the best with your online business.  Please, let us communicate, share a comment or question, and I will get back in touch with you. 

Join my affiliate marketing team Now!  We will help and train and teach you How to Start a Business Plan. Furthermore, we can show how and provide all the tools to turn your business or passion into a success with a home business.  No credit card needed to try it.

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About Maurice Jackson

Hello, my name is Maurice Jackson I live and, started my business in Detroit. My intentions are, to help any and every one with affiliate marketing as a home business, become a successful professional. My first career was working for the city of Detroit as an inspector, where I thought I would retire. But life bring change and surprises. I sustained an injury that led to an earlier retirement than I had planed. With that said I reinvented myself in April of 2014 and, became part of an affiliate program. Within the time of my reinvention leading up to the present, I am generating lots of traffic to my website and it grows everyday.ROI has been minimal but then again I invested nothing to start. I am at the point of letting my site mature, as I keep writing quality content about it. In this business you have to pay your dues. And, I and the rest of our family (become a member and you will see the family side of it) of 109000, including the founders of the program (yes they participate), will see to it that we all will be making a substantial amount of revenue in the near future.

18 thoughts on “How to Start a Business Plan

  1. Maurice Jackson Post author

    William, thank you for taking the time to share such an inspiring comment,I do appreciate it

  2. William

    This is great very long and well-written post you have here. I have learned a lot reading it. It makes me want to start my very own website today. I will be sure to share and bookmark your post.

    When do you think is a good time to start an online business?

  3. Maurice Jackson Post author

    There are aspects of a business plan that small and big businesses alike should incorporate. You set your goals and stratgey so they adhere to your mission statement and fit your personal expectations. I appreciate you responding.Thanks Ruth

  4. RuthM

    I have just started up my home business an I found your article while looking into Business PLans. There are Loads to think about and your article has given me some real food for thought. I have printed it out to go over it bit by bit. My main question to you is that I am starting an affiliate marketing business, so I am kind of just hoping for the best as I go along. The business plans you speak of, seem to me to be relevant to slightly larger operations, or should you go through this process, regardless of your size?

  5. Maurice Jackson Post author

    Neil, let me thank you for responding I always appreciate feedback. And to know that I have helped someone in any way is inspiring.

  6. Neil

    Hello, Maurice

    This is a very insightful article in to starting up a business plan, and I didn’t know there are so many plans to choose from or so much to think about when putting one together.

    Thank You for including some great tips too because I know it will help me with my own plan.


  7. Maurice Jackson

    Chris, thanks for taking the time to respond I appreciate it. Like you I ventured into business without an a to Z plan or business plan if you will, and payed the price. But failure is part of success.

    While doing my research for this post I came across a couple of articles that spoke on templates, If you do a little research you’ll find a couple of decent online articles.

  8. Chris

    This is some very handy information here – I wish I’d got hold of it many years ago when I submitted a business plan for a audio studio.
    Unfortunately I went in half baked and ended up with only half the funding needed.
    I especially like the section where you highlight the problem with hitting up the plan from start to finish – I never looked at it like that before.
    Do you know of any free resources for business plan templates online?

  9. Maurice Jackson

    Wendy, thanks for such a positive response, it is appreciated. You are spot on with all you have said. Sounds like you’ve incorporated your mission statement within your business plan, which is a good thing considering they go hand in hand.

  10. Wendy

    You need to have a clear plan otherwise you have no idea where you are going or how you will get there. I love that you lay it all out so anyone can easily write out their business plan.

    Mine is more of a living breathing document that I refer to often. I see if I’m on track or not and sometimes find that I need to re-evaluate. As you grow things change. But without a good business plan your business is dead.

    Great post!

  11. Maurice Jackson

    San, thanks for keeping in touch, again your comments are inspiring

  12. San

    Hello Maurice,
    You have written perhaps the best article I have read about building a business plan and I have read more than can remember.
    I was putting my own plan together when I ran into a lot of the snags you point out with your article and I decided to get some professional help. It did not help me much, cost me $1200 and I did not get the financing LOL.
    If I had your article back then I would have been able to write a much better plan and have a great way of knowing how to fulfill it. I have book marked this page and I will return to it often for reference.
    Great info.

  13. Maurice Jackson Post author

    Leola, thanks for your interest it is appreciated. there is a pop up when you go to any page asking yu to join my email list

  14. Steen

    Whatever blow business that I have helped to create.
    I have always cupboard me an overview of what to do, to built a business.
    In many cases, my plan changed along the way.
    I have both built on, but also cut down on my budget or my workload.
    You are right it is to have a basic plan to follow.

    Either be driven by a burning desire to educate me in the field to build my business.
    Or be trained in advance.

    How do you your schedule?
    I submit a monthly schedule of daily activities.

    How do you find inspiration for a niche?

  15. Edy

    You have in-depth tips here to start a business plan. Those are awesome preparation toward success. I personally have my own plan and approach to build my online business. What I would say is that as long as you are comfortable with certain plan, stick to it, and it will pay off!

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