7 components of a small business plan, continued

Category: Business Finances

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Seven of the basic, yet important components of a small business plan include the following:

Marketing strategies

A big part of your company’s success will rely heavily on marketing, so it is vital to take the time to determine how you plan on marketing it to your target audience.

Executive summary

The executive summary will include information on the basic concept of your small business, how much money you will need for startup costs, how it will be funded, all parties involved, in addition to current legal standing and general history, if applicable.

Financials

This component of your small business will include details on what you will be spending and your anticipated earnings. Because this is the most dynamic component of your plan, it is possibly the most imperative for long-term stability.

If you recently started your own small business, or you have thought about starting one, you probably know that there are a lot of start-up costs to consider. Some of these things might include commercial space, materials and supplies, office equipment, advertising, employee salaries, and more. Additionally, if you plan on quitting your current job in order to focus completely on your new business venture, it is important to have enough saved up until you start making a profit, or in case it takes a while for your business to pull in as much money as you were making before.

In the beginning, it can be difficult to fund your small business, especially before you’re generating revenue. Not only do you have to plan for start-up costs, but you need to consider the income that you’re missing from the steady paycheck you’d be receiving from a regular job. But this doesn’t mean you should completely dismiss your dreams of starting your own small business.

Instead of taking out a business loan and getting into debt, or giving up on your dreams altogether, explore your other options. If you’re receiving structured settlement or annuity payments, Peachtree can buy some or all of your future payments and give you that money sooner in the form of a lump sum. Contact us today for more information on how we can help and to get started!

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Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: business plans, starting a business

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