How to write a business plan

Writing a business plan may seem overwhelming, but it doesn’t have to be.

In this episode of Small Business Smarts, entrepreneur Victoria Jordan demystifies the process, breaks down the buzzwords and shares the components of a clear, actionable plan to set up your small business for lasting success.

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Video Transcript:

When I started my small business, I knew what type of work I wanted to do, but I didn't know much about running a business. The idea of having a business plan felt so beyond my capabilities that I kind of honestly ignored it.

But a business plan isn't just for big companies. Even very small business and solopreneurs can benefit from having one. It's really just basically a strategy to keep you focused on what you do best. And don't worry about fancy jargon. A business plan is simply a way to get the important stuff down on paper.

So what should be in your business plan? First, let's break down your idea and simplify some of the jargon.

1. What you're going to sell is your product.
2. Your audience is who you're going to sell to.
3. We need to know your expertise. Why are you the person to sell this thing?
4. And why should we buy yours and not theirs? That's referred to as a unique value proposition.

Now, let's take this beyond your brilliant idea and think through some questions to help identify what collaborators, partners, and tools you might need.

1. Who's going to make your product? This is the team you'll build.
2. Operations. It sounds big, but it's really just about how your team is making this product.
3. How and where is this going to be sold? This is where you build your sales strategy.
4. How are people going to actually find your product? This is thinking through the marketing and advertising plan.
5. Market research, another thing that sounds kind of too big to tackle this is really just looking at how your competitors are doing all of the above.
6. What's this all going to cost? That's your investment.
7. And how and when will you actually make a profit? These are your financial projections.

These elements are the basics of a business plan. Once you have them figured out, it's time to find tools that can support anything that's outside of your comfort zone. For me, I'm a creative, so anything that can help me manage the numbers is going to be clutch.

Partners like ADP can help you track your spending or efficiently run payroll. Manage all your legal and compliance needs. Whether you're hiring your first employee or preparing to grow. The right tools and expertise can make your business plan a guide that helps your business thrive.