Almost everyone knows that preparing a business plan is a critical step in starting your own business. It's important to find a format that works for your specific business, but most business plans will include the following:

EXECUTIVE SUMMARY

One of the most important parts of your business plan, this is where you summarize pertinent information about your company. Summarize your mission statement (more info will be included in the next section.) Include information regarding products or services, basic information about your management team, employees and location. Write your executive summary as if you had a few paragraphs to get your main points across. Include the who, what, why and where of your business plan.

MISSION STATEMENT

This is where you give an overview of what your company does and what it hopes to achieve.  This section should also include information about your principal members and your legal structure. (Are you an LLC? A sole proprietorship?)

MARKET ANALYSIS/MARKET RESEARCH

You should include a report on your industry—is it growing? Stable? Changing? Describe who your customers are and what your strategy for attaining market share is. Also, it's customary to describe your company's organization and management strategies in this section.

SERVICE OR PRODUCT LINE

Include all information on your service or product line. Include your pricing structure. Will you be charging an hourly rate? Will you be selling wholesale or retail? This is where you do your best to make your product or service shine. Don't be shy about describing your product or services best attributes!

MARKETING & SALES

How will you market your product or service? How will you get your company on the map? Who handles marketing /sales for your company? In short, how are you planning to sell your product or service? How much do you have to make in order to fulfill your objectives?

FUNDING REQUEST/FINANCIAL PROJECTIONS

How much funding do you require? How will you use the money? What are your projected costs and sales for the upcoming year?

The most important part of your business plan can only be decided by you-think hard about what it is you have to offer, and how you plan to sell it! The United States small business administration has more information, and sample business plans available here. A lot of work goes into writing a viable business plan, but don't be discouraged–Having a solid business plan will save you a lot of work down the road, especially if you're seeking funding.

If you're thinking of starting your own business and don't want to pay huge overheads, Broadway Suites rents affordable NYC office space, all-inclusive with amenities for our tenants, with very flexible leasing plans. Join the other happy entrepreneurs at Broadway Suites, and go to work on your dreams!