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Developing A Business Plan Will Enable You To Effectively Execute Your Financial, Marketing, Legal, And Management Strategy.

989 words - 4 pages

Starting a small business is often an overwhelming and unpredictable venture, a sure fire approach to improve profitability is developing a solid business plan. Developing a business plan will enable you to effectively execute your financial, marketing, legal, and management strategy. An inadequately developed business plan generally leads to a failing business.A business plan outlines your business strategy; the industry, business structure, products or services you will provide, and how you plan to make your business a success. Your Marketing Strategy describes and analyzes potential customers: who and where they are, what makes them buy and also describe the competition and how you'll position yourself to beat it.The most imperative issues a business plan outlines is the acquisition, securing and execution of your financial plan, which is often a complex and frustrating process. The financial section contains your income and cash flow statement, balance sheet and other financial analyses. (Entrepreneur .com)One of the first steps when considering starting a small business is research; Small Business Association is the one-stop shop for small business information. A local office is available in every state with resource partners to support the needs of the small business community.All businesses require some form of financing; some of the financial sources recommended by the SBA (Small Business Association) include the following:Personal savings: "The primary source of capital for most new businesses comes from savings and other personal resources." (sba.gov)Disadvantage: Using your personal savings can have it's disadvantages, by using your savings for your start up you may end up without an emergency fund to cover unexpected expenses or situations such as automobile repairs or medical expenses.Friends and relatives: If they believe in you and your idea, friends and relatives are sometime willing to fund you. "Often, money is loaned interest-free or at a low interest rate, which can be beneficial when getting started." (sba.gov) It is best to go about this route as a formal loan with documents stating loan terms, interest and terms of repayment.Disadvantages: Family ties and friendships can be jeopardized by small business failure.Banks and credit unions: "The most common sources of funding are banks and credit unions, will provide a loan if you can show that your business proposal is sound." (sba.gov)Disadvantages: Interest charges and pressures of being successful become crucial. A lender can and often will seize assets first and then sue you if the funds realized from those assets are insufficient to pay off the loan. A lender may decide to sue you before using up the pledged assets. If the lender wins the lawsuit and gets a judgment against you, assets you haven't specifically pledged as security are at risk, as is a portion of your future earnings.Angel Investors and Venture capital firms: "These individuals and firms help expanding...

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