Business plans help you outline which direction you want your business to go. Here is a list of the top ten questions every business plan should address:
1. What are the needs that your business wants to satisfy? The whole point of having a business is to provide a necessity for the market. Therefore, it is important to have a specific need or problem in mind when forming a business.
2. How will your business satisfy your market’s needs? Describe your business and include a mission or vision statement with objectives stating how the business will contribute to the market.
3. How does your company stand out? Explain your business model and how it will compete with other businesses.
4. Who will be the key players in the business? Describe the management team, board and advisers of the business. Be sure to elaborate on their experiences and abilities.
5. How big is your market? You can understand the opportunity that your business will have by estimating your potential profits and learning how big of an industry you are getting involved with.
6. What customers will you target? By focusing on a certain group of people, you will embellish and characterize your marketing strategy.
7. What will your marketing strategies be? Once you know what demographic you will be focusing on, you will need to figure out the best way to connect with them.
8. What are the economics of your business? Explain your pricing structure, costs, margins, and expenses.
9. How much money do you need to start your business? Describe the capital requirements needed for your business. Disclose where your outside funding will be coming from, if help is needed.
10. What needs to happen to break-even? Experiment with financial projections and forecasts to figure out the amount of sales needed to cover your expenses and generate profit.
If you have any questions about small business in Arizona, don’t hesitate to contact a JacksonWhite small business attorney.
Call JacksonWhite’s Small Business Law Team at (480) 464-1111 to discuss your case today.