{"id":204,"date":"2013-02-27T11:13:21","date_gmt":"2013-02-27T18:13:21","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/?p=204"},"modified":"2023-07-11T10:09:24","modified_gmt":"2023-07-11T17:09:24","slug":"questions-that-your-business-plans-should-answer","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/az-small-business-representation\/blog\/questions-that-your-business-plans-should-answer\/","title":{"rendered":"Questions that Your Business Plans Should Answer"},"content":{"rendered":"
Business plans help you outline which direction you want your business to go.\u00a0 Here is a list of the top ten questions every business plan should address:<\/p>\n
1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>What are the needs that your business wants to satisfy?<\/b>\u00a0 The whole point of having a business is to provide a necessity for the market.\u00a0 Therefore, it is important to have a specific need or problem in mind when forming a business.<\/p>\n
2. \u00a0 \u00a0 \u00a0\u00a0<\/b>How will your business satisfy your market\u2019s needs?<\/b>\u00a0 Describe your business and include a mission or vision statement with objectives stating how the business will contribute to the market.<\/p>\n
3.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>How does your company stand out?<\/b>\u00a0 Explain your business model and how it will compete with other businesses.<\/p>\n
4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>Who will be the key players in the business?<\/b>\u00a0 Describe the management team, board and advisers of the business.\u00a0 Be sure to elaborate on their experiences and abilities.<\/p>\n
5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>How big is your market?\u00a0 <\/b>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.<\/p>\n
6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>What customers will you target?\u00a0 <\/b>By focusing on a certain group of people, you will embellish and characterize your marketing strategy.<\/p>\n
7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>What will your marketing strategies be?<\/b>\u00a0 Once you know what demographic you will be focusing on, you will need to figure out the best way to connect with them.<\/p>\n
8.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>What are the economics of your business?<\/b>\u00a0 Explain your pricing structure, costs, margins, and expenses.<\/p>\n
9.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/b>How much money do you need to start your business?\u00a0 <\/b>Describe the capital requirements needed for your business.\u00a0 Disclose where your outside funding will be coming from, if help is needed.<\/p>\n
10. \u00a0 \u00a0<\/b>What needs to happen to break-even?\u00a0 <\/b>Experiment with financial projections and forecasts to figure out the amount of sales needed to cover your expenses and generate profit.<\/p>\n
If you have any questions about small business in Arizona, don\u2019t hesitate to contact a JacksonWhite small business attorney.<\/p>\n