Is starting or growing a small business in Southern Arizona one of your New Yearβs resolutions? The first step is getting your thoughts and plans on paper. Consider the big picture first β where do you want to take your business and why will your business idea be successful?
If you are just starting a business, focus on your experience and background as well as the decisions that led you to start this particular enterprise.
Document the thorough market analysis you have done. Include information about a need or gap in your target market, and how your particular solutions fill it. Prove you can succeed in your target market.
If you are an established business, be sure to include the following information:
- Your mission statement, which explains what your business is all about. It should be at least several sentences but no longer than a paragraph.
- A short statement about your company that covers when it was formed, the names of the founders and their roles, then number of employees and the location(s) of the business.
- Examples of company growth, such as financial or market highlights. Graphs and charts prove helpful in this section.
- Briefly describe your products or services.
- If you are seeking financing, include any information about your current bank and investors.
- Explain where you would like to take your business. In other words, your goals.
This summary is the first part of your business plan many people will see, so each word should count. The Small Business Administration offers a trove of resources to get you started on the business plan process at www.sba.gov/thinking-about-starting. You also can request free one-hour mentoring sessions with certified SCORE mentors by calling (520)-505-3636 or emailing mentoring@scoresouthernaz.org.
