Your business plan is the pathway to achieve your vision for your business.

Get your thoughts and ideas out of your head and on paper so that every decision can be strategic. While it doesn’t have to be long, or follow any specific format, your business plan really does have to be yours.

It’s a great idea to follow a template, or pieces of templates. Take advantage of the work that others have done before you, to make sure that you have covered everything. But make it your own. It will become your map to your successful business.

Consider:

• What is your idea?
• Why do you want to start this business?
• Why is your product or service needed?
• How will your business operate?
• What are your strengths? In what areas might it make sense to find business support?

In addition to a traditional business plan, consider also developing an “Action Plan”. It is a 12-month timeline of things to do, with deadlines, and associated costs if any. Define your 12-month objectives and goals, and list all the things that need to happen to meet the goals.

Read more:

• Top 4 Business Plan Examples  (Startups.com)
• “8 Priorities to Consider Before Deciding to Start Your Own Business” (Forbes)
• “How Startups Can Build Customer-Centric Products” (Forbes)

Watch:

• Business Model Canvas – Interpreted in ASL (SCORE)
• “The Startup Roadmap” (SCORE) see, in particular,  “Starting Your Journey, Are you Ready to Start a Business?” “Defining and Validating Your Idea”
• The Business Model Canvas PLUS – Develop Action Plans for Key Elements of Your Business Model Canvas  (SCORE)
• An Easier Way to Prepare Your Business Plan: The Business Model Canvas (SCORE)
• Search the Fairfax CORE calendar to find education events. Filter the event category using the tool on the left to select “Business Planning”.

Learn all you can about your industry, market, customers, and competitors.

Consider:

• How is your model different from what is currently available?
• Who and where are your customers?
• How will you market your business?
• Why would your customers choose you over your competitors?
• What can you charge for your product/service?
• What types of certifications, licenses, and/or permits will you need?

Read more:

• Market research and competitive analysis (U.S. Small Business Administration)
• Get acquainted with the Fairfax County Public Library business resources.

Connect:

• Make an appointment with a business librarian for assistance.
• Find Fairfax CORE free research support.

Learn more:

• Competitive Comparison Worksheet (SCORE)

Begin to quantify your expenses and projected revenue.

Consider:

• What expenses will you have to establish your business? Consider materials, leases, marketing, employees, permits and construction, insurance, shipping/storage
• How much capital will you need to start your business?
• What are the regulatory requirements associated with your business?
• What are your tax obligations?
• What funding do you have available?
• What are your operating expenses?
• How much can you charge for your product or service?
• How much time will it take to establish and grow your business?
• What is the lag time between a contract with your client and service delivery?
• What are you willing to offer to raise capital?

Read more:

• Fairfax CORE Business Capital Guide
• Calculate your startup costs (SBA.gov)
• Business Costs | U.S. Department of Labor (DOL.gov)
• Business Calculators – Business Valuation, Cash Flow, Inventory, Working Capital and more (dinkytown.net)
• Manage Your Finances (SBA.gov)
• Business Planning & Financial Statements Template Gallery (SCORE)

Connect:

• South County Financial Empowerment Center 
• The Business Finance Center at Community Business Partnership
• Fairfax CORE financial resources and assistance

Watch:

• A Practical Approach to Small Business Budgeting (SCORE.org)
• Small Business Budgeting Made Easy (SCORE.org)

Trained business counselors are available to you at no cost.

Read more:

• Write Your Business Plan (SBA.gov)
• Search the database of free business plan templates on SCORE.org. You can find a template that matches your stage, your industry or your specific needs.

Connect:

• • • Find Fairfax CORE business planning assistance.