Plan and Research

Congratulations! Whether you have a business idea or you are in the process of starting a business, looking for information and support is a huge leap forward. The following guide can help you set the framework for your business.

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.

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Learn more:

  • 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?

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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?

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Free, trained business counselors can help.

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.

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