As a marketing professional in Las Vegas, I am often asked the same two questions. Do I really need a business plan? What details should I include in my business plan? Here are some answers to the questions:
Do I really need a business plan?
For most Las Vegas businesses the answer to this question would be yes. The majority of new businesses and ones that require investment by way of a loan or a business partner, a business plan is an absolute must. Potential investors will want to see, for example, your growth projections before they commit to invest in your business.
Types of businesses that do not require a business plan:
- A business that is happy to stay as is and has no plans to expand
- A business that never has the need to take out a bank loan
- A business that is a one man shop, self-sufficient, without the need of outside help.
It is one thing being aware of your need for a business plan, problem is most people have no idea of how to go about creating one.
The business plan will show its readers all the plans and growth of your business and how you are going to reach these gaols. You need to have a solid strategy in place before even attempting to write your business plan. You should know the direction you are going to take, the investments you are going to make in hiring staff, and equipment. You need to have business goals and an idea of when each goal is going to be met.
In the majority of cases a business plan is used to attract people to invest into your idea and your business. It is your sales copy in effect and therefore must be a professional, well laid out and solid business plan, people will take you seriously and invest.
On the other hand if it is rushed, badly written and weak, you are not likely to receive the financial backing you’re looking for.
What should be included in my business plan?
Readers of your business plan will not only want to know about the business itself, they’ll also want to know about you and your experience. Be sure to give them a brief summary of your history and what you have achieved career wise. Jot down all of your ideas and really sell the positive side of your experience and character to them. The fact that you’re hard working and that you work well under pressure. You love a challenge and can work well as part of a team and on your own.
Describe the current market place that your business is in, your competition and the opportunities for growth in that market.
List out financial figures including operating costs, projected earnings, growth forecasts and any financial history the business might have had already.
Show in your business plan that you are flexible, that you have a plan B if plan A does not come to light.
Sell them your ideas by telling them why you’re setting up the business in the first place for example, and where you dream it will be in five years time. Lastly, be sure to include a mission statement.