Step 7: The Business Plan
Businesses do benefit from formal business plans. (It should be noted however, that over 80% of small businesses are successful in the U.S., and since the majority of those do not have business plans, some flexibility in planning is recommended). The process of planning is as important as the plan itself, and of course, a plan is an absolute requirement if you are asking either the Vocational Rehabilitation system, the Social Security Administration, financial institutions such as bank or foundations for funding.
The Business plan doesn’t have to be a fancy document, but it must address certain questions. Below is a form to help you develop a business plan. Your Small Business Develop Center can also provide you with an outline to help you write your plan. One example is in the Appendix of this manual.
Refining Your Business Idea
Instructions: The following concerns help to refine the business idea, identify established or potential markets, and point out areas of concern for further exploration in the business planning process.
- My business idea is:
- The possible names for my business are:
Name A:
Name B: - I like this business idea because:
Reason A:
Reason B - This business makes sense for me to own because:
Reason A:
Reason B: - My business will provide the following services/products
Service A:
Service B:
Service C:
Product A:
Product B:
Product C: - My business is UNIQUE because:
Reason A:
Reason B: - Customers will buy my Product/Service because:
Reason A:
Reason B: - I KNOW who my customers are; they bought the following from me:
Services Sold:
Products Sold: - I THINK I know who my customers are because they will buy the following from me:
Services people want:
Products people want: - I don’t know who my customers are; here’s how we’ll find out:
Method #1:
Method #2: