Launching your first-ever business in Stanislaus County is a thrilling yet anxiety-provoking move. While there is so much to get excited about, many new entrepreneurs have a never-ending list of doubts, fears, and “what if” scenarios swirling around their minds. In addition to conducting market research, and developing solid product/service offerings, one of the best things you can do to calm your worries is to develop a strong business plan.

Not only will a professionally created business plan put your mind at ease, but it is also a necessity if you are looking to attract investors or apply for a business loan. To get started, review these tips from the Mesa Chamber of Commerce. 

Summarize Your Business and Niche

First, open your business plan with an overall summary of your business. Often, this is referred to as the executive summary. In this section, you should describe your business. Include the organization’s name, how it was started, what makes it unique, what problem(s) you intend to solve, what products/services you offer, and what you envision for the future of your business. Keep this portion concise and to the point, and always using positive and confident language.

Explain Your Products and/or Services

Once you’ve written the executive summary, you can begin to go into detail about many of the elements that make up your business. One of the most important is the description of your products and/or services. 

In this section, Marketing MO notes that you’ll need to explain your products/services in detail and convey the value of your offerings to potential investors. You should also include details about your trademarks or copyrights, and the complete product lifecycle. Make the assumption that those reviewing your business plan are not familiar with what you sell, and explain everything from this point of view.

Market Research and Analysis

The individuals who will ultimately read your business plan will want to see as many details as possible about the research you’ve conducted. If you’ve not done so already, it is crucial to conduct thorough market research. You will also need to provide a detailed analysis of the research that you complete.

If you’ve never conducted market research before, you will want to study what your competitors are doing. Answer questions such as: “What makes them successful?”, “What are their strengths/weaknesses?”, and “How will my company change the existing market?” Be detailed about your findings, and make the value of your business extremely clear.

Finance Summary and Requests

Other essential parts of your business plan include a financial summary, and a financial request (to investors). While these are often separate sections, they are important things to consider before writing your business plan. 

Does your current financial situation show that your business has sufficient funding for its short-term needs? Do you have a specific dollar figure for how much it will cost to run your business over the next five years? Are you the CEO, or will you be appointing someone else to this role? Iron out these details so you can present a clear and solid picture of your organization. 

Business Structure

Lastly, you need to determine your business structure. Many business owners choose to set up their business as a limited liability company (LLC) because of simplified tax filing. However, if you need access to capital, it’s easier to obtain funding by registering as a corporation. The easiest way to register a corporation is to use a formation service. 

The benefits of having all of this information ready to go will not only be a crucial part of rounding out your business plan, but it will also be a requirement when it’s time to seek funding from outside sources. A detailed business plan and a stellar credit report will show lenders and investors that you’re a worthwhile candidate when it comes to funding. 

Hire a Professional Writer

Although these are crucial components of a business plan, it is important to create a professional final product. If you’d prefer having expert help in assembling this paramount document, Growthink suggests hiring an expert business plan writer. This can save you both hours and stress, and prevent the risk of a costly mistake.

If you choose to hire a professional writer to help with your business plan, an online PDF editor may help ensure that you are able to collaborate effectively on drafts. It’s important that your ideas are at the forefront of the document even if someone else is making it sound professional. Editing tools allow you to comment, highlight, and leave virtual sticky notes on the draft to draw attention to areas you’d like revised or discussed.

Using the Right Tools

At the outset, writing a solid business plan can seem like a big, scary project. However, with the right tools and help, you can create a plan that impresses investors and lenders and ultimately secures your New Mesa company’s financial future. If you decide to outsource the writing aspect of your plan, make sure to use an editing tool that allows you to maintain control of the content, so that your business plan is true to your entrepreneurial goals.

Membership in the Mesa Chamber of Commerce offers invaluable benefits to entrepreneurs in our community. Join us today!