Creating a Business Plan

Transcript for Video:

Welcome to how to create a business plan. In this module, you will learn why a business plan is important for your business, the content your business plan should contain, the three main components of creating a business plan, your marketing, operational, and financial plans. Whether you're just launching your new business or have owned and run a business for years, it's vital to have a business plan. What is a business plan? Simply put, it's a document that describes the financial, operational, and marketing aspects of your company, including your plans to achieve any future forecasted sales goals.

Why are business plans important? Think of your business plan as a roadmap detailing where you'd like your company to go in order to achieve success. For example, if you aim to increase your gross sales amount to $100,000 in the next year, your business plan should describe the strategies you intend to use in order to get there. When should you create a business plan? In general, you should create a business plan before you even launch your company, and you should update it at regular intervals afterward.

Why should you update your business plan periodically? Updating your business plan regularly can help you become more successful by helping you to think more strategically about your business. Instead of just reacting to whatever the current business conditions are, having a business plan lets you make informed decisions that drive your actions towards your goals. In other words, it helps you take control of the growth of your company. Let's get started by looking at the content of your business plan next.