Business plan

• Create a comprehensive business plan that outlines your mission, vision, target audience, marketing strategy, financial projections, and goals.

• Resources: Use online tools like LivePlan, Enloop, and Bizplan to create your business plan. The SBA also provides free business plan templates and resources.

• Conduct a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats.

• Resources: Check out the SWOT analysis templates and guides available from the SBA, SCORE, and other business resources.

• Develop a financial plan that includes a cash flow statement, profit and loss statement, and balance sheet.

• Resources: Use accounting software like QuickBooks, Xero, or FreshBooks to manage your finances. The SBA also provides financial planning resources and templates.

Basic content your business plan should contain:

Company purpose:

• Define your company's mission in a single sentence.

• Avoid listing features and focus on the purpose.

Problem:

• Describe the pain points of your customers.

• Highlight the shortcomings of current solutions.

Solution:

• Explain your unique value proposition.

• Share your “Eureka” moment.

• Discuss the sustainability of your solution.

Why now?:

• Explain why your solution is relevant at this moment.

• Highlight the need and urgency for your solution.

Market potential:

• Identify your target market and customers.

• Consider inventing your own market.

Competition/alternatives:

• Identify direct and indirect competitors.

• Present a plan to win against competitors.

Business model:

• Explain how your company will thrive.

• Discuss your strategy for revenue and growth.

Team:

• Introduce your founders and key team members.

• Share their relevant skills and experience.

Financials:

• Include financial data, if available.

Vision:

• Describe what you hope to achieve in five years.

• Share your long-term goals and aspirations for the company.