Business Plan Help for the Overwhelmed Small Business Owner

If you are a small business owner who is struggling to write a business plan, help is here. 

Planning is one of the most important, yet often underestimated, parts of starting a business. In fact, many businesses fail from lack of research, goals and a thorough plan. 

The business planning process requires a lot of time, work and effort, though. It can be overwhelming for many small business owners.

This guide will explain why a business plan is a must-have, provide a shortcut to the business planning process, help you collect important background information, and get you started with a working business plan outline.

Do You Really Need a Business Plan?

Do you really need to spend time and effort developing a business plan? Should you even bother? The answer is: Yes, you need a plan. But, no, you may not need a 10-page, structured, traditional business plan.

In almost every case, having a business plan of some sort will help your small business succeed. A business plan gives you direction, helps you qualify your ideas and clarifies the path you intend to take with your business. This article will explain some of the most important reasons you should slow down and create a plan to guide your small business journey.

A Quick and Easy Business Planning Exercise

Okay, you're on board and ready to write a business plan. The good news: You're on the right track. The bad news: This is where you may start to feel stressed, overwhelmed and completely out of your league. Take a deep breath. This business plan shortcut is the perfect place to start. The exercise asks you a series of questions about your business, your goals and your future plans. Once you write down your answers, you will have a short, streamlined business plan. You will be able to use it as-is to get started with your business, or it can be a starting point for a more in-depth business plan.

What's Your Mission?

One of the questions asked in the simple business planning exercise above is: What is your mission? Your mission statement can guide your company from startup to established business, and keep you on track to reach your business goals. A mission statement is a great way to stay grounded and focused. This article outlines three important elements of an effective mission statement. It will help you clarify why you're starting your business and your overall goals.

Developing a Unique Selling Proposition

Another important part of the simple business plan exercise is your unique selling proposition (USP). You will use your USP throughout all of your future marketing activities, but it's also a useful tool in planning your business from the very beginning. A USP basically outlines how your business, product or service is different from your competition's. This may sound simple, but it can be difficult to identify. When you've created an effective USP, it can become an integral part of a successful business. This step-by-step exercise will help you write a USP for your business.

How to Incorporate Your Small Business in 7 Steps

Step 1: Choose Your Business Name

The first step is choosing a name for your business. An effective business name should fit what you do, how you do it and the audience you are trying to reach. It should be something people will understand and remember.

Once you create a business name, you should check with your state's corporate filing office as well as federal and state trademark registrars to see if it's available. It's also a good idea to come up with an alternate name in case your first choice is not available.

Step 2: Identify Your Location

Next, you need to select a state as your headquarters' location. This doesn't necessarily need to be where you live or even where you expect to do the majority of your business, although sticking with your home state may be an easier process.

Some factors to consider when choosing a state for incorporation include the cost to incorporate, taxation and corporate laws.

Step 3: Select the Type of Corporation

Now, it's time to decide what type of corporation you will form. You can incorporate your business as a C Corporation, an S Corporation or an LLC. Each of these types has their own advantages and disadvantages, so you should explore the explanations of each corporation type and consult a tax accountant for advice.

Step 4: Name the Company Directors

The next step involves selecting the directors. A corporation is required to have a board of directors who are effectively responsible for running the corporation. The selection of directors is a very important decision and can impact your business in many ways.

Step 5: Determine the Type of Shares

Next, you will select the type of shares your corporation will sell to stockholders. In many cases, corporations are private, limiting the availability of the shares to only a few individuals (your directors).

Step 6: Obtain a Certificate of Incorporation

You will then obtain and complete a Certificate of Incorporation, available from your state's corporate filing office. It will include your company name, purpose of the business, location and other information gathered in the previous steps.

Step 7: Process and File the Paperwork

The final step of incorporation involves submitting the articles of incorporation you prepared in the last step to the state, along with the required registration fee.

You have the option of filing the paperwork yourself, through your attorney or by using a third-party service. You should choose the option that you are most comfortable with and the one that works within your budget.

Choosing the structure of your business is not an easy or small decision to make. Take the time necessary to gather all of the information you need to make an informed decision.

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