This Article is About
business plan
new business start ups
business start ups
educational institutions
achieving success
answers to questions
raw materials
Business Plan For New Business
Join 1000's of Authors at StreetArticles Today!

Business Plan for New Business

Business plans are a part of doing business. I spent years in industry planning expansion of existing businesses where the facts are pretty well known and the success is high. I was involved in the construction of five factories, some of which were new areas of business for the company. Existing companies must budget for new expansions and sometimes they must borrow money to make the expansion possible. A business plan for new business whether part of an existing business or a new business is absolutely essential if funding is involved.

Even if funding is not required a business plan should still be developed. If you are new to this process, don’t try to do it yourself. Get some help from local sources. Many educational institutions and governmental agencies help new business start ups and they will help you with your business plan for new business.

Having said that, you should learn what a business plan is before you start. That way you will have time to generate answers to questions that must be answered in your business plan for new business.

You will need what is called an executive summary to start your plan and you will want to list your objectives, mission, and the keys for achieving success.

If you were writing a plan for an expansion of an existing company you would need a summary of that company, its ownership, and history. In the case of a new company you would describe where you are in company organization and ownership and where you hope to be at some time in the future.

Next you will want to describe any existing facilities and locations or planed facilities and locations.

Next you will need to describe the products and services you plan to provide. Explain what your competition is doing and how you plan to compete. And explain how you will produce your products along with the technologies you will use. Show how you will obtain your raw materials and equipment and how versatile your operation will be in providing future products.

You will need to explain why the market will support your products over those of your competition. You will need to describe that market, its past history, and what is expected in the future.

Not going into too much detail here, you will need to describe your budget including all purchases of materials and equipment, facilities, and any special cost such as training of employees, etc.

You will need to describe your competitors and decide how they will respond to your entering their market. Describe your marketing plan, how you will manage the business in respect to daily operations and employees and service, how you will distribute your products or provide services and how you will manage the finances of the business.

If you plan to operate on the Internet then you will need to describe your marketing strategies in this area.

Finally you will need a management summary describing your organization, the management team, the workers, your financial plan, and projected financial statements including cash flow and balance sheet. You will want to discuss how you will initiate new products and retire old ones which is part of your long-term plan.

The business plan for new business is really your dream formalized so it can be evaluated by others. Your banker will certainly want to see your plan along with your accountants and attorneys. Your attorneys need to know how to protect your inventions and obtain patents and copyrights. Don’t think that any attorney is alright. Get one who is experienced in this area.

Good luck in starting your own business. You can start slow from your home or you can go to your banker to get a small business loan so that you can expand faster. You can go beyond this. You can sometimes obtain capital from individuals who work through organizations that cater to entrepreneurs.

You can provide jobs to people in your community and elsewhere which is exactly what this country needs.

If you start an Internet business, I’ll see you there. Good Luck!

Fly Old Glory!

Street Talk

thanks for sharing your experience, and how to formalize your dreams so others can evaluate and give helpful feedback

  about 6 years ago

Thank you, Cynthia. Good luck to you! John

  about 6 years ago
You May Also Like
Internet Marketing Business Plan: III Writing Your Plan
In the two previous parts we discussed business in general and business on the Internet. In this article we will get into more detail of an affiliate marketing plan. We will use the simple outline provided by my home state of Idaho. It is: Executive Summary: This should be placed…
  Likes: 4

Internet Marketing Business Plan: I Introduction
I: Introduction This is the first part of this three part article about planning to market on the Internet. The start of any business begins with a dream of success. That dream turns into a business plan. It may be detailed or fragmented. Put there is a plan, good or…
  Likes: 6

Internet Marketing Business Plan: II Finding Business Help
I suggest that you learn something about business before you go into business on the Internet. You will be managing your resources dire as they may be. You may not realize that your brain and desires and ideas and experience are all resources just as much as those pennies in…
  Likes: 3

4 Keys to Online Business Success
You are about to learn the 4 Keys to Online Business Success that will help any aspiring internet marketing entrepreneur, stay-at-home mom or online business owner who is following their passion for success and financial independence. If you are reading this article you are someone who has a sincere desire…
  Likes: 0

Traffic And Ecommerce Explodes Into Cash Flow
Quit advertising and your business will die almost immediately. Mr. Wrigley said as much in response to an airline passenger who asked, "why don't you quit advertising?" Sometimes we think everybody knows a company name which is a household word. We all know them, words like Coca-Cola, Pepsi, Wrigley and…
By: Don Monteith in  Internet and Businesses Online  >  Traffic Building   Dec 12, 2011  
  Likes: 0

Could Balloon Releases Be Banned?
There has been a lot of controversy over balloon releases and the effects on wildlife and the environment. They are portrayed as causing death to creatures from land, air and sea as well as causing littering. I agree that all these things are happening but it is almost definitely due…
By: Sue Mathieson in  Reference and Education   Feb 19, 2012  
  Likes: 5

Does Everyone Fail at Mlm?
We often read that MLM is a dead-end street leading to financial collapse and complete failure. But that may be an over simplification of the situation. It is true that some bad things can happen to MLM marketers. I’m talking about group failures. Here are some examples: 1. The program…
By:  in  Home Based Business  >  Network Marketing   Mar 14, 2013  
  Likes: 3

Funding Business Start Ups
Many people are trying to start their own businesses today and most of the entrepreneurs that i have spoken to have used their own savings or equity from their home and have come up short financially trying to get the business up and running or to keep it going. There are…
By: Tony McGuirt in  Business   Sep 25, 2011  
  Likes: 0

Making Money With Affiliate Programs Using A Free Website
Affiliate marketing is one of the best ways to begin for someone who wants to make money on the internet. Making money with affiliate programs is a proven business model, and anyone can get involved. One of the great things is that unlike traditional business start ups this business can…
By: Tony Kitson in  Internet and Businesses Online  >  Affiliate Revenue   Jan 21, 2011  
  Likes: 19

Affiliate Marketing Training - Why Affiliate Marketing?
The internet is the marvel of our modern age. The marketplace is now truly global. There is nothing to stop a business in Los Angeles selling to someone in Queensland Australia, as easily as if they were just down the street. With this on-line growth has come a new opportunity…
By: Tony Kitson in  Internet and Businesses Online  >  Affiliate Revenue   Feb 07, 2011  
  Likes: 0

4 Keys to Online Business Success
You are about to learn the 4 Keys to Online Business Success that will help any aspiring internet marketing entrepreneur, stay-at-home mom or online business owner who is following their passion for success and financial independence. If you are reading this article you are someone who has a sincere desire…
  Likes: 0

Ecommerce Beats Working In A Retail Store
How do you feel about RETAIL? Working in a department store or a specialty store appeals to a lot of people in the workforce. Sometimes it's by choice and at other times the reason is a lack of jobs available in other venues. As we face tough job situations, lack…
By: Don Monteith in  Internet and Businesses Online  >  Ecommerce   Jan 09, 2012  
  Likes: 0

Race And Educational Institutions
What determines a person’s life chances? Is it their environment? Is it nurture? Is it ambition or self-determination? Is it their social, economic, and political advantage? When considering the life chances of African American youth in low income neighborhoods it is hard to ignore the inadequacy of the urban school…
By: Sadie345 in  News and Society  >  Anthropology Sociology   Mar 20, 2014  
  Likes: 0

Team Building! Important?
The development of the team idea can be followed back to the late 1920s and mid-1930s. These included a progression of examination exercises intended to inspect inside and out what happened to a gathering of laborers under different conditions. After much investigation, the specialists concurred that the most huge variable…
By: Shaista Kiran in  Business  >  Entrepreneurialism   Jun 02, 2016  
  Likes: 0

Looking for A Perfect Match
Like looking for a perfect match, shopping for diamond could be tedious and stressful if it’s your first time or if you don’t have much knowledge about it. Who would really settle for something of less value? Even the people we choose to be with, if it does not complement…
By: Mike Nekta in  Business  >  Entrepreneurialism   Jun 01, 2016  
  Likes: 0

Article Views: 2073    Report this Article