Make a Business Plan
What is a business plan?
A business plan is a document you create that acts like a roadmap for how to make your business successful. No matter what industry you’re in, a business plan can help you clarify what you do, what clients you serve, and how you can best serve them. It can also map out what your operating expenses are and whether you will need to take out a loan or access other funding to get your business off the ground.
Why does your business need a business plan?
Aside from being an essential tool to help you manage your business, banks and other financial institutions may require a business plan before they will provide a loan. A business plan will also make it easier for you to work with local and federal support organizations.
How do I create a business plan?
Learn more about Business Plans and find templates to get started from the U.S. Small Business Administration.
Conduct Market Research
What is Market Research?
Market research helps you determine the demand for the goods or services your business offers. It can help you identify who your customers are, what they want, and how much they will pay. Market research can also help you identify any seasonal or location-specific trends related to your product or service.
Why do I need market research?
Understanding the market is critical to the success of your business. Without adequate market research, you may price your goods and services incorrectly, or target the wrong customers. Conducting market research early on can help you avoid many of the pitfalls facing new or growing businesses.
How can I conduct market research?
Market research is a broad topic, but you can find many resources specific to your business or industry through the U.S. Small Business Administration.
Seek Out Support
Starting or growing a new business can be difficult, but finding an inspiring mentor can make a meaningful difference. Experienced mentors can provide industry-specific knowledge, operations expertise, and moral support to help you navigate the day-to-day challenges of running a business.
Once you have found a larger firm to work with, you can formalize your working relationship using the Small Business Administration’s All Small Mentor-Protégé program. This program helps small businesses and seasoned professionals work together to bid on government contracts.