Sometimes, national days can seem a bit silly. Some are normal, like Eat a Red Apple Day, but then there are outlandish ones like Name Your Car Day and Almond Buttercrunch Day. It can be enough to make you ignore all of them right off the bat, but then you’d miss the important ones, like National Write a Business Plan Month, which runs through December.
Millions of Americans dream of starting their own business, and according to Small Business Trends, entrepreneurs who take the time to generate a business plan before opening their doors are roughly twice as successful as their on-the-fly counterparts. If you’ve been sitting on a business idea for a while, take advantage of National Write a Business Plan Month to get your company going.
Learn the lingo
Before you can jump into the world of business plan writing, there are a few terms and phrases that you should learn to communicate fluently in the corporate world. While some may seem like business speak and useless jargon, mastering these concepts will give you a step up as your write your plan. The U.S. Small Business Administration compiled a short list of important phrases you should know:
- Executive summary: This is a top-level view of what your company will do and, in rough terms, how it will achieve its goals. Executive summaries can also include information on how your business innovates or improves upon products or services offered by competitors.
- Company description: This may seem straightforward, but your company description should include more than just what you do. You also need to identify what markets you aim to break into and which competitors are already there.
- Service or product line: What you give to your customers is the backbone of your business, and here’s where you outline it in your business plan. You’ll also want to to explain why your products or services will be attractive to customers and spell out any outlying lifecycle issues.
- Funding request: If your business needs some startup capital to purchase office space or for collateral to secure loans, this is the place to explain why you deserve it. Depending on who you plan to approach for financial assistance, the information in this section may vary.
These are just a handful of the topics you should cover in your business plan. Most prospectuses cover the first three to five years of a company’s life, so don’t be alarmed if your plan runs a little long.
Plan out promotional giveaways
Another benefit to writing a business plan well ahead of your business’ actual opening is that you get to mete out where, when and how you’ll get promotional giveaways into the hands of your consumers. If you have a bit of a budget and want to attend trade shows, planning when to purchase items like Myron’s Regatta Splash Pocket Pal® Calendar with Notepad is a fiscally responsible choice for cash-strapped businesses. Buy in bulk now and ration out the promotional giveaways for success all year.
All great business ideas started with one small step, and National Write a Business Plan Month could be the beginning of the next multinational corporation or neighborhood general store. You’ll never know unless you try, though, so get ready for long hours at your desk as you burn the midnight oil on your way to financial success – just don’t forget the power of promotional giveaways as you make your way up the corporate ladder.