Planning

Writing the business plan

Business planning is critical to successfully starting and building a business. CORE provides the direction, tools and resources needed to write a winning business plan that validates your ideas and helps you focus on each aspect of the plan. After it is written, you’ll need to regularly review and update it to manage growth.

While going through this process you should also start working on a cashflow document, which is essential in determining the feasibility of your business. Ultimately, your financial cashflow will detemine whether you should keep moving forward.

Questions to consider

The following questions should be considered as you begin your business plan.

Is the timing right in this industry?
Is this business seasonal or can it carry you through the year?
Who is your target market?
What are the demographics of the target market you need?
How will you market your business?
Which marketing vehicles will have the greatest impact? Which tactics should you avoid?

Additional resources

The southwest Small Business Development Center (SBDC) and the Small Business Administration (SBA) also provide the tools and information you need to begin writing your business plan.

A number of educational opportunities are available throughout southwest Minnesota at no cost. Visit the CORE Events Calendar to find classes in your area.

What is your experience and background in your new business? Is it an industry that you have worked in for a number of years? Are you turning a hobby into a business or is it something you have always wanted to do? Understanding the steps and being educated in business ownership is crucial as you work to prepare a business plan.