Business Planning 101 – Understanding the Basics of Writing a Business

Creating a business plan is one of the first and most important steps of starting a business. The process of developing a business plan will help you set goals for your business, increase your chances of success, avoid common pitfalls, and lay out a roadmap for structuring, operating, and growing your business.

A business plan defines what a business must accomplish, acquire, and learn to be successful.

An effective business plan is the tool you’ll use to identify the right financing options for your business and develop the strategic partnerships your business will need. Fortunately, your business plan does not need to be long or overly formal to be effective in helping you start and grow your business. What’s most important is that your business plan meets the needs of your business.

The Small Business Administration (SBA) - Write Your Business Plan resource includes a helpful overview of two different approaches to developing a business plan:

Traditional business plans are more common, have a fairly standard structure, and include a lot of details about the structure and financial projections of the business. Lenders and investors are more likely to request this type of plan. Sections in a traditional business plan include an executive summary, company description, market analysis, organization and management, service or product line, marketing and sales, funding request, and financial projections.

Lean startup business plans are less common and focus on summarizing the most important points of the key elements of a plan. This type of plan has a high-level focus and takes much less time to develop. Some lenders and investors may ask for additional information than what will be in this plan. Sections in a lean startup business plan may include key activities, key resources, value proposition, customer relationships, customer segments, communication channels, cost structure, and revenue streams.

The Small Business Development Center (SBDC) is funded by the State of Ohio can help you begin develop a business plan. Schedule a no-cost business advising phone appointment with SBDC for additional assistance.

Key ESO in Franklin County

The other key entrepreneurial support organizations (ESO) in Franklin County can assist you with business plan development as well:

Economic Community Development Institute (ECDI)
(Nonprofit)
Offers training, technical assistance, and one-on-one counseling for a small fee through the Women’s Business Center and the Business Innovation Center

Small Business Administration (SBA) - Columbus District Office
(Federal Government)
Offers technical assistance, mentorship, a Business Guide, and the Lender Match program

Minority Business Assistance Center (MBAC)
(State Government)
Offers no-cost one-on-one counseling and business training with a focus on small, minority-owned, and under-resourced businesses

Checklist

• Learn about importance of a business plan
• Identify resources for developing a business plan
• Sign up for a no-cost consultation with SBDC
• Create a business plan

View All Steps

Additional Resources