Can you obtain financing from family and friends? How is your credit rating? Can you obtain bank loans? Is there equity financing available for your business, that you would be willing to accept?
Are there any statutory or regulatory requirements I have to meet in order to operate this business?
You may already know what these are, based on your background and experience in your line of business. You should identify these requirements and plan ahead so you won’t lose time once you are ready to start up your business.
What will I name my business?
Here your creativity enters in. The name you use for your business is part of the face you will be showing your customers, clients, vendors and others, and will form an important part of your marketing strategy and your public relations.
Getting on with the plan
As you go through the process of thinking about the questions above, you’ve already started putting together your business plan. You may want to make notes as you go; then you can put your notes together and draft a written business plan. There is no standard format for a business plan. It should reflect what is unique about your business. But your business plan should also be as objective as possible, with as much concrete information as possible, since you will most likely want to present it to potential lenders, investors, and other interested third parties.
The following are some general guidelines on the content that should be included:
Description of the business
This section could be thought of as a statement of purpose or mission statement. It should clearly state why you are setting up this business and what you hope to accomplish, so that others can understand and appreciate your plans. You should go into sufficient detail in order to clearly identify your product or service, the development phase to bring it to market, and the operating phase. Provide as much background information as you have available about the business – its name and address, telephone numbers, e-mails, website, owner(s) and legal structure.