Starting your own business is an adventure. There will be highs and lows and likely a lot of work. When launching a business, you’ll never be able to anticipate every event possible, but having a solid plan will guide you on the right path to stay afloat. The Ryan Insurance Agency, serving Clarkston, MI, understands businesses need a plan that provides peace of mind.
We’ve assembled our top planning tips guided by the University of Missouri’s entrepreneurial experts at MO Sourcelink.
Basics of your Business Plan
Think of a business plan as a roadmap and strategy for your business. You first need to define your concept, noting what type of business you are launching and what it offers. Begin by"nailing down" that idea and move on to the details.
- Strategy – What is your industry? What are your business goals, and how will you achieve them? Will you offer products, services, or experiences?
- Marketing and Competition – You’ll need to research the market and see who is buying your business offerings. Explore other similar concepts in your area and how successful they seem to be. Lay out the pillars of your concept, including strengths, weaknesses, opportunities, and threats.
- Operations – Once the plan is ready, you’ll need to detail how these moving pieces will work. Layout out the details for inventory management and personnel. Choose a physical or online presence to connect with customers. Based on these choices, you’ll want to cover your legal obligations, including liability and comprehensive insurance coverage.
Launching your Missouri business is a thrilling new adventure, and you’ll be ready. Assemble all the pieces, including expert advice, before you begin. Contact The Ryan Insurance Agency, serving Clarkston, MI, to start supporting your business today!