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Starting Out: Creating A Simple Business Plan

What is a Business Plan?

A business plan does not need to be a complex 70-page document on how you plan to run the business. When you are just starting out a simple business plan is often the easiest and most correct thing that you can do. Ideally, your business plan should have 9 or more sections to it.

However, you can get away with an even simpler business plan if you are doing this to raise extra money, and not wanting to take on the local bigshot in your business niche. The simplest business plan is designed for you so that you are able to work out key ideas and goals of your business. This is not a “bank quality” business plan, the simple business plan above is more appropriate if you are seeking outside funding for your bookstore.

 
 
 
 
 
 
 
 
 
 
 
 
Name of Business:
One of the first things to consider about names is the ability to register them in the Domain Name System on the internet if you plan to build a web site later on. The other is to make sure that another Amazon bookseller has not already take the name. Always check out the name you plan to use to make sure that it is not already used on line, and at Amazon.

Vision:

The vision of your business is what you make of it. What do you want your business to evolve into? Do you have any key goals or objectives behind starting this business? What are your long-term thoughts?

Goals and Objectives:

Goals and objectives are simple bullets that succinctly describe how you will accomplish your vision. A goal is simple, it determines the specific points that you are hoping to accomplish in a given time frame.

Financial Plan:

The financial plan is one of the most important things that you need to think about. It not only helps you understand how much capital you need but also guides your daily and long-term decisions. For example, if your business is set up as an LLC, make sure to factor in expenses like annual filing fees, state-specific LLC taxes, and any registered agent costs. Also, consider how pass-through taxation may impact your personal income and tax planning. Including these LLC-related financial obligations will help create a more accurate and sustainable financial roadmap. Take your time and write it down in a table wise format. Chalk out a monthly financial goal. Try not to exceed costs that you have written down in these plans.

Measuring and evaluation:
If you planned on turning over 15% of inventory in February but only turned over 7%, what needs to happen so that you can turn over 15% of inventory in February? This question is difficult to answer but the bottom line is that if you stick to your goals you will slowly reach your desired path.
Final Words:
The business plan is about setting down goals and objectives. While many people stumble into selling books or anything on line, having a coherent plan will help you become successful at what you hope to do. Even if you do not write down anything, or simply jot down ideas on a napkin at the local coffee shop, it means you have taken time and you have thought about the business that you are then going to create. What you want to do with the business, what you want out of the business, what you hope to accomplish with the business and what you want to do with your brand-new business

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