Anyone interested in starting a business needs a business plan. At the Hanson Law Office, PA, I offer business planning services and strategic advice to organizations of all sizes in the Twin Cities area. Owners of successful companies understand that comprehensive business plans are critical for attracting investors and helping navigate the tentative early days of your venture.
I collaborate with you to create a business plan and help you devise strategies to meet short-term objectives and accomplish long-term goals. A comprehensive business plan should include the following:
The executive summary portion of your business plan should include a synopsis of its key points. If your executive summary is weak, investors are not likely to read further. Some important factors to include in your executive summary are:
This section should describe your business, its planned legal structure, the market vacancy your business plans to fill, a description of how your goods and services fit the need, a description of your intended customers and any expertise or other factors that set your business apart from the competition.
Market research is the process of gathering and analyzing data to understand which products and services are in demand in the marketplace and indicate how you can gain a competitive edge. You can use this to quantify expectations in a realistic manner.
Your business plan should include information about the specific benefits of your product or service from your customers’ point of view. Describe how your product or service meets consumers’ needs and why your product is better than the competitions’ products. You should also state where your product is in the development stage.
Your marketing plan should convey your marketing message and clearly identify facets that make your company unique and better than the competition. Your marketing plan should span at least a year, but may be longer, and should include the following:
After you have analyzed the market and estimated marketing and production costs, you should be able to make reasonable financial projections for the future. Be sure to include quarterly projections for at least three to five years.
If you are seeking financing for a start-up and have operated other businesses in the past, the lender may ask for historical financial data to see how you managed those businesses. If your historical financial data shows growth, highlight the trend by transferring the data to a graph to include in your business plan.
At the Hanson Law Office, PA, I provide reliable outside management for businesses as part of our comprehensive small business advisory service and for foreign companies needing to register businesses in Minnesota. I’m happy to discuss how we can meet your needs as an outside management team for your business.
The Hanson Law Office, PA provides practical advice to individuals and businesses throughout the Twin Cities area and outstate Minnesota. Our office is less than two blocks from the Stearns County Courthouse, and we offer convenient after-hours appointments and free parking. Call 320.200.2567 today to schedule an appointment or contact us online.