Writing A Business Plan: Lesson 3

How To Develop a Business Plan

Small business development specialist, Thomas Tate, discusses how to develop a business plan. He goes into detail about what a business plan is, the components that make up a business plan, how to brainstorm and visualize, and how to create your financial projections.

Topics:

Video Lesson Topics

- What is a Business Plan?

A business plan is a document that demonstrates a business’s objectives and the strategies that it plans to use to achieve them. There are many business plan templates available, but Thomas is going to show you how to create your own. 

- The Components of a Business Plan

  • Component 1: Executive Summary- The executive summary is a synopsis of what the business is going to do.
  • Component 2: Business Description- This describes what your business is and the operations of your business.
  • Component 3: Marketing- This is how you’re going to sell your product and/or service.
  • Component 4: Management- This tells you who is involved in the operation.
  • Component 5: Financials- Financials refer to any financial piece that is going to help you to convey this idea.

- How to Brainstorm and Visualize

Create a clear vision of what your business is going to do. Once you have a clear vision of your plan, it is time to write the financials. Although the financials are at the end of your business plan, they are the first thing you write. 

- How to Create Your Financial Projections

Although the financials are at the end of your business plan, they are the first thing you write. Once you have that, you can begin to write the verbiage of your business plan. 

Topics & Lessons

Each Below Topic Contains a Video Lesson and Helpful Downloadable Information

4:02

Why Write a Business Plan?

1:55

Business Plan Format/Templates

2:27

How To Develop a Business Plan

15:54

Marketing For Your Business Plan

3:54

Financial Projections for Your Business Plan

6:11

Writing A Business Plan For Your Existing Business

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