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How to Create a Business Plan in 7 Steps (3/3)

Wrapping up our blog series How to Create a Business Plan: 7 Elements of a Successful Business Plan, below, we will explain the final three components that are essential to developing a comprehensive business plan that can position your future business for optimal success.

Final Components of a Comprehensive Business Plan

5. Your Products or Services and Your Competition

After describing your business team, as discussed in the second part of this blog series, the next step will be to detail the nature of the products and/or services that your business will be selling, as well as who will be your business’ competition. As you develop this element of your business plan, some of the most specific aspects that should be detailed in your discussion include (but are not necessarily limited to):

  • business plans and calculations

    The specific types of products and/or services you will be selling – In addition to explaining what these will be, you should also explain the proposed pricing for them.

  • How these products and/or services may evolve overtime – For instance, you should describe how you may consider changing or evolving the products and/or services you are selling based on low profitability and/or negative feedback from your customers. Here, you may also want to describe how you plan on adding products and/or services as you grow and expand your business operations.
  • How these products and/or services will be competitive with what is currently available in the market – In particular, this should focus on explaining how your products and/or services may be unique from what is currently being sold.

6. Your Marketing Strategies

Because an effective marketing plan is essential to the success of any modern business, your business plan will need to explain what your plan is for getting the word out about your business. To this end, this section of your business plan should detail elements, such as:

  • How you will communicate with your customer base
  • How you will specifically target your ideal market
  • Whether you plan on developing a website for your business (and, if so, what other Internet marketing strategies you plan to use to promote your business)
  • How you may adjust this marketing strategy over time, depending on its more or less successful marketing campaigns and efforts.

7. Funding and Measuring Success

In this section of your business plan, the details of how you will fund your business’ operations will need to be explained in detail. In particular, you should provide an explanation of:

  • How much it will cost to get the business up and running, itemizing your projected costs for equipment, personnel, leasing a place from which to run the business, etc.
  • Where you will obtain these funds, namely whether you will be taking out loans, seeking investors, investing your own funds, doing a combination of these things, etc.
  • What any investors in your business can expect in return for their investment.

Here, it’s also important to detail how you will measure your business’ success, especially if there are aspects of this element that may go beyond the profits alone.

Denver Business Formation Lawyer at Downey & Associates, PC

If you need help with any aspect of forming a business, you can count on Denver Business Formation Lawyer Thomas E. Downey. Since 1983, Thomas Downey and the other legal professionals at Downey & Associates, PC, have been providing individuals and businesses in the Denver Metro Area and throughout the U.S. with superior representation and legal service for their business legal issues.

You can learn more about our business legal services by calling us at (303) 813-1111 or by emailing us using the contact form on this page.

From our law offices in Centennial, we serve clients throughout Colorado and the U.S.

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