Writing a Business Plan

Yesterday was my first class through the New Mexico Small Business Administration. It was on writing a business plan. There were 7 of us in the class and we all had quite diverse interests. The instructor, David Naquin pushed and probed to get us to really think about some of the questions and topics he presented. A business plan is the declaration and demonstration of your expertise. We looked at; What is the need or opportunity? Demonstrate your knowledge of your market. Describe your company. Describe your products/services. Use projected financials to show you understand how to make a profit. Show you understand cash flow and your actual funding needs.

It made me really think and I will be writing up a business plan this week. I'm sure I will revise it from time to time, but I think it will help keep me on the right track.