It has never been easier to start and grow a business. The barrier to entry in the realm of entrepreneurship has been lowered; however, that does not mean everyone will succeed. Those who learn this understand that the secret to increasing your chances of success starts with a written business plan. This document is the handbook for starting and running your new venture. It lists what your company does, who it serves, how much revenue to expect, and growth opportunities. It’s an excellent tool not only to run your company but also to entice investors later. After you have written down your business plan, you should consider how you will protect your new business. Finding suitable commercial insurance in Mississippi is the best way to go.
9 Steps to Writing a Basic Business Plan
You don’t have to be overwhelmed at the thought of writing a business plan. The process is simple when you break them down into these nine steps:
- Summarization of Your Business: Use this section to disclose why you believe your company will be successful. This is where you will put your mission statement, the type of product or services you offer, and other information about employees and location.
- Dig into the Details: After summarizing your new venture, you will want to detail how your company will solve a marketplace problem. This is where you share your competitive advantage and strengths against the market you analyzed.
- List Your Market Research Results: Next, you will want to share the results of your market research. Include the trends you found and how you can solve the market’s problems.
- Describe the Structure of Your Company: In this section, you share how your company will be structured. For example, you will list if you are incorporated, planning to create a partnership, or running things as a sole proprietor.
- Expand on Your Service or Product: This section is where you can go into detail about what service(s) or product(s) you will offer. It’s also the area to share the benefits of your service or product for customers and any research and development you plan to conduct.
- Share Your Marketing and Sales Strategy: How will you attract and retain customers? Think of this section as being vital to your financial projections. You want to look strong fiscally for potential investors.
- Funding Request: Many companies look for investors. If you are one of them, use this area to share how much you need, the type, and how the funds will be used.
- Show Financial Projections: This is where you prove your financial stability. It may require additional supporting documentation like income statements, balance sheets, and cash flow statements.
- Appendix: All of your supporting documentation will go here. Think of information to cover credit histories, resumes, and other documents.
Safeguard Your Mississippi Business with a Commercial Insurance Policy
All the planning and forecasting will not mean much if an unexpected catastrophe happens, like a flood or theft. The knowledgeable staff at Hawsey Insurance can help you get the protection you require through comprehensive commercial insurance. Contact us today, and let’s get you covered.
Call Hawsey Insurance at (601) 856-7707 for a free quote on commercial insurance in Mississippi. Feel free to contact us online or make an appointment to stop by one of our offices in Madison, Jackson, and Southaven, MS.