National Write a Business Plan Month in December encourages anyone thinking about starting a business, including a nonprofit, to start with a plan. Have you ever thought about starting your own business or nonprofit but are not sure about what steps to take? If you are not quite sure how to put together a business plan, you are not alone. They take a fair bit of time and hard work, but when they are done right, they are amazing tools.
8 Essential Elements of a Great Business Plan:
- Executive Summary– This shows your business plan in its entirety, including your business’s profile, mission, and how you plan to get there.
- Market Analysis– This part involves thorough research on the industry of your business. It’s the quantitative and qualitative assessment of your market.
- Company Description– This should offer information about what your company does, and what differentiates you from others similar to you if any. It would also be wise to mention your target audience/clients in this section. Who do you appeal to?
- Management and Organization– Discuss who is in charge, how many employees you wish to have, and the basic workflow.
- Marketing and Sales– How do you plan to promote your business and make sales?
- Services and/or Products– Talk about what you’re selling or what services you offer, and who they will benefit. Go into detail about these products or services.
- Request for Funding– If you need assistance with funding your business or products, mention how you plan to access those funds.
- Financial Projections– In this section, provide financial projections for 3-5 years. How much you plan to spend, earn, and what your profit is expected to be.
Business plans are used to assist businesses (small and large), so they can stay organized, prepared, and have a company that runs smoothly. Every business needs a business plan, and it is a great step in the right direction when it comes to creating your own company. Whether you want it to be your livelihood or just a side gig, putting together a well-researched and detailed business plan will make your life a whole lot easier in the weeks to come.
What Kind of Business Is a Nonprofit?
A non-profit business, also known as a not-for-profit organization, is a tax-exempt organization formed for religious, charitable, literary, artistic, scientific, or educational purposes. It is an incorporated business from which its shareholders or trustees do not benefit financially.
A nonprofit organization exists to provide a particular service to the community. The word “nonprofit” refers to a type of business — one which is organized under rules that forbid the distribution of profits to owners. Your nonprofit organization also needs a business plan if you plan to secure support of any kind, be it monetary, in-kind, or even just support from volunteers. You need a business plan in order to convey your nonprofit’s purpose and goals.
You may have heard about startup funding – and yes, it is available. However, it is only for specific industries in specific locations. View the current funding available to startups and entrepreneurs on GrantWatch.com.
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