Creating a Comprehensive Business Plan for Success
What is the first step recommended by the Small Business Administration (SBA) advisor to Trevor Combs for launching his small business consulting company?
a. Registering the business name
b. Hiring employees
c. Writing a 25 to 35 page narrative business plan
d. Finding a location for the business
Answer:
The SBA advisor is suggesting Trevor Combs to write a business plan, a comprehensive document detailing his business goals and the strategies to achieve them.
Explanation:
The SBA advisor is recommending that Trevor Combs write a business plan. A business plan is a detailed blueprint for the development, execution, and assessment of a new business. Writing a business plan involves outlining Trevor's business goals and the strategies he intends to implement to achieve them. The plan should be comprehensive, covering all aspects of the business, including market analysis, organizational structure, product or service offering, marketing strategy, financial projections, and more.
In crafting his business plan, Trevor should start by defining the situation his business will address and the purpose for his project. This could include identifying a gap in the market for small business consulting services, the unique value proposition his company will offer, or the specific business practices that will be put into place. It's also critical to create a well-thought-out outline to guide the writing process. This outline should highlight the main components of the business plan, crafting a clear direction for the narrative to follow.
Trevor should also consider his audience when writing his business plan. His plan should be tailored to potential investors, partners, or financial institutions that might be interested in his business. Moreover, he should use the outline to identify and articulate his business's core strengths, areas for potential development, and strategic advantages in the market. A well-organized business plan enables one to address these critical areas while providing a persuasive argument for the success of the proposed business venture.