Key Business Plan Elements

Don't set yourself up for failure through lack of proper planning. A business plan no matter the level of sophistication, is an essential part of ensuring that you have a clear vision for the future of your business. Your business plan at the minimum should answer the following two questions.

1. How does your business solve a problem?

2. How does your business fill a need?

Enter "Business plan software" into any search engine and you will receive a variety of results that will give you a starting point on creating detailed plan. Regardless of your choice, your plan should include key elements such as:

1. Mission statement

2. Services to be provided

3 Market analysis of your business as well as the competition

4. Marketing and Sales strategy

5. Your personal plan, (how are you going to bring your unique qualities to make the business successful)?

6. Financial plan

Taking the time to write out a clear and concise business plan will give you an advantage in bringing your vision to life, and conveying that vision to investors or venture capitalists. Setting goals and reaching critical milestones is a given when creating a business plan, and in order to start and run a successful business you must be organized on every level.

Some of the most important things to remember when starting your own business can be broken down into a few easy steps:

Get a Life, create a life plan, a goal or picture of what your ideal life would be, and how your business will get you there.

Choose the right business model for you, remember if you don't love it, don't do it.

Create a Business Plan, you can use a software program like, Business Plan Pro, or make entries by hand on the back of a napkin, just make sure you have given yourself a starting point to put together all of the intricacies of starting your own business.

Decide on a Business Structure, are you going to be the sole proprietor, llc, franchise, franchisee? Identify what will work best for you.

Make a list of Business assets, will your business need a website, a blog, or do you own a product that you will be selling, do you need insurance for your service business?

Get Money, the exact figure will vary depending on the type of business you want to start, find something worth rolling over your 401k? Make sure you do your homework first, some start ups will require a minimal amount of financing, this is going to depend on your personal financial situation.

Organize logistics, where will you work from? Home, rent and office or garage, warehouse, do you need equipment, or transportation?

Find great People, will you hire a staff, or contractors? Maybe you will need volunteers, either way surround yourself with good people in your personal and professional life.

Establish a brand, not just for your business, but for yourself as well. What do you want people to think about when they see the name of your business, or when they are dealing with you directly? I want to be know as the guy who created a "Better Business and a Better World". Who do you want to be know as?

Market and Sell, get to work nobody said it would be easy, if it was what's the point in doing it? Everybody else probably already is, remember, you are the innovator.

Finally, go back to step one; and never underestimate the power of a life plan! Are the goals that you are setting worthwhile to your desired outcome? Meaning, are your business goals in line with your personal goals? Does attaining all of your financial goals mean that you will be 100% satisfied with your life? Will earning seven figures by the end of Q4 satisfy you as much as being there for your son's first baseball game, or your daughters first dance recital? We all know the magic words that have eluded so many of us during our adult lives, "Work Life Balance," you can't take it with you, so make sure you do it right while your here!

Dream big, take action, and make a difference.