Writing a Business Plan for Start Ups

Baby boomers and big dreams

All right! So you are a baby boomer with a big dream. A dream like this is just the beginning. As a baby boomer, with an entrepreneurial spirit and wonderful ideas, you have decided that you want to start up a brand new business and you don't quite know where or how to start.

Begin with your dream! Remember that baby boomers dreams, like everyone else's, have to get beyond the dream stage, in order for the dream to turn into a reality.

First, put your start up ideas down on paper. Don't worry if they are not fully thought out yet or if you have not organized them. Writing down everything first, will help you to focus on what you want to do. Recognize that at this stage, your dream is starting to turn into a reality. If you act on it, at some point in time, it will progress further and become an actual business.

Perhaps you, as a baby boomer have never written a business plan.

In that case, these questions and answers may be of help to you.

What is a business plan?

A business plan is a written summary about your business proposal. It will include your dream, your ideas about how you propose to start up and operate your new business, as well as basic financial data.

Why do you need a business plan?

Having a business plan will help you clarify what you are trying to do. It will also be of benefit to you, if there is a need for financing. You will be able to present your business plan to a bank or a lending institution, in order to obtain financing.

How do you write a business plan?

Beginning a new business can be difficult and more complicated than you realize, but every business has to start somewhere. It is easier to organize a business and prepare a business plan, if you start small and allow room for future growth and development. One way to do this is to set different stages of growth for your business.

Begin with stage 1 and the basic essentials.

What should be included in a start up business plan at stage 1?

No two start up business plans are going to be the same, nor do they need to be. Your new baby boomer start up business might be something that is unique.

These are basic questions that you can answer, with respect to writing your business plan.

What is your vision or in other words, what is your dream? What are your ideas? How did these come about? What is the background for this start up business?

What are you planning on doing or trying to accomplish with your new business? Why are you starting up a new business, at this particular time or in this specific place? What is the proposed geographical radius of your business outreach, ie. local, national or international? Where do you plan to operate your business? Is it going to be a home based business or do you have another location in mind?

What role will you assume in the business? Will you be the owner or proprietor? How will the management be organized? Are you able to provide a profile for yourself and potential new executives? Have you researched their backgrounds? Have they had security checks done? Who else will become involved in your new business, as employees? If others will be involved, how many others will there be and in what capacity will they function?

Do you have a potential product or service description? What need do you feel that your upstart business is going to be able to meet and why? What is your marketing strategy or plan? Have you researched the market thoroughly? Is there a demand for your product or service?

How will your new business be structured internally, now and later? How will the business operate on a day-to-day basis? How will revenue be generated now, in six months, one year, five years or ten years?

What is the name your new upstart business will be operating under? Why have you chosen that name or why is it significant? Have you researched that name with respect to registering your business? Is that name available for registration or for use on the Internet? Have you registered your business?

Have you designed a logo for your business? How will you be using it? Has it been registered for your exclusive usage? What is the cost involved?

How much capital is going to be required in terms of actual start up costs? Have you included your rent, heat, hydro, telephone, office equipment and supplies and other initial, equipment expenditures like computers, printers and fax machines? How much money are you able to put into the business and how much other financial support, do you need from somewhere else? Why do you feel that your new business is worthy of support?

How do you plan to advertise, for example, by word of mouth, radio, television, or the Internet? What is the anticipated cost? Have you looked into the cost of setting up a website for your upstart business? How about Internet fees?

What are your short and long term goals?

Do you have an exit strategy (operate x number of years, put business up for sale at a profit, etc.)

Be aware that this is only the beginning of your upstart business and your business plan may change to some extent, as your business grows. You may consult a bookkeeper or an accountant with respect to setting up the financial part of your business. This may include cash flow, profit and loss balance statements and income statements. You may also want to include a three year financial projection, if you are seeking financing.

There are many sample business plans that you may be able to find in your library, bookstore or on the Internet. Many of these can be printed as templates, where you fill in the information needed. Many lending institutions offer their own templates.

After you have drawn up your business plan, present it to a tentative lending institution. They may suggest changes or advise you to seek financing, on a different level.

Remember if your dream is a good dream and one that it is realistic, it may prove to be worth pursuing. 

Good luck with your new start up, baby boomer business!