The Transition from Idea to Action
Every business starts with an idea. The idea grows in the mind of the entrepreneur until he or she can no longer ignore it; that’s usually when the research process tends to become more formal. Though there are different ways to roll into a business idea, the process of nurturing it into a business plan is similar for many businesses.
- You might love to work with wood and want to create birdhouses for a major chain of stores.
- You may be skilled at a trade and want to provide your service from your home-based shop.
- You might clean houses for busy people or paint wonderful pictures or build a unique line of furniture.
- You may have been laid off by an employer who now wants to hire you as an independent contractor.
- You might be retired and considered unemployable by the employers in your Industry.
- You may have invented a solution to one of the world’s major problems and wonder how to get it to the market.
You will know when it’s time to research your market. Your business idea will dominate your thoughts; you will be driving those near you crazy with your ramblings. You will be investigating similar products and services and pointing out weaknesses in competitors products. You will be trying to sell your friends on the idea. (Your friends might be encouraging you, or they might just be tired of listening.) There will come a time to get serious about your market research. Only you can decide when that is.
Regardless of your area of pursuit, the dynamics are similar. You percolate on your idea until one day you simply must shift into business planning mode or lose your mind.
Introduction to the Business Plan: Structure and Process
The Shell™ is arranged to be a final presentation for the reader of your business plan, while the RoadMap™ is the step-by-step process you will follow to build your business plan.
Your completed business plan will be made up of three main parts: narrative, financial, and supporting information. Sections 1 to 4 will house the narrative, Section 5 holds the Financial Elements, and Section 6 contains the supporting information.
The Business Plan Elements Checklist shows the Elements in the order in which they will be presented to those you who read your business plan. Download it here and print for easy reference.
The business planning process is the 99-step RoadMap™, which blends the market research and business plan writing processes, enabling you to move logically from the first idea through to implementation of your business plan.
Action
- Download the Business Plan Elements Checklist
