Welcome to 2023! We’re so glad you’re joining us in the New Year, and we’re jumping right in with some tips for how you can make 2023 the year you pursue that new business idea you’ve been dreaming of—or came up with just as you toasted goodbye to 2022. No matter how long starting a new small business has been on your mind, you shouldn’t just charge forward without a plan. The U.S. Small Business Administration (SBA)—the go-to organization for all things small business—believes it is critical to have a solid business plan, and we agree! We’re here to talk about why you need a business plan, how to get one started, and some new business basics.
What’s the Big Deal with Business Plans?
Starting a new business is a BIG endeavor that can quickly become overwhelming. Even a cursory internet search about where to start can send you down a dozen different paths. We believe that the best place to start is with an expert on the matter—the SBA! They’ve done the legwork for hopeful small business owners and created a startup guide, advice for creating business plans, and several other resources—all centralized on their website!
The SBA makes it very clear that you NEED a business plan, and here’s why—
- It serves as a map for where you want your business to go and how you’ll get it there.
- It helps turn an overwhelming array of ideas into an organized living document that can change and grow with your business.
- It can help you secure funding because lenders want—and need—to know that you’ve thought through how you’ll use the money you’re asking for.
These benefits aside, we also find that having a business plan helps you feel more confident as you move forward with actually taking the step of starting your business and pushing it to succeed.
Drafting Your Business Plan
If you’re worried that business planning might be too daunting a task, take a breath! There’s really no wrong way to write a business plan as long as you cover some basic information. We recommend looking at examples and reading through some business plan basics as you get started. You want to be sure to cover the purpose of your business, who your target market/audience is, what your product or service will be, how the business will be run, and how you hope to fund the operation. And since this is a living document, any and all of these pieces can—and likely will—change as you really discover what your small business aspirations are.
New Venture Next Steps
After you have a business plan, what’s next? The nuts and bolts of starting a business—paperwork and figuring out funding. In order to start a legitimate business, you’ll need to be sure that you are following state and federal laws related to licensing and operation, so be sure that you look into exactly what licensing and permits you’ll need. We highly recommend consulting with a lawyer for this part of the startup process—it’s better to be proactive and safe than sorry!
You’ll also need to start thinking about how you’re going to fund this new startup. Even if you have a nice nest egg to begin with, growing and sustaining a business may require you to look for outside funding options like those available through the SBA. We know that this part of the startup process does not sound particularly fun or exciting, but they are critical to setting yourself up for success!
Let Us Help!
This may all be a lot to process, especially if the idea of starting a small business is new to you. It might not surprise you to hear, though, that these are only a few of the many steps you need to take in order to set your new business venture up for success. Luckily, we LOVE helping folks plan for, start, and fund new small businesses! Our team would love to connect with you and see how we can help you navigate this process and start 2023 off with an exciting adventure!