From vision to reality: how a business plan sets up your startup for success

According to the Small Business Association (SBA), a good business plan serves as a guiding document that outlines your business’s goals and strategies. It defines how your business will run and its path to reach its destination.

“A thoughtfully crafted business plan can provide entrepreneurs with a roadmap to success, defining objectives, strategies, and financial projections to help ensure long-term growth,” Startup Alleghenies Coach Matt Reckner said. “Once completed, entrepreneurs can evaluate the plan to determine if the juice is worth the squeeze in terms of investment of time and resources, positioning their startups for success in the competitive business landscape.”

Emillee Swank of SWANKY Skin + Lash Studio met with her Startup Alleghenies coach and they developed her business plan together. “After meeting with Blake [Fleegle] and putting together a solid business plan and 3-year projections, I had a bit of relief,” she said. Startup Alleghenies coaches work with startups and emerging small businesses at no cost, providing guidance, consulting, support and important connections to resources.

Here are four keys to how a business plan will serve your business:

• The business plan will help clearly define the objectives of the business. Entrepreneurs risk making uninformed decisions and wasting time and resources without a clear roadmap. A detailed business plan offers clarity, setting realistic and achievable goals while outlining the steps required. This provides a sense of purpose and direction for the business and the entrepreneur.
• The plan will serve as a guide for how you operate your business. It outlines the strategies and tactics required for success. By identifying potential pitfalls, entrepreneurs can proactively address issues before they escalate.
• Finances are another key to the business plan. This piece attracts potential investors and serves as a financial compass for the business. It aids in managing cash flow, identifying funding needs and ensuring the overall financial health of the company.
• As the SBA points out, a well-documented business plan serves as a reality check. It allows entrepreneurs to fully evaluate their business model, target market and revenue streams. This can reveal gaps in the initial strategy, prompting adjustments and refinements before substantial resources are invested.

There are many benefits to writing a business plan. It is a living document that evolves with the business, guiding it through the complexities of the entrepreneurial journey. Starting with a solid plan can help turn dreams into thriving, successful businesses.

Contact Startup Alleghenies today for FREE assistance in developing your business plan.

Startup Alleghenies helps startup and emerging small businesses succeed by providing free coaching to entrepreneurs in Bedford, Blair, Cambria, Fulton, Huntingdon and Somerset counties. To access personal, one-on-one support from a coach in your county, including guidance, resources, tools and networking opportunities, sign up at startupalleghenies.com.