A business roadmap: write a plan to lead your company to success.

• Author: Francom, Sarah Ryther
• Position: PLANNING GUIDE

So you want to start your own business. Wondering where to begin? One of the first steps you need to take is to prepare a business plan. A solid business plan is vital for any business owner, as it is the document that ultimately defines the business. Serving as a company roadmap, your business plan can guide you when making small or large business decisions, such as how you handle unforeseen circumstances. But beyond serving as a decision-making guide, a business plan can also inform your personnel, suppliers and possible investors about your company's operations and goals. Think of your business plan as your company's resume.

WHERE TO BEGIN

According to the Small Business Administration (SBA), business owners should consider four core questions before writing a business plan:

1. What service or product does your business provide?

2. Who are the potential customers for your product or service and why will they purchase it from you?

3. How will you reach your potential customers?

4. Where will you get the financial resources to start your business?

When answering these questions, be as detailed as possible. Look at each question from different perspectives. And, be honest with yourself.

Another step the SBA advises entrepreneurs take before writing a business plan is to study other plans. By studying the business plans of established businesses in your industry, you can note what you like, dislike and what works. Then, you can apply the attributes you found successful to your own business plan.

GET OUT THE PEN

Once you've put some thought into what your business plan should consist of, the real work begins: writing the plan. Though you may be tempted to delay writing your business plan, don't put it off.

Begin with a cover sheet followed by a one- to two-page executive summary. The summary should serve as an overview of the plan's most important points. Make sure the summary includes a brief business description, marketing plan, management experience and finances. Next, include a table of contents outlining the following...