Planning is the key ingredient for almost every worthwhile endeavor. This certainly holds true when an Ohio entrepreneur decides to begin a new business venture. In fact, creation of the business plan is often what drives the initial start-up and provides the roadmap for all future business planning decisions.
The executive summary is an essential element. This part of the business plan provides an overview of the company and its products and services, as well as its operational details. The executive summary often sets the stage for potential investors and lenders in making decisions regarding the company. An overview of the company is also an important element. This should include information related to the owners, location of the business and markets, and where the company currently is in the formation process.
A listing of the company’s products and services is also an item that should be included. Along with this listing, one will want to include where each is currently in the development process, and the current or anticipated price point at which each will be offered. Additionally, a marketing plan including market research, possible competitors, advertising plans and marketing budget should be addressed.
With proper business planning, the Ohio company is better positioned for success. Such planning will act as a guide for determining what must be accomplished immediately and what future steps the company can look forward to taking. It can also provide essential information to potential financial backers. Experienced legal counsel can be invaluable in assisting with the company’s various business and contractual requirements.