A drop in the number of new businesses since the economic downturn has left gaps in the marketplace and the work force. But experts say a strong business plan can make the difference between success and failure for entrepreneurs looking to fill those holes.
According to the U.S. Small Business Administration, the establishment startup rate dropped below 3 percent in 2008 for the first time since the early 1990s and has not recovered. This means fewer people even attempted to start a new business in the last four years.
“One of the factors stopping potential business owners from going forward with a good idea is the prospect of creating a business plan alone."
"We have found that most business owners struggle with developing company financials. But well-developed financials are a critical component to any business model," said Joseph Ferriolo, director of Wise Business Plans, a company that provides individualized, custom-designed business plans for startup and expanding businesses. "Speaking with a planning professional can take the guess work out of the financials process and provide valuable insight into their industry. This takes the pressure off of business owners and allows them to focus on what they do best — creativity."
The SBA lists a good business plan with a complete set of financial statements as a minimum requirement for securing start-up funding. But Wise said there is more to a good business plan than just the basics.
"A good business plan will focus on two key elements: marketing and leadership." said Wise. "A marketing plan should be a plan of attack on how you will reach your audience. If your target market doesn’t know you exist, the company will ultimately fail, despite how good the product or service is. The second component is leadership. Who is driving the ship and what value do they bring to the table? Simply put, why will the business be successful if you are involved? The staff here at Wise Business Plans are experts at showcasing the strengths of a business."
The nature of entrepreneurship involves uncertainty, according to start-up page at sba.gov. But planning your business with the help of a professional can remove some of that uncertainty, making it easier to step into a market ripe for new businesses.
"Business is all about risk. Having the experts at Wise Business Plans create a business plan will not only reduce the risk of starting a business but help grow the business into a successful venture," said Wise.
Wise Business Plans, staffed with professional MBA writers, researchers and financial experts, is a trusted partner for businesses across a broad spectrum of products and services. Our mission is to empower our client base through the creation of affordable, professional business plans filled with applicable strategies that place them in the best position to realize success in all phases of their respective business growth cycles.