Developing a Small Business plan

Developing a business plan for a small business involves outlining the basic concept, listing the necessary needs and wants, and calculating a budget. Use a business plan as a road map for future success with information in this video on small businesses.

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Video Transcript

When the first idea came up that we would have this bookstore, we really did some research into what the market around here would be for; what would be our competition, what kinds of things would we need to bring into the store, how much money we would need to have to invest in, not only the inventory, but the fixtures. Prior to opening my own business, I had worked at another independent video store, and I also worked at Hollywood Video for about a year. So, I had an idea of what all went into a video store, but I still had to figure out the logistics. What we actually did is we bought a program that actually walks you through the steps of putting a business plan together. It was good for us because it really made us go through every section and every piece that we needed to do. And it really made us think about all the different elements that we need to think about for opening a business. What do we think our cash flow would be and what do we think our revenue would be. And that was really important for us, to really put all the traps out there and figure out really flesh out our idea. You know, I put together a business plan, but mostly for me. It wasn't necessarily to pitch it to a bank or investors. It was more for me to figure out if this was something that I could make into a living. And from that original business plan to what it is now, we've, it's become very different than what I originally thought what it was going to be for me. It started off with a concept but how do you turn a concept into an actual reality. And a business plan is probably the single most important document for us, because it gives us a road map by which we could operate our business and really get into business and be successful. Just the same way that most small business people do. You know, you investigate and do some research, and that's how we developed it, and not go to the bank for money because they wouldn't give it to us.