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Is Starting Your Own Company Your New Year’s Resolution?

Posted by Brandy on January 10, 2014

It’s that time of year again when many people are talking about New Year’s Resolutions. Is your resolution to become an entrepreneur and start your own company? If so, what’s the best way to accomplish that goal?

Experts recommend the first couple of steps in accomplishing any New Year’s Resolutions are to write down your goal and make a plan. For your new startup aspirations, Ultimate Business Planner can help you write a business plan. 

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Writing a Business Plan

There are four main sections to a business plan:

  1. Company Information
  2. Income Projections
  3. Expense Projections
  4. Strategy

Company Information

In the Company Information section, you’ll want to go over the company basics. Give your new startup a name and choose a start date. Decide the company type, such as Sole Proprietor, Partnership, or S Corporation. Write down how much cash you have available to invest and how much you may need to borrow from other investors. List your assets and liabilities, as well as required inventory and possible suppliers.

Income Projections

Our business plan software has 20 income categories. Group your potential income together for similar products or services. You can enter the monthly income figures manually in each cell, automatically using a function that could increase or decrease it by a specific percentage each month, or import income data from QuickBooks.

Expense Projections

The Expense section of the business plan software also has 20 categories and is set up in the same manner as the Income section. There’s space to enter 60 months of expenses since most lenders like to see five-year projections when they’re making decisions about extending a loan to an entrepreneur.

Strategy

After the financial projections are complete, it’s time to write the bulk of your business plan. You’ll want to include details about the products and services you’ll provide, as well as their prices, where they will be sold and how they will be promoted.  It’s also helpful to explore the business environment before embarking on a new business venture. Learn as much as possible about the industry, competitors and your potential customers, so you (and any readers of your business plan) can understand how your company will fit in and fulfill the needs of the market. Describe your short-term and long-term goals, strengths and weaknesses. This will help you stay focused, even when there are times you’ll need to find ways to overcome shortcomings.

In general, writing down your goals and making a plan is the best way to achieve your New Year’s resolutions. And, Ultimate Business Planner is the best way to write a business plan because it guides entrepreneurs through its four main sections, in addition to providing examples for each section. Don’t wait any longer! Make 2014 the year you start your own business venture. Get started by writing your business plan.

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