You need a plan for your Alaska small business start-up for the same reason a contractor needs an architectural drawing to build a house. Without one, there’s no telling what you may end up with when you’re done. Your business plan keeps you on track and takes you to the big picture you are envisioning for the future.
Alaska Small Business Description
Start by putting down on paper what kind of business you intend to start. What will you do, what products or services will you provide? Do you have background experience? In 30 words or less, state your mission: your ultimate reason for being in business and the principles that form the foundation for everything you do. What are your objectives for your business? What is it you intend to accomplish and what difference will you make?
Make some notes about the industry you are in and where you see it going. How do you look at your business fitting in with the trends? What do you see as the strengths that will make you succeed? Who are your customers and how will you find them? When you registered with the state as a legal entity, what type of corporation did you choose and why?
Alaska Products and Services
Here is where you need a full description and technical specifications of all your products and services. How do yours compare with similar products offered by your competition? How have you determined the pricing?
One of the most critical points in this section is the knowledge of the unique features your products have that make them preferable to consumers over those offered by other companies. What is the problem you are solving for your market, and why do you have the best solution?
You need to do a lot of research before you consider starting a small business to find out the reality of selling the products or services you have in mind. You might have a brilliant idea, but if nobody wants to buy it, you need to come up with a plan to produce something people want. Go to your library and search the demographics of your target market. The chamber of commerce can also help.
Do some surveys of the people you expect will buy your product and get real-time data to analyze. You have to know what it is going to cost you to manufacture or purchase and sell your products, how much profit you’ll make on each unit and how many you need to sell to reach your sales objectives.
This section gets written last, but in the final version on paper, it should be first. It is an overview of everything to follow in the details of your business plan. It describes the owners and where you expect to go with your small business. If you are applying for a commercial loan, this is where you say how much money you want and how you expect to pay it back. This section is the “pitch,” so make it good enough to encourage the reader to keep going.
If you want others to fund your business, your plan must be appropriately formatted. But it’s the ideas in the business plan – your aims, strategy, and reasons you’ll succeed – that will ensure others to join you or invest in your project to build a prosperous business.
If you need help with the idea or start-up phase of your business, let’s discuss!