ROANOKE, Va. (WFXR) — Applications to start a new business are surging, with the number this year up 700,000 from 2019. If you are thinking about starting a business of your own but aren’t sure what steps to take, you’re in luck because December is “National Write a Business Plan Month.”
A business plan is a guide, a roadmap for your business. It outlines goals and details on how you plan to achieve those goals.
Quincy Randolph, owner of RND Coffee in Roanoke, says making a business plan can be daunting, but he broke down his business plan into smaller segments, which helped him to stay focus on the task at hand.
According to Randolph, all you need is an idea and some good ol’ elbow grease to make your plan come to life.
“Even if you’re feeling a bit discouraged, write out the plan. It engages a different level of critical thinking for how you see your potential business,” said Randolph. “It puts it in a slightly more realistic sense and answers the question ‘how can I turn this into a successful business model?’ I think that’s the first barrier of entry that can kind of stop a lot of extremely talented people.”
When writing your plan, the Better Business Bureau (BBB) says to make it clear what you want to accomplish, what service or product you’re offering, and who is your target market.
“I would not discourage anybody from starting a business right now, because as with anything, there are opportunities. Anytime there’s a crisis, there’s something different going on, there is an opportunity for somebody to step in and fill a niche to fill a hole that maybe isn’t currently being filled,” said Julie Wheeler, President, and CEO, BBB Serving Western Virginia.
For information on how to write a business plan, click here.
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