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Freedom First Credit Union

Starting A Business Today

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Startup Step One: Create a Business Plan

Before you think about marketing, before you think about financing, before you think about what to display in your store window… you need a business plan.

Enthusiasm for your idea has gotten you to this point — research and hard data are needed to help you succeed. You may find that the more you learn, the more you re-think your ideas and assumptions about your business.

Your business plan should include the following elements:

  • Executive summary
  • Description of the business and its products and services
  • Organizational chart and management structure
  • Personal financial statements for all principals
  • Financial plan
  • Marketing plan
  • Operational plan

The time and effort required to craft a thorough business plan is essential to helping entrepreneurs research their business and their market objectively. Allocate ample time for research and be willing to make changes.

The business plan you create as you start your business is a “living document.” Because you are projecting several years ahead, you will revise and update your business plan regularly in response to performance, economic changes, and other factors.

Local resources available to individuals considering starting a business include the Roanoke Regional Small Business Development Center and the local chapter of SCORE. SCORE also has templates and worksheets to get you started.

Once you have your business plan in place, our Business Team will be ready to walk you through the process of financing.
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