An entrepreneur’s guide to starting a small business

A business plan is a critical and comprehensive planning document that outlines the goals, strategies and operational aspects of a business. It is a blueprint that guides business owners through different aspects of establishing and growing a successful business and includes detailed sections on the business model, market analysis, products and services, marketing and sales strategies, financial planning and the management structure of the business. These plans help business owners approach all crucial aspects of their business critically and ensure that they are well-equipped to handle various challenges that may arise.

Aside from outlining the business objectives and operations, a business plan is important when applying for business funding. Most financial institutions and investors require a detailed business plan before they will commit to funding a venture. An effective business plan demonstrates to potential investors that the business has a well-thought-out strategy, viable market potential and a positive financial forecast.

Business plans also serve as a reference point for decision-making. As businesses evolve, owners can refer back to their plans to ensure they are staying on track with their goals and making informed decisions based on the strategy they initially set out.

Start-up business ideas

• Seven Different Business Model Ideas for Your Startup: When coming up with startup business ideas, it’s important to take into consideration what type of business model will work best. Review seven different models and consider which might best serve your startup and your customers.
• 4 Steps to Brainstorming a Great New Business Idea: Start brainstorming business ideas by applying these four steps to make sure that you’re on the right track and thinking critically as you plan your new venture.
• How Do I Pick the Right Startup Idea?: Choosing the right startup idea can be hard. This article can help guide you toward the most viable startup option.
• How to Find Profitable Business Ideas: Learn about the “Red Ocean” and “Blue Ocean” approach to creating a successful business, as well as internal and external information gathering that can help you make the best business decisions possible.
• A Lesson in Creating New Business Ideas: This lesson plan on entrepreneurship provides activities and group learning opportunities that can benefit business developers of any age.

Business plans for small businesses

• Write Your Business Plan: A business plan is a foundational document to any small business. Learn how to write a business plan using a template from the Small Business Administration.
• Business Modelling: Business modeling is an effective way to approach a new business idea and plan using a proven model of success.
• The Startup Business Plan: No matter the industry, a business plan is an essential piece of the entrepreneurial puzzle when a new business is being formed. Find out why it’s so important.

Communication and outreach

• Outreach and Marketing Ideas for Small Businesses: Small businesses may need to get creative as they work to promote their brand. This resource offers 16 outreach ideas that entrepreneurs can employ to promote their business and drive engagement.
• The Real Reason Small Businesses Can Compete with Anyone: Quality customer service and the ability to follow through with really effective customer communications is something that small businesses may be better at than their larger counterparts, and that could translate into a competitive edge.
• Cold Outreach for Small Business: Cold contacting is one of several outreach methods that business owners can try as they work to get the word out about their products and services, but it’s important that it’s done right.
• What is Business Communications?: Business communication is critical, and understanding the different methods of communication can help entrepreneurs communicate most effectively with their customers and stakeholders.

Marketing plans and marketing best practices for small businesses

• Developing a Plan for Communication: Developing a plan for communication can help to ensure that every effort to market your new business is as productive as possible.
• Seven Low-Cost Marketing Strategies for Small Businesses: Working on low-cost marketing strategies and planning for the cost of marketing your new business are crucial to its success.
• Small Business Startup and Marketing Strategies: This detailed marketing guide has so many good suggestions and marketing strategies that can be employed to make sure your business outreach is successful.
• Marketing Your Small Business: Find information about content and marketing for entrepreneurs looking to engage their audiences in a meaningful way.
• Small Business Marketing Strategies for the First 5 Years: The first five years of a business venture are critical, and many companies don’t make it. Developing an effective marketing strategy is a key part of early business success.
• Social Media for Small Business: Establishing a social media presence is important in engaging potential customers where they are.
• Marketing Strategies to Skyrocket Your Small Business: The Yale Ledger provides this article on small business marketing strategies that can be help you grow and thrive in the current economy.
• Last Minute Marketing Tips for Small Businesses: When you are short on time to plan a marketing strategy, there are still a few last minute marketing tools that you can use to engage your audience quickly and effectively.
• Internet Marketing Tips to Help Small Businesses Grow: The internet is a powerful tool for small businesses. These tips can help you make the most of your internet marketing efforts and reap the benefits.
• Small Business Marketing Resources: This collection of marketing tips includes many different ways that entrepreneurs can get in front of their customers when and where it counts the most.

Small business financing

• A Guide to Getting Your First Business Idea Funded: Getting funding for a new business idea can be tricky, and there are several ways to go about obtaining the funds you need for the business venture to succeed. Learn about the different types of investors you might approach for funding and what not to do during the process.
• What Do Investors Look for in a Partner?: Run through this checklist before you approach potential investors about business funding to position yourself as a good business investment opportunity.
• Need a Small Business Loan?: To set your business up as a good business investment and one that should be approved for funding, make sure you are following the best practices outlined in this resource.
• 5 Tips to Getting Your Small Business Loan Approved: Small business loans can provide much-needed financing for entrepreneurs. Learn how to put your best foot forward when applying for a business loan.
• How Small Business Loans Work: Understanding how to get approved for a small business loan and the different types of loans available to business owners are important to make sure you understand exactly what your fund should be used for.
• Common Mistakes When Applying for Small Business Loans: Arm yourself with information to avoid making these mistakes when you apply for small business funding.
• Types and Sources of Financing for Startup Businesses: Use this resource to get a better understanding of the lending options that may be available to you as you seek to fund a new business venture.
• How Fintech is Helping Small Businesses: Learn how financial technology can help your small business succeed.
• Small Business Financing Resource Guide: Small businesses can access funding in a variety of different ways. Use this guide as a resource to understand options available to you through local, state and federal funds, as well as bank loans, grants and venture capital.

Other resources for small businesses

• How to Start a New Business: This step-by-step guide makes an excellent blueprint for any entrepreneur who is considering starting a new business venture. It walks you through every step from developing your business idea to marketing that new product or service.
• 10 Reasons to Start Your Own Business: The idea of striking out on your own with a new business opportunity can be scary but, in many ways, it is well worth the risk. Don’t forget about all the benefits of being a business owner as you grapple with the hard stuff, too.
• The Dos and Don’ts of Starting a Business: This list of dos and don’ts can help entrepreneurs avoid common mistakes as they start a new business venture.
• The Importance of Community Outreach for Small Businesses: Making a positive impact on your local community has multiple benefits. Learn why community engagement is important for small businesses and the benefits it can bring business owners.
• Tips to Growing Your Business in a Sustainable Way: It can be tempting to get excited about early business success and expand too quickly. These tips can help you manage your growing business sustainably and with the future in mind.