Copyright 2016. Village of Woodridge. All rights reserved.
DEVELOPING A BUSINESS PLAN
A business plan is critical for any entrepreneur looking to start a small business. It serves as a roadmap for defining your product, growth goals, market and competitive environment. It is also critical to your financial investment strategy. Adapted from the International Economic Development Council’s publication, “Entrepreneurial and Small Business Development Strategies,” an entrepreneur should be able to articulate the following before developing a business plan:
Product: Express the reasons why customers will buy and use your product or service rather than the competitor’s products or services.
Competition: Explain why larger competitors will not be able to copy your product or service and sell it at lower prices, with wider distribution and more promotion.
Financial Projections: Conservatively project your financial returns and needs in a simple income statement and balance sheet.
Experience: Describe the background knowledge, skills, and managerial abilities that allow you to start a new venture and ensure its success.
Strategic Planning: Define the personal goals, current needs, and future interests that make you willing to devote the next five to ten years to your business’ growth and success.
There are several local resources available to help you develop an effective business plan.
Village Planner Jason Zawila in the
Community Development Department at
630-719-4750 or firstname.lastname@example.org
TURNING AN IDEA INTO A BUSINESS REALITY
We have developed a number of helpful resources to walk you through key items such as business plan development, financial support, and local, state and federal regulations.