If you are lucky, your business will grow.Most business owners have a plan.The amount of money you need to fund the expansion will be identified in a well-drafted growth plan.A marketing strategy and different financial documents are included in your plan.You should visit a business development center if you need help.
Step 1: Growth opportunities can be identified.
A growth plan is more focused on growth opportunities than a regular business plan.Adding new products or services is one of the ways to grow your business.You could run a nail salon.The business could be turned into a day spa with massage.Sell more products.There is a boutique that sells vintage clothing.Changing your marketing can increase your sales.In a new location.You can open another store in a new area if you have a brick-and-mortar business.It's possible to target a different market.There is a bigger market that is still undiscovered.If you offer massage services to women, you might want to add men as a target market.You could be targeting middle-class consumers.You could focus on high-income people.Go global.You can sell to many different countries if you have a website.You will never visit a market in person when you create a website and sell into it.
Step 2: Do you need to review your staffing needs?
Businesses often need additional staff when they grow.Before you write the plan, you should review your staffing needs.Evaluate your employees' skills.It's important to understand whether your current staff can help you achieve your goals or if you need to hire other staff.If you need help analyzing staffing needs, ask your current staff.Ask them what other skills they have.When you expand, someone might be able to fill a new position.To find out how much employees make, visit websites like PayScale or Glassdoor.
Step 3: Do you have the money to expand?
It takes a lot of money to make more money.If you want to open a new location, you will need to buy or rent retail space.If you want to expand using a website, you will need to hire someone to create it and possibly maintain it.Your shipping costs will go up.Go through your budget and see what you can scrounge up.If you have a line of credit or business credit card, you should check how much excess cash your business has.
Step 4: Sample growth plans can be found.
Ask other businesses online.It is best to contact someone in a different industry if you approach a current business owner.A competitor might not want to share their secrets.Take a look at the layout and overall design of the plan.A plan that looks professional is what you want.It's a good idea to copy what impresses you.
Step 5: You can get help from a business counselor.
Each state has a Small Business Development Center that can help you write a growth plan.You can find your nearest SBDC at the SBA website.You can search by state.
Step 6: You should write an executive summary.
Your growth plan should be summarized in the first section.The summary should be one to three pages.It will go first, so you may want to write it last.
Step 7: Tell me about the current business.
Explain your current business in the second section.Your description should include the following: Description of your businessJackson Data Processing is a two person partnership that provides data entry and coding to medical offices.We enter and analyze client data before we submit it to government agencies and private insurers.We provide a one-time service, as well as regular billing and coding.
Step 8: Provide a synopsis.
Strengths, Weaknesses, Opportunities, and Threats are referred to as SWOT.The third section should be your SWOT analysis.The purpose of this analysis is to address how you can take advantage of opportunities using your strengths and how to protect against threats by improving on weaknesses.Information about the following: Strengths.Do you know what your business does well?Think broadly and include intangible strengths.You need to identify strengths in all areas of the business.A great location or an established customer base are examples of tangible strengths.There are weaknesses.Do you know what your business doesn't do well?Things should be within your control.A bad economy is not a business weakness since you don't control it.Weak spots include limited resources, inferior technology, inexperienced staff, and poor location.There are opportunitiesThese are not inside of your business.You can exploit opportunities to your advantage.It is possible that your industry is booming.If you want to grow your business, you may try to sell more units or products.An aging population could give you an opportunity to target this market.Opportunities can be long or short-term.There were threats.There is a threat that could undermine your business.Competition is a threat.Increasing government regulations, technological innovations, and negative press attention are some of the threats.A declining customer base is a threat.If that is the case, you could move to a new location or target a different consumer market.
Step 9: Take a look at your five-year growth plan.
You will come up with a growth plan based on your analysis.You should use your strengths to pursue growth opportunities.Your five-year plan should explain how you will address the weakness if you are impeded by it.Expansion opportunities are information that should be included in a growth plan.Make a list of the growth opportunities you intend to pursue and why they are the right choices.You intend to borrow to open a store in a growing area, and interest rates may be low.A marketing plan.You should use paid advertising or other methods to reach your target market.Discuss the costs of your marketing plan, and what kinds of free marketing you can use, such as using social media or increasing word-of-mouth by encouraging customers to leave a review online.There are demographic details of the market area.For example, what is the typical age, gender, education, and income of your targeted market and what are the demographic of the area where you will be expanding.
Step 10: Information should be included on your team.
When you expand your business, you should list the employees you will need.You will need to hire team members in the coming year to expand.
Step 11: You should write a financial plan.
The money you will need to fund your growth plan will be identified in your financial plan.The information you should include is your current financial situation.Cash flow analysis and profit and loss statements should be included.The amount of money you need.It's your costs of operations.Explain the costs of employee salaries, rent, and insurance.A break even analysis.When you start making a profit, this is the point.You need to use your fixed and variable costs to calculate this point.
Step 12: An appendix should be created.
You can make an appendix for the documents you want the reader to read.The profit and loss statements need to be in the body of the plan because they are so important.Other helpful information can be found in the appendix.Background data for your company or a copy of a market survey can be included in your growth plan.You can also include copies of legal documents.
Step 13: Pull your credit report.
If you need a loan to finance your expansion, you will have to go to a bank, which will give you a copy of your credit report.You should check your report for any errors.Each of the three major credit reporting agencies will give you a free credit report every year.One of the ways to get your copy is to call.You can get reports from all three agencies at the same time.You should get your copy in the mail.Visit annualcreditreport.com.Identity verification requires you to provide your name, address, date of birth, and Social Security number.The Annual Credit Report Request Form is available here.You can mail it to the address on the form.
Step 14: There are disagreements over errors.
There are many errors that can affect your credit score.Correcting them right away is important.A common mistake in reports is someone else's account being listed.It's possible that you have the same Social Security Number.The accounts were opened due to identity theft.The accounts were reported inaccurately.If you haven't missed a payment, an account might be reported as late or delinquent.There is an account that appears more than once.Information should have been removed from the report.After seven years, the debts should fall off.There is a mistake in your credit limit.
Step 15: There are different types of loans available.
There are many options for a small business to get a loan.Before you apply, you need to understand all of them.SBA loans are one of the types of small business loans.Some small businesses can get loans from the Small Business Administration.If you default on the loan, the SBA will pay the bank.SBA loans require a lot of paperwork but have favorable terms.Depending on your needs, SBA offers many different types of loans.You can get a loan to purchase equipment or expand your business.There are conventional bank loans.These may be easier to get than SBA loans.The repayment period is shorter with an SBA loan.Alternative funders.If you don't have good credit, you may want to look for online lenders.It is likely that you will have to pay higher interest rates.
Step 16: Required financial documents should be gathered.
You will need a lot of supporting documents to apply for an SBA loan.They should be gathered ahead of time.For example, you will need to submit the following: Business plan or growth plan Personal credit reportResumes for all members of management