You have an idea. Great! Every great business started from an idea someone had within. Now you are that someone and it is time to take the first step to make your idea a reality.  Grab your business journal and answer the following questions:

1. What is your idea? This encompasses the business you want to start, the product you want to develop or service your want to provide.

2. What is your vision for your idea? Where is your idea headed? What do you see? Your vision will serve as the foundation of your business plan. This is also where you will start developing your mission statement. So ask yourself, if you opened your business today, what will it look like? What will the business look like 5 years from now?

3. Who will your idea serve? Who are your ideal customers and how will you reach them? Be specific. Where do they live, what do they like, how old are they, what trends do they follow, etc.

4. What need will your idea fulfill? How will you help your customer with your product or service? What are you offering that is unique or if the product or service is not unique, what makes your delivery of that product or service unique?

5. What resources, tools, equipment or knowledge will you need to make your idea a reality? Think about your day to day and the product or service you want to develop or have developed. What things do you need to make your idea a reality? What are the steps you need to take to put them in place?

Creating a business plan helps you stay focused on your business goals and helps you along your entrepreneurial journey. While it serves as a template for the success of your business, it also gives potential investors, banks, and partners a clear picture of what you plan to achieve.

Look at the business plan as a roadmap. It will help you articulate your vision and provide you with the steps to bring your vision to life. Check in with your plan from time to time to make sure that you are on track. Adjust your approach as necessary to achieve your identified goals.

The development of a business plan requires you to take an in-depth look at your idea. It will require deeper exploration and analysis of your idea. The business plan is typically written in narrative form, so look at it as telling the story of your business. Your financial plan will be presented in spreadsheets, however, a written narrative is also a part of this and will describe the key takeaways from your financial analysis.

Key components of a business plan

1. Executive Summary

2. Company Overview

3. Competitive Analysis

4. Management and Personnel Plan

5. Marketing Plan

6. Financial Plan

7. Operational Plan

Whether you are just refining your idea or are a Start-Up, you are here.

Keep these tips in mind

1. Remember, entrepreneurs innovate. The world needs you and your ideas so keep up the hard, good and necessary work to make your vision a reality.

2. Develop the powers of entrepreneurship by doing. Starting does not require you to start big, it just requires you to start and keep doing something everyday that will contribute to the success of your business. Do it and it will be yours!

3. Remember the customers are the queens and kings of the marketplace. Please them and meet their needs with great service and consistency. If you make them happy you are on your way to financial success. Customers must always be at the forefront of your thought.

4. Learn more about being an entrepreneur and running a business. It is also important to stay on top of the latest trends and changes in your industry. Remember you are an innovator and can be the trendsetter.

5. You will be tested, but never give up. Be smart with your money and always remember a quest for excellence is key.