More on the roadmap

​A business plan isn't built from start to end. In fact, I recommend starting in the middle, moving to the end, circling back to fill in the missing pieces, and finishing at the beginning.

The last section you should write is the executive summary. Start with the goals and objectives- what is it you want to accomplish? Are you hoping to go public after some time, franchise the idea, or do you want to create for yourself a job doing something you love to do? Do you have a passion for service, or do you like having control of your own schedule?

Then comes the sometimes difficult task of researching market and financial data so that you can intelligently discuss the market for your product or service, what the competition is doing, why your pricepoint is appropriate and sustainable, and the basis for your financial projections- both how you have come up with projected sales, and what you are basing projected expenses on. Whether you are writing the business plan with an eye to obtaining funding, or simply to create a guiding document for the months to come, the process, while challenging, helps you make informed decisions about purchases, leasing space, hiring employees, and most important- whether to move forward with the business.

The resources for data will depend in part on the industry, your location, and whether you already have contacts from which you can harvest information. Often you will be able to get other business owners to talk with you, especially if they are not your direct competitors. An industry association is a good place to look as well. Accountants, consultants, and data collectors can provide data for a fee. There are some free sources for data listed at sba.gov. (https://www.sba.gov/blogs/conducting-market-research-here-are-5-official-sources-free-data-can-help​)

There are also some great sources of ideas for your business plan, such as http://www.discoverbusiness.us/business-plans/#17. This page has an excellent breakdown of how to approach industry analysis, and more sources of free data.