2023 Guide to Small Business Planning in Utah

diverse group of business people working together at a small officeIf you are one of the millions of Americans who dream of starting and running your own business, now has never been a better time. If you live here, you will also find starting a small business in Utah is one of the best states for entrepreneurs.

Improving the Odds of Success

While the entrepreneurial journey can be exciting and rewarding, it is also one with many risks and, unfortunately, a high rate of failure. That does not mean, however, that failure is a given. 

If you take the right steps and do the right business planning, you will greatly increase your chances of reaching profitability with your venture. Luck plays a role in business, but, as they say, fortune favors those who prepare.

The Small Business Plan

One of the key tools to prepare properly for taking the entrepreneurial plunge is developing a realistic business plan. While there is a lot of latitude in what experts consider a good business plan, the best plans cover all the basics. Whether you go the route of a traditional plan or prefer the more straightforward lean startup approach, the key is to ensure you control the risks and maximize your possibility of success.

The experienced team at the Weber Law Group understands the intricacies of developing and implementing a workable business plan. We can help you understand the process by explaining the basic small business plan outline. Once you have a grasp of the task before you, we can stand alongside you in the process.

How To Write a Small Business Plan

Many people have the misperception that the only reason you need a business plan is to use it to get money from investors. While any sophisticated investor will certainly want to see your plan and why you think you will be successful, that is a secondary reason to develop your detailed plan.

When you take the time to write a small business plan that is detailed and accurate, you are identifying many of the traps and challenges that will keep you from being successful. You are also seeking to find those key elements that will help you stand out from the competition and win the battle in the marketplace.

According to the Job Creation Institute, your business plan should include at least the following topics:

  • Strategic. This is the section where you explain why the world needs or wants your specific product or service. You explain why your concept will beat out the existing competition and/or create a profitable new niche.
  • Corporate. This is the legal structure you choose for your business. This is an important decision that has long-term implications for your business. A firm such as Weber Law Group can explain the pros and cons of the different business forms from which you can choose.
  • Marketing. This section explains who your ideal target customer is, how many of them you think you might sell to, and how you are going to get your message to them.
  • Product. Whether a physical or digital product or a service, your plan will explain in detail how you will create and deliver your product. It explains what your customer is buying and how you price it.
  • Operations. Even the smallest companies must focus on products or services that are produced, packaged, delivered, and supported after the sale. This also includes working with vendors, maintaining inventory, and a host of other factors.
  • Administrative. Any business has certain paperwork, legal work, and personnel issues to address. Your business plan will detail what will be done in-house or what is outsourced to ensure compliance with the many areas that arise in this section.
  • Finance. There are two separate aspects of the finance component of the business plan. The first is the financial accounting and reporting, including the Big Three: Operating Statement, Cash Flow, and Balance Sheet. The second component addresses the capital structure of your venture: the debt and equity that comprise your working capital.

The details involved in creating and growing a successful business can be overwhelming. Normally, you will be gifted and/or experienced in only some of the above areas. This is where assembling a competent team becomes a significant part of your future success.

If you are considering a respected law firm in Utah to be a part of that team, and that understands you as a small business entrepreneur, give us a call at Weber Law Group. We will help take the mystery out of the process as you join the ranks of America’s small business owners and operators.