Business Basics: How to Write a Vision Statement

Starting your own business begins with a very simple premises, write the vision. A business plan is your vision for a successful business. Whether your goal is to open a teen caf� that houses arcade games and allows for skateboards on sidewalks or a senior social center that teaches dance classes, everything hinges on your plan.

Before you begin drafting a plan, there are two huge steps to take. First, you must determine what you're selling, and second, once you have chosen your product or service, research. Essentially, research requires you to know every aspect of your venture if possible.

Once these steps are taken, it is time to write the plan! Your business plan is the vision that details your business from its creation through its estimated progression. The plan covers the business concept, its expectations, inner workings, management structure, marketing tactics and reasons supporting its success.

According to The Small Business Start-Up Guide by Hal Root and Steve Koenig, business plans vary according to business. A business plan can be a couple of pages or an extensive portfolio. The key--no matter how long the plan--is establishing your business on paper.

A well written and well researched business plan should guide every decision for the foreseeable future. SeeThe Small Business Start-Up Guide at p. 17. Key components of a business plan, as outlined in Writing a Convincing Business Plan by Arthur R. DeThomas and Lin Grensing-Pophal, include a financial proposal, executive summary, business concept and mission statement, operating plan, marketing plan, financial plan, industry analysis, market analysis, and business description.

This resource covers each component in a separate chapter. The following summary of the components will give you an idea of the research necessary to write an effective plan and how your business plan ultimately aids in running a successful business.