Sustaining Strong Black-Owned Businesses Starts With This

person holding a business newspaper
Alyssa Guznik
March 23, 2023

#1 Executive Summary

The most important step and the foundation of any business is the executive summary. This is your sales pitch. It’s the business identity. Also include a mission statement, or an explanation on why your business exists and the problems it seeks to solve.

#2 Company Description

This is the what, where, when, why, and how of any company. Here is where the structure type, business model, address, and key roles in the company are written out.

#3 Goals

Goal setting is crucial for your business plan. In this case, detailing short term and long term goals and the steps to get there will peak investors’ interest and give you a way to track progress.

#4 Market Research & Products

What products is the business selling? How is it different from anything else on the market? What are the current industry trends in the market? Having this information can help determine what to sell and when.

#5 Financial Plan

How is the business being paid for? What are the expenses and expected revenues? What overhead costs are you expecting? Include detail but make it easy to understand.

We need Black-owned businesses to survive. We increase those chances with proper planning. Business plans are a perfect roadmap to follow to set us up for success.