If you have searched for “Michigan business plan”, you are probably either looking to start a business in Michigan or raise capital for an existing business in Michigan. A Michigan business plan should include detailed marketing, growth, operational, and financial strategy, as well as a target market analysis of individuals and businesses that the Company will target. If the Company’s target consumer profile will consist primarily or significantly of Michigan residents, the target market should include Michigan demographic info & figures. The business plan should be comprehensive and the financial plan should be planned on a 5 year basis with detailed revenue, expense, growth, and capital expenditure planning. The financial plan should have at least monthly detail in year 1 and quarterly detail in year 2-5. The following are a few questions to consider when starting a Michigan business plan:
- Where (in Michigan) will the business operate?
- What are the products and services that the business will offer?
- What is the target market?
- Who are the most direct competitors?
- What will the competitive advantages of your business?
- Approximately how much capital will you need to raise?
- What is the pricing strategy and revenue model?
If you are not an experienced business planner and financial planner, you might want to consider hiring a professional business planning organization. Capital West Advisors was founded in 2006 and has developed several hundred business plans including dozens of businesses in Michigan. Contact us at (888) 300-3090 for more information and a free consultation.