If you are thinking about starting a business, you are on the right track to freedom from the regular day to day job. Although, opening a business doesn’t mean you won’t place yourself back to the office, rather it’s going to make you the main person in it. Business is a job, however it is more of your own venture which you are responsible for and interested in growing. You’ll be spending many hours on development, generating new connections, finding better deals, resolving issues to enhance business productivity and many other activities dealing with your business growth and stability.

Everything starts with your idea. You have an idea to sell or produce a specific product. You view your office, store or ways to distribute your products or services. The main thing that should help you determine your steps has to be a business plan. Business plan should clearly define your vision, including many aspects such as: competition, product/service description, design and manufacturing, target audience, distribution channels and many other things. Developing a business from a ground up is a very intense practice, it requires individual to have specific skills and set of mind. The person has to be almost cold blooded to work out best deals, see next step and not to stress over failures.

Even though many small businesses fail within their first year, their owners learn from the made mistakes and do their best to succeed in their next business. Life without failure is not possible. Every businessman knows that with failure comes success. Every new lesson has to be learned and applied to the situation. Here are several main steps to follow for business opening:

·         Idea Generation:

        o  Generate an Idea
        o  Speculate on the Idea
        o  Consult and talk to people you trust
        o  Brush out all unnecessary things
        o   Have a solid view of your idea

·         Generate a solid Business Plan

·         Find a financing
        o   Find investors

·         Select physical or online space for your business

·         Market your business

·         Invest into Marketing

·         Launch

Business idea doesn’t have to be one of its kind; you can successfully sell and earn a good profit from the products or services that are offered by your competition. What is more important is that you have to find a unique aspect of yourself to be differentiated from the competition.

Business Plan: Executive Summary

Every business plan consists of several parts. Although all parts are critical and very important, there is one part that brings the majority of the attention when someone actually researches your proposition for the business plan. That section is the Executive Summary.

What is Executive Summary?

Executive Summary – outlines the main idea, supporting points and your ability to establish what you are trying to achieve. Many times when applying for bank credit, looking for investors or searching for other credit opportunities, business owners develop business plan to submit it to those parties. Executive summary is the first thing that anyone is going to look at when trying to determine what you proposition is. It is important to understand that you whole business plan can be anywhere from 10 to 100 pages, depending on your idea, factors and other things. Therefore, when investors decide to invest, they look at the overall idea from the executive summary to determine if it is worth spending their time on your business. If the executive summary is attractive and the business idea looks profitable then they bring in their accountants, lawyers and other personal to go dipper into researching you goal, accounting needs and profits that they can make.

Executive summary must be attractive but true and it should have a very good support with the attached documents. For investors to choose your business plan and idea, your executive summary must be attractive. If it is attractive only then will someone spend the needed time on it.

As mentioned above the executive summary is the first item that readers of your business plan will see. However, the trick to writing it successfully is to write it last. Leaving it for the end of your planning development gives you an opportunity to focus, better see the whole scope of you work as well as to refine and frame your key messages after developing the initial bulk of work.

The ideal exec summary about one or two pages long, as it's only meant to provide an overview of your project. The main point is to create an interest in reader’s mind to see the rest of your business plan and to make him want to work with you. If your executive summary has fulfilled the need, your reader will remain reading and get the full story of your business idea.

Items that should be included into Executive Summary:

Introduce the business — in this section briefly answer to those questions: what it is, what it does, how it does it, who manages it, location, market research, competition, opportunities and growth.

Mission statement and vision statement – use those to outline your goals and where you plan to be in three to five years.

Section for potential investors:

Define if your business is: a sole proprietorship, partnership, or corporation

Define general business opportunity, estimated growth and potential ROI

Define and declare the total financial needs of the business, funding sources and indicate repayment schedules

Outline operational and marketing plans

In conclusion, use strong but positive language in introducing your business plan in your summary. Also, it is important to conclude it with a strong call for action to the following question: “Why you should invest in the business?”