A business plan is a document that spells out a company’s expected course of action for a specified period, usually including a detailed listing and analysis of risks, uncertainties, and opportunities. For the small business, it should examine the proposed products, market, industry, management policies, marketing policies, production requirements, and financial needs.

Writing a business plan is a daunting process for many entrepreneurs, but one that can help identify financing and keep a new or existing business on budget as it stays on schedule for growth and development. And it’s worth writing one — studies show that business owners without a formal plan are three times more likely to close their doors.

A business plan can be as short as a few pages or as long as a few hundred, depending on when it is written and how it will be used. It should include:

• An executive summary that condenses the business concept into a paragraph that includes intentions and requirements of the business, either new or established. The executive summary is often written first as an overall guide, and then revised when all other parts of the plan are determined and put forth.
• A description and/or history of the business, including the detailed concept.
• A description of the products or services, including how they differ from what is currently in the marketplace.
• An analysis of the marketplace and needs of the intended customers. Industry trends and plans to fill new market demands should be included here, along with how potential customers will be reached.
• A look at the competition, including how customers are currently fulfilling their want or need for a specific benefit. In other words, if the product intends to disrupt the marketplace, current solutions should be analyzed for strengths, weaknesses, and comparison to the intended product or service.
• An operating plan that describes the processes, number of people needed, suppliers, and technology necessary.
• A list of key people and the skills they bring to the business.
• A financial analysis that factors in business costs, profit and loss projections or income statements, and budgets.

A lender, grant-making organization, or other funder may require additional information or evidence that the business owner has at least considered all factors that may affect the business and its financial footing.

WESST, the nonprofit lender and business development organization, is offering an eight-part series to help new business owners develop their business plans.

The series starts on July 23, 2025, with a session on planning, and continues through December 2, with each session addressing a different topic. Session topics include:

• DIY licensing and registering a business
• Cash flow and budgeting
• Economic development opportunies available
• Small business loan options, including SBA microloans
• Marketing
• Social media strategies
• Cybersecurity for small business

Registration is open to attend the entire series or individual sessions. The series is co-hosted by the Sandoval Economic Alliance, the Small Business Development Center at CNM, The University of New Mexico Health Sciences Rio Rancho Campus, NM APEX Accelerator, and the New Mexico Economic Development Department.

Sessions take place at the UNM Health Sciences Rio Rancho Campus.