Business Plans – Part 4

This is the first of the elements of for business plan of a start-up business:

1. Vision Statement

The vision statement answers the questions: What do want to be? What do you want to be known for?

A vision statement tells what you want to become. It is an embodiment of your goals and is always forward-looking. The vision statement will guide the remainder of your plan. The vision statement ideally will be SMART:
Specific
Measureable
Achievable
Relevant
Time bound

An effective vision statement must paint a clear and vivid realistic picture describing a bright future. It must be clear and free of ambiguity. It must align with your goals and values. The best vision statements are memorable and worded in an engaging manner.

Consider this vision statement for a startup picture framing business: “Within three years FrameUp will be billing $75,000 per year, framing fine art for the top six galleries in Philadelphia”.