Issue link: https://viewer.e-digitaledition.com/i/843957
22 | | Spring 2017 There are dozens (and dozens) of mundane and momentous tasks still ahead. To get you started down the path that leads from aha to open, we asked experts to talk about three of the foundational steps you'll need to take to start building your dream business. A written plan is essential for every bud- ding business. That plan starts with the basics. "Your plan must include an easy- to-grasp company description that covers what your business does, what markets it serves and why it's diff erent than what's already out there," says Stephen Shein- baum, founder of Bizfi , an online alterna- tive fi nancing site for small businesses. The business plan should also address who your customers will be. "You need to identify who your customers are, what they care about and how much they will pay," says Jeb Ory, CEO of Phone2Action, a startup in Washington, D.C., that makes a digital platform that organizations use to acquire and engage supporters. All that will lead you to the most impor- tant part of the plan, detailed fi nancial projections for revenues, profi ts and any payouts to investors or creditors as the business evolves. Stephanie Chandler, who chairs the corporate practice at the San Antonio offi ce of law fi rm Jackson Walker L.L.P., says that part of the plan must answer several questions, includ- ing how much cash you need before you become profi table and before the revenue of the company can sustain the company's growth.