The world is changing. With the rise of BRICS nations (Brazil, Russia, India, China and South Africa) there is reason to question who the world super power truly is. While political commentators weigh in, there are great American businesses being opened each and every day.
Our business plans have helped entrepreneurs in Chicago, Houston, San Diego, Seattle, New York, Miami and other US cities. No matter which city in America you are from, our team of business plan consultants can help. In this article we will discuss the state of US startups, small businesses and medium-sized companies.
Is the US economy ripe for business?
In a recent IMF survey, global economic slowdown adjusted from 3.2% in 2022 to 2.7% in 2023. Based on this research, the period 2021 to 2023 is seen as the weakest growth since 2001, not including the global financial crisis and the effects of the COVID-19 pandemic.
Inflation is expected to decline to 6.5 percent in 2023 and to 4.1 percent by 2024. Although our national U.S. economy has remained strong when compared to the rest of the world, it is expected to gradually decline over the next few years. 5.7% economic growth in 2021 dropped to 1.6% in Quarter 1 of 2022. Growth is expected to average 0.7% in 2023 and 1.2% in 2024.
There are several key indicators of economic growth in the U.S. that are frequently used to measure economic trends. Naming a few will give you a broader perspective to assess the viability of your planned business.
While GDP may not truly reflect the growth of the economy, it is still considered as a major indicator of U.S. economic health, as it reflects data from the entire country. You can access information from a report released by the Bureau of Economic Analysis (BEA). In the revised report, real GDP decreased by 1.6% in Quarter 1 and has recorded a minimal decrease of 0.6% in Quarter 2 of 2022.
BEA attributes this slight decrease of GDP rate to the rise in exports of goods and services, and greater consumer spending on food, beverages and other services. Further, the minimal decline of GDP was also brought about by the decrease in imports, decrease in federal government spending, and lesser nonresidential fixed investment. Despite these numbers, starting a business in the U.S. is still the most promising and abundant market in the entire world.
Starting a business in the USA
There are a myriad of reasons to start a company in the USA. First off, as Americans we have a naturally strong entrepreneurial spirit. Consequently, some of the world’s largest and most successful businesses were launched right here in the United States of America.
In fact, based on World Bank 2022 data, the USA is the largest and most stable economy with a GDP of $20.89 trillion. The US dollar remains to be one of the most stable currencies available.
Setting up in the US provides you with access to nearly 329.5 million potential consumers in 50 States, spreading over 9.834 million square kilometers. You will benefit from a large network of partners, a qualified workforce, and diverse opportunities in a wide range of high-performance business sectors.
Next, setting up a business in America is straightforward, whether you are a first time entrepreneur or a seasoned veteran. Some states offer favorable taxation rates, whereas other states such as Iowa offer affordable real estate, utilities, and lower general business costs while having higher taxation rates.
How to write a business plan in the USA
Here is the reality: you don’t require an MBA, or ample business experience to write a business plan. Of course, having an education in business and plenty of experience will certainly help you in developing a plan, but it isn’t compulsory.
There is a lot of great information on the web about how to write a business plan, and even more about the wide array of industries available. Our USA business plan writers recommend the following before you write a business plan.
- Research the industry and ensure there is positive demand for your product or service.
- Summarize the value of your business by giving your audience an overview of “why” you are doing business. Your vision, mission, core values, business goals and objectives must be clear to both yourself, and potential stakeholders.
- Identify your target market and market trends to help you in preparing appropriate strategies. How and where you will sell your products or services must be very clear from the onset.
- Ensure that your operational processes are solid. Be aware of your inventory and the right equipment to manufacture your products. Ensure that your processes are free from any legal infringement and are reliable.
- Know your numbers. Evaluate the pricing of your products or services and ensure you are able to reach your return on investment objectives.
- Hire the right people. You have to do this right from the start. Know that finding the right talent is important as it is an added cost to have a high turnover rate at the early stages of your US startup.
Who writes business plans in America?
As an entrepreneur, you have many options when it comes to selecting a business plan writer.
Firstly, there are thousands of freelancers on the web. One of the most popular sources for freelance business plan writers is on Fiverr. Here you can find an abundance of business plan writers, but the problem is that many of them are inexperienced, and business owners like yourself are often left unhappy. With this being said, there are still plenty of qualified freelance business writers on Fiverr, but be sure to complete your due diligence before starting with one.
Next, you can work with an accounting firm. Accounting firms often excel at developing financial projections for business plans. The reality is the steps in writing a business plan expand far beyond financials. You must perform market research, begin writing a marketing plan, and create the initial outline of a business plan.
Finally, there is a collection of hard-working, business consultancies that specialize in writing business plans. As such, we consider our firm, and many others to be the most appropriate choice for US entrepreneurs looking for a custom business plan.
Developing a business plan with BSBCON
BSBCON has a team of professional and highly competent business plan writers and consultants. Our expertise is partnering with small-medium sized businesses across America. We write four types of business plans: business plans for US immigration, business plans for US bank loans, business plans for investment and business plans for strategic purposes.