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writing a business plan
After you’ve thought about your business, the next step is to develop a business plan. The business plan is a formal document explaining in details your plans to develop a financially successful business. (And this is what all of us really want…a successful business.) It’s very important for two specific reasons:
1. Preparing a business plan forces you to think through every aspect of your business. If you need outside money, your business plan will be one of the first things the lender wants to see.
2. A business plan serves as an assessment tool for you.
A comprehensive business plan is not done on the spur of the moment. It can be quite a long process, and you really need good advice. A great resource for this advice is the Small Business Administration and it’s partners. You can also find valuable information on writing a business plan from the SBA with their “Writing A Business Plan“.
Here is what a good business plan contains:
Introduction
-Give a detailed description of the business and its goals.
-Discuss ownership of the business and its legal structure. (Sole Prop., LLC, etc.)
-List the skills and experience you bring to the business.
-Discuss the advantages you and your business have over competitors.
Marketing
-Discuss the products and services your company will offer.
-Identify customer demand for your products and services.(Who is your target audience, who is going to be purchasing your products and services?)
-Identify your market, its size and locations.
-Explain how your products and services will be advertised and marketed.
-Explain your pricing strategy.
Financial Management
-Explain your source and the amount of initial equity capital.
-Develop a monthly operating budget for the first year.
-Develop an expected return on investment and monthly cash flow for the first year.
-Provide projected income statements, and balance sheets for a two year period.
-Discuss your break even point.
-Explain your personal balance sheet and method of compensation.
-Discuss who will maintain your accounting records and how they will be kept.
-Provide "what if" statements addressing alternative approaches to problems that may develop.
Operations
-Explain how the business will be managed day-to-day.
-Discuss hiring, personnel procedures.
-Discuss insurance, lease or rent agreements, and issues pertinent to your business.
-Account for the equipment necessary to produce your goods or services.
-Account for production and delivery of products and services.
Summarize your business goals and objectives and express your commitment to the success of your business. Once you have completed your business plan, review it with a friend or business associate. When you feel comfortable with the content and structure, review it and discuss it with your lender.
The business plan is a flexible document that should change as your business grows.
ProAssets has provided a business plan template that was written by the SBA that you find very helpful in getting started. Please download and use this to help you get started on writing your business plan today!
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