| Don't fall in love with the idea of your business. You | | | | business you are in. It should also list your services and |
| may have dreamed about the idea of this business for | | | | products. This where you will describe your market, |
| years and are just acting on it. You must still treat it as | | | | competencies, and distinctions. Lastly, it will define your |
| a business and not let the thought of if prevent you | | | | keys your success business. |
| from viewing your business realistically! You must think | | | | Ownership and Management |
| strategically and be objective about your chance of | | | | This section will describe your personal qualifications |
| success. | | | | for this type of business. It will list your experiences in |
| Your business plan should enable you to put your | | | | your business field and what strengths plan to bring to |
| ideas into a workable plan or feasible blueprint. It will | | | | your business. This is where you will include your |
| manage all of your business elements and allow you | | | | resume and reviews that highlight your strengths and |
| to develop a game plan for where your business is | | | | experience. |
| headed. As you develop your business plan, you | | | | Products and Services |
| should know what it contains and not just fill in the | | | | This section will list the products and services you plan |
| spaces of a blank business plan template. | | | | to sell. It should be description since they will be the key |
| Components of A Business Plan | | | | to your success. |
| Here are the simple components of a business plan | | | | Financial Plan |
| that you can use as a guide: | | | | This section will track the expected cash flow in and |
| * Executive Summary | | | | out of your business. There should be month by month |
| * Mission Statement | | | | and annual comparisons. Use this plan as your blueprint |
| * Company Description | | | | monthly while you are conducting business. You can |
| * Ownership | | | | compare where you budget funds and where the |
| * Operations | | | | money was actually spent. |
| * Financial Plan | | | | This section should contain the following: |
| * Marketing Plan or Sales Plan | | | | * Balance Sheet |
| Executive Summary | | | | * Profit and Loss Statement |
| Your executive summary should emphasis the high | | | | * Statement of Cash Flow |
| points of your business. It will state the purpose and | | | | * Sources of Funds |
| marketing potential of your business. It should also | | | | * Uses of Funds |
| contain the milestones, products and services, and | | | | * Vendors and/or Suppliers |
| financial results of our business. Focus on what makes | | | | The key to successful cash management is how you |
| your business unique and draw attention to the best | | | | monitor the flow of your cash flow. You want to |
| parts of your business. In general, you will write this | | | | remember the basics: Slow cash flow going out while |
| part last as you is developing your plan. | | | | speed up the cash flow coming in. Slowing the flow of |
| Mission Statement | | | | cash flow out can be done by developing terms with |
| Your mission statement should clearly state your | | | | your vendors and suppliers. This allows you to |
| company's long term vision. It will illustrate how you plan | | | | temporarily delay payment while you are actively bring |
| to grow and develop your company in the years to | | | | in cash flow from your business sales. |
| come. | | | | The last section (part six) of this series will finish the |
| Company Description | | | | financial plan section and go into the marketing plan. |
| Your company description will describe type of | | | | |