| A business plan is basically a formal statement which | | | | in stone. The content and format of your business plan |
| describes business goals, the strategies for reaching | | | | will be determined by your specific business goals as |
| these goals, and the reasons why they are believed to | | | | well as the audience you are writing for. For example, |
| be attainable. A good business plan is a type of road | | | | if the main purpose of your business plan is to acquire |
| map for you, as well as prospective financiers, lenders, | | | | funding, you will want your business plan to be |
| or partners, to have a clear idea and definite direction | | | | convincing and persuasive. |
| for your business. | | | | Business plans are a process, and should not be |
| Writing a business plan to acquire funding | | | | attempted to be written out in one try. A good |
| In most cases, a loan is required to get any new | | | | business plan is typically very comprehensive, and |
| business off the drawing board and onto the street. | | | | requires a good deal of time and effort. |
| Before the bank will give you the loan, they want to be | | | | Present realistic projections. Look at your situation |
| sure that your business will be successful. The bank | | | | objectively and provide as accurate and honest |
| will require to see a well-written, complete, and | | | | information as possible. Do not underestimate your |
| promising business plan. | | | | lenders knowledge of your industry. If your |
| You want to have a business plan that convinces your | | | | presentation is not realistic, you won't get anywhere. |
| lender that your company is going to make money, | | | | It is important to include supporting documents with |
| and must contain whatever information is necessary | | | | your business plan for a any critical statements it may |
| to illustrate that pursuing your goal is a good idea. | | | | contain. Imagine that you are the salesman, the lender |
| Using your business plan to improve your business | | | | is the customer, and your business is the product. It is |
| Your business plan is also an extremely effective tool | | | | important to provide the proof to back up your claims. |
| to help you keep your business functioning smoothly | | | | Remember to communicate clearly and concisely. |
| and move forward. You can use your business plan | | | | Make sure your reader will not get confused by any |
| as a kind of to-do list, always having a plan for the | | | | industry terms they may not understand. |
| future laid out before you. It serves as a means of | | | | Gear your business plan toward your specific reader. If |
| putting your business in an easily accessible form, | | | | you are attempting to get funding, talk to the lenders |
| allowing you to make your company more efficient, | | | | and find out what it is they look for in a successful |
| subsequently producing greater results. A successful | | | | business plan. Ask what they primarily focus on, what |
| business plan is always a work in progress. | | | | they consider an ideal length, and any supporting |
| Using software to create your business plan | | | | documents the lender may want to see. |
| There are many software applications available that | | | | 10 Basic Business Plan Components |
| make creating your own personal business plan a little | | | | 1. Executive Summary |
| easier. Many of these programs offer various pre-built | | | | 2. Products and Services |
| templates for common office applications such as | | | | 3. The Market |
| Word and Excell. Some programs also offer sample | | | | 4. Marketing Strategy |
| plans for an assortment of business types. Web | | | | 5. Competition |
| services are also available like Business Plan Pro or | | | | 6. Operations |
| Capital Vector. | | | | 7. Management Team |
| Tips for producing a successful business plan: | | | | 8. Personnel |
| While there are many templates and guides to provide | | | | 9. Financial Data |
| you with help writing your business plan, remember | | | | 10. |
| that there is no "fixed content" of a business plan, set | | | | |