| This first series of articles will focus on the basic | | | | of the plan will then be read, but if the Executive |
| components of a business plan. While there are | | | | Summary is less than convincing then you may not be |
| numerous books, on-line articles and other sources | | | | able to even get your foot in the door. |
| available they do not specifically deal with the concept | | | | The Executive Summary should be composed of little |
| of starting a donut business. I will outline the | | | | bits of the other parts of the plan--that is why you |
| components of a standard business plan with this in | | | | write it last. Think about targeting the wording. Who will |
| mind so that what you learn will be specific to what | | | | be reading it? Is it a bank? A family member willing to |
| you need. | | | | lend you money? A government agency? Do a little |
| So what is a business plan? A business plan is a | | | | homework on your reader to figure this out. |
| written statement divided into topical sections that | | | | You need to get the reader excited about the |
| takes both the writer and potential readers from the | | | | concepts within by talking about one or two of the |
| business concept through planning and finally to | | | | most impressive features in great detail. But, don't |
| implementation of the concept into a workable | | | | make it lengthy. Two pages is the maximum length, |
| business. It provides a step-by-step guide that includes | | | | and it should take no longer than 5 minutes to read. |
| a description of the business concept, research, | | | | Save the details for later in the plan. It may be tough to |
| marketing, financial projections, and more. | | | | fit everything into such a short space, but brevity is |
| Probably the most crucial part of the plan is the very | | | | paramount to hold a potential investor's attention. |
| beginning, the Executive Summary. This is the part that | | | | You may not be seeking funding for your donut |
| summarizes all the information in the later portions of | | | | business because you have other sources of start-up |
| the plan making it a clear and concise synopsis. | | | | money. Do you still need a business plan? Yes. It will |
| Ironically, one should write the Executive Summary last | | | | make you think things out in detail, saving you time, |
| once all the other parts are in place as it is much | | | | money, and possibly heartache later on. Even if you |
| easier to summarize that way. If you are seeking | | | | are the only one who reads it a business plan is still an |
| funding for your donut business from a bank or an | | | | invaluable item. The better prepared you are to start |
| investor, this is the part they will want to see first. The | | | | your business the sooner you will be able to make |
| Executive Summary is what hooks them and makes | | | | your dreams a reality. |
| them want to know more about the business. The rest | | | | |