| Like any business that expects to succeed, your joint | | | | plan to sell. |
| venture needs to have a plan - a business plan allows | | | | More detail in this section could include: |
| you and your JV partner to form a blueprint of your | | | | - Organization & Management |
| success and a strategy for achieving it. If you are | | | | - Product or Service Line |
| forming a new JV, or have an existing JV without a | | | | - Management Details |
| business plan, here's how to get one started right | | | | Market Strategies |
| away. | | | | You need to identify who your market is and how you |
| A business plan doesn't have to be a novel-length | | | | will market to them. Discuss why your product or |
| document. It could simply be a few pages that | | | | service fills an identified and unsaturated niche. Show |
| describe you and your JV partner, why you're in | | | | details of market research performed. And be specific |
| business, and how you expect to achieve success. | | | | about your marketing strategies and goals, as well as |
| However, a more complicated JV that may require | | | | how you and your JV partner will work together to tap |
| outside financing may require a more detailed business | | | | into potential customers. |
| plan with professional biographies, marketing strategies, | | | | Competitive Analysis |
| and financial projections. | | | | Your JV is not the only one doing business in your |
| Whatever the length and detail of your joint venture, | | | | niche. Include this section so you clearly identify who |
| here are the basic elements that all business plans | | | | your competition is and why your product or service |
| need to have: | | | | offering stands apart from the rest. |
| Executive Summary | | | | Financial Projections |
| Though this section is at the front, it should be written | | | | This section is essential if your JV is looking for outside |
| last after all the details have been thoroughly | | | | financing, such as loans or investors. Even if you do |
| completed. The Executive Summary should be written | | | | not show the plan to anyone else, it's a good idea for |
| meticulously and concisely and serves as an intro to | | | | you and your JV partner to formulate financial |
| the business plan. It should be about a few paragraphs, | | | | projections showing your expected cash outflows and |
| or no more than a few pages long, and contain just | | | | anticipated revenues. A financial expert who can |
| the fundamental nuggets of the rest of the document. | | | | develop accurate projections based on dependable |
| Think of the summary as a "sneak preview" that will | | | | research should complete a detailed financial |
| tantalize the reader into the rest of the document. | | | | projection. |
| Company Description | | | | With a dependable business plan in hand, you and your |
| This section should discuss your vision statement, the | | | | JV partner have a reliable blueprint for achieving |
| people, and business profile. It should contain details | | | | success. If you don't already have one, get together |
| about you and your JV partner and include a bio your | | | | with your JV partner and discuss forming a plan right |
| experiences and expertise. You will also want to talk | | | | away. It will help lead you down the road to a thriving |
| about what why the JV is in business and what you | | | | JV! |