| All businesses at some point started off as an idea | | | | Management. A good template will delve into more |
| and developed from there. Some were successful | | | | detail here about your day to day operations of your |
| and most failed. Ask any financial advisor about | | | | business. You'll be asked questions about business |
| starting or expanding a business and they will certainly | | | | structure, either sole trader, partnership or company |
| recommend you write a business plan. A Business | | | | and why this is the best model for the success of the |
| Plan will help you take the idea and put it into the real | | | | business. Where and how do intend to start your |
| world and see whether it is financially viable. A | | | | business? Explain issues such as insurances, licenses |
| Business Plan varies from Business to Business but | | | | etc. |
| generally contain the following components. Executive | | | | The third section relates t Market analysis and the |
| summary, Business Description & Management, | | | | template will inquire into the state of the market. Is it |
| Market Analysis, Marketing Plan, Operations Plan, and | | | | expanding, static or declining and what factors lead |
| financial tables. These are essentially the documents | | | | you to believe that your business will be successful. |
| you would take to your financial lender if you were | | | | You'll be asked about the nature and strength of your |
| seeking a loan to finance your idea. | | | | competition. How did you arrive at your pricing model |
| To write your Business Plan, you have two choices. | | | | and what contingent plans do you have in place if |
| One is to hire a financial professional to do the plan for | | | | things go wrong? That is, sales targets aren't met or |
| you, or you could do it yourself. If you decide to do it | | | | an injury or illness to you or another important partner? |
| yourself there is a short cut you can take that will | | | | Here you'll also be asked about your customer's profile. |
| save you a lot of time and money. And that is to use | | | | The fourth section is about your marketing plan. How |
| a Business Plan Template. A good template will allow | | | | do you intend to advertise and promote your |
| you to customize your plan to your particular situation. | | | | business? What sort of advertising budget have you |
| You may need to delete certain sections that don't | | | | set aside? This will also include issues about the pricing |
| relate to your idea, and you may need to add certain | | | | of your product or service. How do you propose to |
| sections. A good template should allow you to fully | | | | execute your marketing plan? Is there a timetable and |
| customize it. Once you have a good template it's time | | | | advertising mix? |
| to start working through it and filling in each section as | | | | The fifth section relates to the operations plan. This is |
| best and as accurately as you can. Be objective. Most | | | | about the physical infrastructure that you require to get |
| people will instinctively overinflate projected sales and | | | | your business off the ground. From desks to |
| underestimate costs. Start at the beginning and take | | | | computers to light bulbs. Necessary infrastructure is |
| your time to work through the template. A good | | | | often underestimated before the business starts and |
| template will spell out and ask you certain things about | | | | can quickly become a drain on finances when you |
| your idea therefore in each section and sub section | | | | suddenly discover you need one new item after |
| you should be able to just answer the questions as | | | | another. Preparing a thorough Business Plan will make |
| accurately as possible. Answers can always be | | | | you aware of everything you will need to start your |
| revised and changed at a later date. Regardless of | | | | business and associated costs. |
| the business, writing a Business Plan using a Business | | | | The sixth section or thereabouts will contain the |
| Plan template will be in the general format as follows. | | | | financials. Ideally spreadsheets that you can input data |
| The first section is the Executive Summary. Here is | | | | straight into. Such spreadsheets could include, but may |
| where you outline your idea in a nutshell and provide a | | | | not include the following worksheets. Present Personal |
| brief business model as to what your idea is. It is | | | | Standing in relation to private assets and liabilities, Sales |
| almost like a miniature version of your Business Plan | | | | Forecast, Cash Flow Forecast, Profit and Loss and |
| and although is the first component, it is very often the | | | | Balance Sheet. |
| last section that gets written. A summary of what the | | | | After entering all the data you then just need to |
| main components of your plan are. | | | | printout all the information and you have your custom |
| The second section is Business Description & | | | | made Business Plan. |