Creating a Selling Business Plan
Your business plan can make or
break your business before it is even started. The business plan that
you write will be the foundation for getting financial backing,
finding suppliers and making your business a financial success. Do
not underestimate the power of your small business plan; it will help
keep you on track with your budget and overall business goals. The
most important element of a business plan is honesty. It does no good
to fabricate facts about your market findings and business goals; be
optimistic, but logical.
Step-by-Step Business Plan
The majority of
small business plans will range between 10 and 30 pages in length,
depending on the scope of the business. By following this
step-by-step guide you will end up with a detailed and thorough small
- Cover Letter:
Introduce yourself briefly and state what you are asking for. This
may vary depending on your audience (i.e. lender, possible partner,
- Business Summary:
Describe what your company does, its goals and how you will achieve
- Table of Contents:
Donít forget page number on the bottom of the body pages.
- Business Description:
This is where you need to bring in the big guns.
- Overall Outlook:
Like the summary, give an even more detailed description of your
company; include what you will be selling and why it will succeed.
- Research: Show
that you have done market research. Is there a niche in the
market and how can you fill it? Have you tested your business or
product out with real customers? What competition are you up
- Logistics: Where
will the business operate from and how many employees needed? Do
you already have the necessary licenses and
- Finances: Keep
detailed records of all financial data surrounding your business.
This can be used for your
- Investments: Keep
copies of loan application and acceptance
- Budgets: Include
start-up and long-term budgets for the company.
- Short and Long-Term
Plans: Include one and three year plans for profit and loss
balance sheets, capital projections, etc.
- Cash Flow: Make
spreadsheets for month-to-month cash flow. Indicate accountant (if
any) and plans to hire a bookkeeper.
- Documents: Make sure
you always keep a record of every legal document.
Anything you agree to should be recorded, from lease agreements to
- Licenses: Keep a
copy of your business and any other licenses, as well as your
- Contracts: If you
have a partner or are working as a franchise you will want to have
a copy of the contract on hand.