Now that you realize the importance of having a business plan, you need to know what it should contain.
Well, that depends on the type of business you want to have.
There are, however, parts that will fit most, if not all, business plans.
The first part of the business plan should be written last, and that is the Executive Summary.
This will be a one page summary of the entire plan.
It will help the reader have an idea of what he or she will read.
An overview, if you will.
The remaining order of the plan is left up to your best judgment but may be dictated by the kind of business or the intended audience of the plan.
Here is a list of items you may need to compile.
* The product or service * Where the business will be located * The intended market * What is the market like * How you will differentiate your business from the competition * What market research you have done * Why this business and why you and this business * What kind of entity you will use * Where is the money coming from for you to begin * Do you need more money * Where and how will it be found * What will you live on while you are getting the new venture off the ground * What does your "significant other" think of this idea * Projected cash flow statement * Projected balance sheet * Projected income statement * How many employees will you need * How will you pay them * Who does the accounting, the ordering, the selling, the banking, the payroll, manages the inventory, collects the accounts receivable, pays the bills * How will the products and services be priced * How will orders be filled * What risks are involved * What kind of insurance is needed * Is legal advice warranted * What is the exit strategy * Will your children work in the business These are many but not all the components of a business plan.
Spend a lot of time thinking through each item.
You will probably come up with more items to consider.
There are many online sources and templates to help you write a business plan.
The Small Business Administration is a good place to start.
You can find them at http://www.
sba.
gov/ The task seems daunting but it is better to know what is needed up front.
You would not want to get in business and then find out you really did not want to be there, right? Good luck and stay tuned for more help.
Well, that depends on the type of business you want to have.
There are, however, parts that will fit most, if not all, business plans.
The first part of the business plan should be written last, and that is the Executive Summary.
This will be a one page summary of the entire plan.
It will help the reader have an idea of what he or she will read.
An overview, if you will.
The remaining order of the plan is left up to your best judgment but may be dictated by the kind of business or the intended audience of the plan.
Here is a list of items you may need to compile.
* The product or service * Where the business will be located * The intended market * What is the market like * How you will differentiate your business from the competition * What market research you have done * Why this business and why you and this business * What kind of entity you will use * Where is the money coming from for you to begin * Do you need more money * Where and how will it be found * What will you live on while you are getting the new venture off the ground * What does your "significant other" think of this idea * Projected cash flow statement * Projected balance sheet * Projected income statement * How many employees will you need * How will you pay them * Who does the accounting, the ordering, the selling, the banking, the payroll, manages the inventory, collects the accounts receivable, pays the bills * How will the products and services be priced * How will orders be filled * What risks are involved * What kind of insurance is needed * Is legal advice warranted * What is the exit strategy * Will your children work in the business These are many but not all the components of a business plan.
Spend a lot of time thinking through each item.
You will probably come up with more items to consider.
There are many online sources and templates to help you write a business plan.
The Small Business Administration is a good place to start.
You can find them at http://www.
sba.
gov/ The task seems daunting but it is better to know what is needed up front.
You would not want to get in business and then find out you really did not want to be there, right? Good luck and stay tuned for more help.
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