Business Plans
A business plan is a written description of the basic
structure of your proposed business. It is essentially a document which
describes what you plan to do and how you plan to do it. Business plans
can help perform a number of tasks for those who write and read them. They are
used by investment-seeking entrepreneurs to convey their vision to potential
investors. They may also be used by firms that are trying to attract key
employees, prospect for new business, deal with suppliers or simply to
understand how to manage their companies better. What is included in a
business plan, and how do you put one together ? Simply stated, a business plan
conveys your business goals, the strategies you’ll use to meet them, potential
problems that may confront your business and ways to solve them, the
organizational structure of your business (including titles and
responsibilities), and finally, the amount of capital required to finance your
venture and keep it going until it breaks even. Doesn't this sound impressive ?
It can be, if put together properly. A good business plan follows generally
accepted guidelines for both form and content.
There are three primary parts to a business plan:
The first is the business concept, where you discuss the industry, your
business structure, your particular product or service, and how you plan to make
your business a success.
The second is the marketplace section, in which you describe and analyze
potential customers: who and where they are, what makes them buy and so on.
Here, you also describe the competition and how you’ll position yourself to
beat it.
Finally, the financial section contains your income and cash flow
statement, balance sheet and other financial ratios, such as break-even
analyses. This part may require help from your accountant and a good spreadsheet
software program.
If you would like to create a business plan and
require help, please contact us for assistance.
