Business Plan Creation
Copyright (c) 2009 Sherry Tingley
A business plan is a formal statement written when a person or a team in an organization wants to reach a goal and it states what your ambitions are for the company in the future. It is possible to hire a professional to do the business plan or you can write it all yourself. Describe what your business is about right now and what you want it to become in the future. All business owners have visions and ideas about their businesses. Creating a business plan will make those dreams become more concrete.
Essential elements of your business plan include:
Your business - Your business name, the business address, phone number, email address, and website name with the URL. Don't forget to write your name as the owner and list other owners if there are any.
Business description - State here how you came up with the idea of creating your business. Describe each section of your business. Writing an interesting summary of your business and your projections of success will entice prospective investors to do business with you. You can site reasons why you need the money for your business. Mention your competitors as well. You can list supplies you use for your business and what you do on a daily basis.
Products or services offered - Be specific in writing how your business operates. Explain how you market your products or services.
Personnel - Who are the people working for you and how many employees are there? What are their roles and responsibilities in the company. The same thing applies if you are the only person running your business. State your role and how you run your business.
Your plan - A formal business plan is required by loaning institutions and individual investors. Your business plan is crucial for the success of your business.
Financial Data - Write down how much money you want to borrow for your business and how are you going to spend the money. An explanation of the expected profit and loss should be included. Include the amount of money your business currently makes and your personal financial statement. Include your expected revenue in your business. Attach some supporting documents that you think will be helpful to the success of your business plan. This data is important to your investors.
A business plan is the map of your journey to success. Coming up with a good business plan is not easily done overnight. It is a task that needs effort and time on your part. Some business owners neglect preparing a business plan until the night before their meeting with the bank. You can guess the results of those actions.
Be creative but make a realistic business plan. If you haven't written one yet, now is the time to start.
Questions and Answers
Are you an entrepreneur? Are you thinking of starting your own business? The Canadian government is encouraging entrepreneurship and helping with the start up costs. All you need is a business plan and you will be on your way to success.
Business plans are considered the resumes of businesses. They give a clear description of what your company offers, how much profit is expected, how the business operates, as well as how soon these goals will be met. If you want to start a business, you need to write a business plan, as no financial institution will ever make the mistake of approving a business loan without going through the blueprint of success.
Business planning involves more than just writing a lengthy document. Much of the core value in a business plan is derived from the business strategy, business model and the effective communication of these to the intended target audience.
A consultant can help you to better define your business strategy and succinctly outline this in plan. Whilst you may believe that a consultant led planning process may deliver an improved result, is it worth the cost?
There is a famous expression, "Falling to plan is planning to fail." In order to secure start-up financing many business plan owners write business plan.
Business plan is the written explanation of a business model. Those concerned in the planning development and management are the most likely to employ a business plan.
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