- Market Directly to the Consumer
- Party Plan
- Direct Mail
- Telemarketing
- Multilevel Marketing
- Television Infomercials
- Pay-Per-Call
- Internet
- Market Through the Government
- Market Through Distribution Channels
- Market Through Foreign Trade
- Market Through Specialty Channels
- Market Through Email
- Retail Stores
- Sales Promotion
- Media Outlets
- Entrepreneur Profile
- Start-Up Costs
- Operating Costs
- 20 Financing Approaches
- Choosing a Bank
- 4 Cs of Credit
- Underwriting
- Loans
- Equity Financing
- Extending Credit
- Equipment Leasing
- Venture Capital
- Angel Investors
- Personal Guarantees
- Bookkeeping and Financial Statements
- Entrepreneur Profile
- Tax Basics
- Income Taxes
- When To Pay
- Minimizing Taxes
- Home Business
- Travel and Entertainment Expenses
- Automobile Expense and Mileage
- Retirement Plans
- Medical Expenses
- Sales and Use Taxes
- Property Taxes
- W-4 and I-9
- W-2, W-3 and Form 1096
- FICA, Social Security and Medicare
- Unemployment Taxes
- Form 1099
- Payroll
- Business Tax
- Excise Tax
- Tax Tips
- Audits
- Business Insurance Agents
- Workers’ Compensation
- Property Insurance
- General Liability
- General Medical
- COBRA
- Directors and Officers
- Employment Practices Liability
- Errors and Omissions
- Product Liability
- Operations
- Business Interruption
- Disability
- Life
- Claims
- IRS Section 125
- Home-Based Business
- Entrepreneur Profile
- Nondisclosure Agreement
- Sale of Goods Agreement
- Sale of Specialty Goods Agreement
- Terms and Conditions
- Promissory Note
- Guarantee
- Corporation Articles of Incorporation
- Corporation Bylaws
- Bank Resolution
- IRC Section 83 Election
- Independent Contractor Agreement
- Employment Agreement
- Sexual Harassment Policy
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Tom Severance
Author of Business Start-Up Guide |
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ORDER NOW: Business Start-Up Guide |
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Joe Kennedy
Author of The Small Business Owner's Manual |
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ORDER NOW: The Small Business Owner's Manual |
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Stephanie Chandler
Author of The Business Startup Checklist & Planning Guide |
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ORDER NOW: The Business Startup Checklist & Planning Guide |
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Steven D. Strauss
Author of The Small Business Bible |
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ORDER NOW: The Small Business Bible |
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A business plan is the most important tool an entrepreneur can use to present a business concept to investors, lenders and potential business partners. To create a properly formatted business plan, use the BUSINESS PLAN BUILDER online software.
To write an effective business plan, you must:
- Describe your product or service and how it fills a need.
- Know your market and competition.
- Have a great team in place.
- Show how your business will be profitable.
- Be honest.
- Get to the point quickly.
Investors and lenders do not have time to read long business plans, but that doesn't mean you shouldn't be prepared. Do your homework. Talk to potential customers and clients. Figure out your business model and financials. Do these things both before and while you create your plan.
There are no formal standards for what must appear in a business plan; however, most investors and lenders will expect these major sections:
- Executive Summary - introduces your business - MANY PEOPLE WRITE THIS LAST
- Company - explains the current status of your company and whether it is new or existing
- Products or Services - describes what your business makes, sells or provides
- Market Analysis - outlines your competition and the size of the market
- Strategy & Implementation - describes the action plan, marketing tactics and goals
- Management - profiles the management and staff
- Financial Plan - startup costs, projections and assumptions
NOTE: You do not have to adhere to the strict outlines within each section. As long as you convey the important aspects of each section, you are free to add or remove paragraphs, as you see fit.
According to many influential investors, you should be able to convey your full plan in seven pages or less (plus financials), so try to limit each section to one page.
The purpose of a plan is to share your business concept, team, market, budget and objectives. Your plan may be used as an internal document or as a tool to attract potential investors, lenders or partners. In most cases, it does not need to be exhaustively thorough. It only needs to communicate the most important elements of your business.
Investors will use your plan to assess your communication skills and the viability of your business. If you are able to demonstrate that your business can succeed, and that you are the right person to execute your plan, then you will have an excellent chance of achieving your goals.