The Essentials Of A Good Business Plan

The most important part of starting a business is preparing a business plan

. So much rests on the business plan, from financing to suppliers. A business plan shows that you are prepared, educated, and dedicated to your business. A good business plan will define what your business is about, where you expect it to go in the future and how you will get there. The following outline the essentials of a good business plan.

The Role of an Executive Summary. In this summary, everything that is the rest of the business plan is explained. It should be written to completely cover every aspect of the rest of the business plan. A good way to think about it is that it should sell your business because chances are, this may be the only part of the whole plan that gets read.

The Role of Table of Contents. There is no need to elaborate. Instead, make sure it's short and to the point. You will have a chance to explain later.

Your Company Description. This should cover the basics of your business. What industry and what products/services your business provides. It should also cover what makes your business stand out from the competition and how you will be successful.

What is Market Analysis? This is where you prove that you have done your marketing research. You should explain about the industry, including target markets. Compare your business to them when you explain your competition. Your marketing strategies and plans should also be explained.

Facts about Technology. The technology you will use and how new developments may affect your business should also be explained.

Facts about Business Operations and Manufacturing. Explain how you will conduct business. As far as operations go, what makes you better than the competition?

Management and Ownership. Here, what you will do is name all the key personnel. You need to explain not just their skills, but their education and what they bring to the company as well.

What about Organization and Personnel? This is where you explain your personnel needs. Besides stating how many employees are needed, you will also state how you will pay them and what you will pay them. Also explain the personnel organizational structure.

What about Capital and Usage? You need to explain this well and make sure that it's very detailed. First, determine the amount that is needed to start followed by the projection needs.

Financial. Future gains as well as losses are what you will project here. Annual reports are fine if the business breaks even but until then, you should list them quarterly.

What are Appendices? Any resumes, references, copies of studies done or anything else to back up information in the business plan should be included here.

With these 12 steps, you should be able to put together a solid business plan. All you have to do is remember that you should stick to the facts and that everything should be backed up with evidence.

by: Anna Nesbit

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