As the saying goes, an entrepreneur who fails to plan plans to
fail. A winning business plan helps you put every aspect of your
business into focus, and avoid costly mistakes. Although no two
business plans are exactly the same, all should include at least
the following five essential sections:
1. Executive Summary, identifying the legal structure of
your new venture, your needs (in terms of inventory, equipment,
working capital and other resources), the amount and purpose of any
requested loans, and projected timetables for repaying
investors;
2. Business Description, providing a succinct overview of
the kind of business you will start, its mission, financial
projections, and how you intend to go about making your business a
success;
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3. Marketing Plan, identifying the target market for your
offerings and the strategies you will use to generate customers.
Includes market analysis, with demographic information about your
customer base;
4. Competitive Analysis, focusing on the strengths and
weaknesses of important competitors, and why your unique business
will work where others have failed;
5. Financial Overview, specifying what income you have,
the expenses you will accrue, and how much start-up capital you
will need. Should also include a five-year financial forecast,
consisting of a monthly forecast for the first year of operations,
a quarterly forecast for the next two years, and annual forecasts
for the two years thereafter.
Additional sections you may wish to consider, depending on your
needs, include a Summary of Business Management, spelling out who
will do what; expanded Product and Service Descriptions, especially
if providing new or unfamiliar offerings; and a thorough plan
detailing how you will design and develop new products.
Quality of presentation is key. Word processing is a must, and
user-friendly charts, graphs and indexes are generally quite
helpful. In addition, be sure to identify (and provide solutions
for) your weaker areas, along with stressing your strong points.
This shows potential investors and others that you have really
thought things through.
Contact Sources
Art Printing Co., R.D. 3, Box 447, Rte. 64, Mill Hall, PA
17751, (717) 726-4470.
Just Cruises & Tours, (800) 547-7327.
Something Else by Peterene, (617) 293-6413.
Sterling Name Tape Co., P.O. Box 939, Winsted, CT 06098,
(203) 379-5142.
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