How to Write a Business Plan
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"Business Plan Pro really works - incredibly fast! Russel needed financing for his business, but didn't know how to put together his financial statements to give to the lender. On a Sunday night, he took a chance and got Business Plan Pro. He put Business Plan Pro to work and the very next day was able to provide the bank with his financials - and on top of that, was approved for a loan the following day! First of All, Why Plan? The best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support is to show them a professional business plan. But that doesn't mean you have to hire a professional - save money and do it yourself! Make sure that your plan is clear, focused and realistic. Then show them that you have the tools, talent and team to make it happen. Your business plan is like your calling card, it will get you in the door where you'll have to convince investors and loan officers that you can put your plan into action. Once you have raised the money to start or expand your business, your plan will serve as a road map for your business. It is not a static document that you write once and put away. You will reference it often, making sure you stay focused and on track, and meet milestones. It will change and develop as your business evolves. Secondly, Do I Need a Business Plan? Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one. If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and contains sound business reasoning. If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Association (SBA) loan, which will require a business plan. If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one. Reasons for writing a business plan: Support a loan application | Starting Costs Calculator Raise equity funding | Investor Offering Calculator Define and fix objectives and programs to achieve those objectives Create regular business review and course correction Define a new business Define agreements between partners Set a value on a business for sale or legal purposes Evaluate a new product line, promotion, or expansion Thirdly, What is in a Business Plan and How Do I Create One? A business plan should prove that your business will generate enough revenue to cover your expenses and make a satisfactory return for bankers or investors. The writing should be clear and concise, conveying a well thought out idea in a clear and logical structure. Executive Summary: features the highlights of your plan and sells your idea in two pages or less. Company Summary: a factual description of your company, ownership, and history. Products (or Services or both): describes your products and/or services and how they stand out from competitive products and services. Market Analysis: provides a summary of your typical customers, competitive landscape, market size, and expected market growth. Strategy and Implementation: describes how you will sell your product, how you will put your plan into action, and establishes milestones. Management Summary: provides background on the management team Financial Plan contains key financials including sales, cash flow, and profits. Business Plan Pro Software (Includes 500 sample plans!) How do You Write a Business Plan? Sitting down looking at a blank computer screen as you prepare to start your business plan can be daunting. You may want to look at some alternatives that will make the process a bit easier. Hire a Professional A professional consultant will create the business plan for you, but you still have to be prepared to think through your business and understand the underlying concepts in your business idea. You will have to work closely with the consultant to ensure that he or she develops a good plan that accurately represents your business or business idea. You can find a list of business planning consultants at www.planconsultants.com. Buy a Book There are many good books on the market that will help you to understand what needs to go into a good business plan. You can read Timothy Berry's "Hurdle: the Book on Business Planning". Use Business Planning Software A good business planning software package will provide you with an outline for a well-developed, objective-based and professional business plan. Software packages will remove the problem of starting from scratch by structuring your plan for you. The software should ask you the right questions that will pull out the most important underlying concepts within your business idea. 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