Guide on How to Write a Viable Business Plan

Drafting a business plan A business plan is said to be the resume of any type of business. A business plan can give a good picture of what your business is about, what it offers, the expected profits, and a timeline on how and when your goals will be achieved. If you wish to start a business, you need to create a business plan. Remember that no banks or lenders will ever approve a loan without seeing or assessing the blueprint of success. You can find free business plan templates on the Internet. You can also find references at your local bookstore. Sample business plans can give you an idea of the details you need to know in business ownership. Make sure you do your research before you start or buy a business. Buying a business is easy when you know where to look. Check out GlobalBX.com – they have over 36,618 businesses and franchises for sale. Best of all it’s a FREE site! To help you get started, below is a quick outline of how a business plan should be written. Sample Business Plans Templates are called standardized documents containing the fundamental elements of a business plan. You can add more information on the template to customize your business plan for specific use. A business plan template is basically an outline that will serve as your guide on making your own, adding information regarding your company and making a distinctive presentation. All business plans must include these sub-headings: Executive summary – The opening section of the business plan must include introductory information about your business, such as names of the owners, date started, employee accounting, as well as a comprehensive description of the premises. It must also include a summary of the rest of the document, as the executive summary is oftentimes the only section people read in great detail. Discuss briefly the services or products of your business, the marketing approach, the startup expenses, other financial requirements, and successful sales to date. Company overview – Summary segments need to have as much details as possible. You must include detailed biographies of each principal owner, especially if they relate to the industry where your business will operate. Explain the industry and its current financial situation and expectations in the future. Make a clear picture on new developments and products that can positively or negatively affect your business. See to it that you include the innovations that you will introduce in your business. Create a list of your customer base and include the names of your target clients. Describe how you will catch their attention. Market analysis – Present in detail the items mentioned in the company overview. Acquire a correct estimation on the size of the market; the trends affecting the operations; competitors; price range; as well as advertising campaigns. List of suppliers or vendors should be mentioned in this section. You can also add a testimonial for each supplier or vendor. Sales strategy – Provide all necessary information pertaining to both sales and marketing, including descriptions for your ad materials, type of marketing methods you wish to use, and how you intend to deliver and sell your service or product to customers. Also mention the sales projection for the first eight to twelve business quarters. Operations plan – Explain in detail the location of your business and give an example of tasks of each staff member. Make a list of equipment that you have and don’t have. Also include sources and prices. Draft your inventory tracking methods and the process you are bound to follow to monitor sales, feedback, and purchases. Management plan – Come up with a list of employees you need and know the costs for such level of service. State your hiring methods and the skills employees should have in order for them to do their tasks properly. Cite all the benefits the business offers; the summary of costs; as well as a copy of employee policies and procedures. Financial information – Considered one of the vital sections of a business plan. Also add profit and loss statements, amount you need to break even, as well as the numbers that move to profits. Come up with a list of sources and uses of funds. Include a cash flow projection. Provide details on where the money will go – real estate, personnel, inventory, equipment, or as exit strategy. These will be used as references by anyone who is interested in your business. Make sure you do your research before you start or buy any business. GlobalBX.com provides a FREE businesses for sale exchange connecting business buyers, sellers and lenders. Get free information on any small business opportunity or franchise opportunity – they have over 36,618 businesses for sale! Sell your business for sale for free with no listing fees and zero commissions. 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