//Your Business Plan

If you’re serious about starting a business, a business plan can help serve as your guide. Here’s an sample format for your business plan. You can modify it to fit your specific business idea.

Introduction

• Give a detailed description of the business and its goals
• Discuss the ownership of the business and the legal structure
• List the skills and experience you bring to the business
• Discuss the advantages you and your business have over your competitors

 Marketing

• Discuss the products/services offered
• Identify the customer demand for your product/service
• Identify your market, its size and locations
• Explain how your product/service will be advertised and marketed
• Explain the pricing strategy 

Financial Management

• Explain your source and discuss the amount of initial equity capital you’ll need
• Develop a monthly operating budget for the first year
• Develop an expected return on investment and monthly cash flow for the first year
• Provide projected income statements and balance sheets for a two-­year period
• Discuss your break­even point
• Explain your personal balance sheet and method of compensation
• Discuss who will maintain your accounting records and how they will be kept
• Provide "what if" statements that address alternative approaches to any problem that may develop

Operations

• Explain how the business will be managed on a day-­to-­day basis
• Discuss hiring and personnel procedures
• Discuss insurance, lease or rent agreements, and issues pertinent to your business
• Account for the equipment necessary to produce your products or services
• Account for production and delivery of products and services

Concluding Statement

Summarize your business goals and objectives and express your commitment to the success of your business.

Resources

For a more in-depth look at writing a business plan go to: www.sba.gov/starting_business/planning/writingplan.html