//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
- 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
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