Creating a Business Plan
- Considering a Business
Your business plan is a living document that will generally project three to five years ahead, outlining the path your company intends to take to grow and expand revenues. It should provide detailed information on ways to obtain financing, build relationships and attract employees. It will also increase your confidence as a business owner.
The structure of a business plan may vary depending on your business and needs, but it should incorporate the following sections below:
Your executive summary is a high-level description of your business plan and should outline your company's profile and goals.
Your company description provides information on what you do, how you are different, and your target market.
Your market analysis should focus on what you know about your industry and the market you serve.
This section should include information such as organizational structure, ownership details, management team profiles, and your board of directors' qualifications.
Whether it's a service or product line, describe what you're offering. Provide details about your product's life cycle, and include information about any research and development you're conducting or planning.
You should include an overall strategy on how you plan to penetrate the market as well as how you plan to grow and communicate your business to your target audience.
Financial projections are crucial support documentation when funding is needed. Be sure to include historical as well as prospective financial data.
Provide an appendix as needed. It's a useful way to present information such as resumes, permits, and leases.