Developing a Business Plan

Developing a business plan is easy once you follow the ground principles laid down by the industry experts. Find here some of the necessary ingredients for a well-developed plan.

First and foremost, you must pick the right business. If you choose the wrong line of work, no amount of planning will help you succeed. A sound business concept is essential for developing a business plan. Gain sufficient experience in your chosen field of work before you decide to set up your own unit. The ground reality of a business is often very different from your preconceived notions.

Get a complete understanding of the target market. Test market your product or service to gauge its reaction. This is the best way to understand the suitability of your product or service. Do not believe that hand painted mats will be a bestseller, on the basis of hearsay or personal choice. Produce a few and market them to check the validity of your belief.
Tip! Myth: Friends and family are the best sources of feedback and advice on my business plan.

Identify the right industry and decide on your product. Servicing a healthy, growing and stable industry may increase your prospects for success. Study the economics of the business well before developing a business plan. Great economics rather than great inventions make for successful business.

Hit on the most successful formula today. While developing a business plan include the plans for conducting online business. Even if you don't wish to focus on online business, it will be a healthy supplement to your offline activities. It will widen your customer base and ensure that you are not left behind when others in the industry switch to online marketing or fulfillment. According to a recent trend forecasting report, online shopping has grown by over 25% since 2003. Exponential expansion is predicted in the area of consumer and business-to-business sales in the coming years. Catch onto this trend at the planning stage of your business and you will reap a rich harvest.
Tip! Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

How to Develop a Business Plan

Don't lose your sleep worrying about how to develop a business plan. Go by the time-tested formula perfected by experts. Follow these simple guidelines and very soon you'll have a plan that best expresses your intended business model. You may even gain enough confidence to guide others regarding how to develop a business plan.

Annual plans don't qualify as business plans. Make your business plan an all-comprehensive document, detailing every aspect of the business activity over a long period of time. Formulate a complete plan for the business you choose to set up.

New entrepreneurs should use business plan templates to guide them along. It will help them properly structure their initial efforts. Business templates are extensively available online and simplify the planning process. Instead of grappling with all the aspects of planning, divide the process into distinct sections. Complete each section before contemplating or collecting data for the rest of the plan.

The Internet proves to be a big help with countless articles on how to develop a business plan. You can also research business plans available online, and incorporate features that best suit your line of business.
Tip! The Plan - Outlines or templates for creating a business plan are availble free online. Get one.

Your business plan is your selling tool; it serves as the company prospectus before potential investors and banks. This calls for an attractive packaging designed to attract capital investment.

Illustrate your chosen business strategy in a clear and succinct fashion. Identify the roadblocks and spell out how you intend to take care of contingencies. Get advice on your business plan from the experts in your line of business.
Tip! Myth: My business plan needs to be perfect before I can start my business.

Identify the strengths and limitations of your management team. Define your unique ability and then plan to hire the people who complement your skills.

You must remember to include a monthly cash flow projection. It is important that you are qualified to handle the accounting, computer software and cash flow management. This is essential to exercise optimum financial controls over your enterprise.

Make frequent modifications to your business plan to truly reflect changing market conditions. Soon others in the industry will call you up to ask how to develop a business plan.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know.

For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

How to Create a Business Plan

Now that you have decided to start that dream venture, you must learn how to create a business plan. Even the expansion of existing businesses calls for planning to ensure a systematic and sustained growth. You need no formal lessons to learn how to create a business plan. While drafting it, keep in mind some basic points and you will have the plan that best suits your purpose.

Let the plan be your vision statement. Outline your mission in a concise form, in a simple and easy-to-understand language. State the purpose of your company and list its objectives.

You will be the key driver for the success of your plan, and company, so focus on your experience as the engine that will move the enterprise forward. Present a detailed resume of yourself and all the key personnel. Highlight your special talents, expertise, or contacts that will benefit the business. You can successfully learn how to create a business plan only if you learn to be credible. Never deviate from the facts. The vendors, investors and lending agencies will closely review this document. Honestly reveal your lack of skill to perform an important function and explain how you will compensate by hiring the experts who complement your skills. The plan should contain the biographies of all your partners and the management team members.
Tip! Myth: I don't need a loan—so I don't need a business plan.

A major element of the plan is your business profile. Define your business model and describe the strategy. Explain why this strategy makes sense and focus on the competitive attributes of your product or service. Point to your niche market and mention if your product is unique. Assess the economic climate and how it will influence your business operations. Show that your business will function in accordance with the regulatory and demographic dynamics. Present the demographic studies and relevant data, wherever available.
Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide.

Your plan should also include a five-year cash flow chart, an analysis of the risks and uncertainties, and the marketing and expansion plans among others. With a complete plan you can march ahead with no looking back.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

Make Your Business Plan Read Like An Action Novel - Receive Stronger Responses and Real Results

Let's face it, nobody confuses writing or reading a Business Plan with a Bruce Willis action movie or a Tom Clancy novel. A Business Plan is a serious presentation that details an economic opportunity being offered for funding, licensing or sales consideration. Detail, research, financials and harvest options, key elements of any plan, can be dry, less than electric stuff. However, Business Plans that achieve success invariably are written with an air of urgency, excitement and color that separates them from the usual, boring template-based submissions.

I write business plans, teach business school students to write plans and read plan submissions daily in my consulting business. The plans that have success potential are different, beginning with the first paragraph of the Executive Summary. A great product or service opportunity, mated to a boring, non-creative document, is dead on arrival. And, this is a shame, because many potentially valuable commercial opportunities are lost, not discovered, abandoned, when funding or license options close.

A powerful Executive Summary is the key to getting any document fully read. Investors, venture capital, angel investors or potential partners are typically inundated with new offering submissions. There is simply not enough time to read, cover to cover every plan. In many firms a relatively low-level reader is tasked with reading and choosing which opportunities are passed on for full consideration. A dull presentation of an exciting product will not make the cut.

Make your plan submission stand out with an exciting, brisk, well- constructed Executive Summary. The old adage: "you only get one chance to make a great first impression", is never more true than when presenting a business proposition. There is always more opportunity in the marketplace than capital or placement possibilities, too much supply and limited demand. Give your product every possible chance for success by presenting the item as an exciting, needed advance, not being addressed in a growth category.

Here are some basic tips to consider when creating the document you will present as a blueprint for your new opportunity.

Paint a word picture in the Executive Summary. Visualize the story you must synopsize in this crucial section. Tell briefly, the unique features and benefits of the project. Explain and quantify the size of the opportunity. Explain the research conducted to support assumptions. Outline management and specific qualifications of the team. State, and be able to support later in financials, investment monies needed and use of funds. Finally, detail very briefly Return on Investment and Harvest goals. All of this must be accomplished in only two full pages.
Tip! By the time you have finished writing your Business Plan you will have a total understanding of your business; its strengths and weaknesses, the environment it operates in, what could potentially go wrong, and what you can do to ensure your success.

There are many outlines or templates acceptable to format the plan. There is no one, single, absolute format for a successful plan. An original product, with a beautifully crafted plan will succeed in any number of style formats.

Keep the actual Business Plan short. Do not confuse a lot of pages with success. It is much more important to be on-point, quick paced, creative than lengthy in the narrative. Financials need to be very well constructed and narrated, line by line. I try to never go over 20 to 24 pages.
Tip! Myth: My business plan is in my head—that's good enough.

Extensive Exhibits, placed behind the actual Business Plan, are always excellent tools. If the document is well received by the reader, and by the investor, a full set of Exhibits will reinforce the strength of your opportunity and confirm that this is a product to be seriously considered.

If you are seeking to raise capital to self-market your product or service you will need a successful, very experienced management team in hand, or available, and able to fully commit to the project. No investor will consider any new opportunity that purports to have a carpenter (by experience) serve as Chief Financial Officer. We see this all the time and it is a non-starter.

Have passion for your product or opportunity. Passion overcomes and trumps a lot of shortcomings. Do not be a dreamer with passion, however. Passion needs to come from the knowledge that you have not taken shortcuts, have really and extensively researched and identified the market and your product's place in this competitive maelstrom. Knowledge leads to confidence and this will lead to a passionate belief that success will be achieved.
Tip! The products and services: This section of the free sample business plan is a detailed description of what product and/or service is offered. Specifics in this part of the free sample business plan are the key.

Successful Business Plans open doors. A fill-in-the-blank template is a waste of postage. An exciting Business Plan fully details an exciting offering for full, serious commercial consideration. Anything less, any document containing obvious shortcuts, will not get past a junior reader's quick scan. Give your product every chance to succeed. Craft a Titanic (the movie), not Titanic (the ship).
Tip! Myth: I have to buy business plan software before I can start.

Geoff Ficke has been a serial entrepreneur for almost 50 years. As a small boy, earning his spending money doing odd jobs in the neighborhood, he learned the value of selling himself, offering service and value for money.

After putting himself through the University of Kentucky (B.A. Broadcast Journalism, 1969) and serving in the United States Marine Corp, Mr. Ficke commenced a career in the cosmetic industry. After rising to National Sales Manager for Vidal Sassoon Hair Care at age 28, he then launched a number of ventures, including Rubigo Cosmetics, Parfums Pierre Wulff Paris, Le Bain Couture and Fashion Fragrance.
Tip! Myth: I don't need a loan—so I don't need a business plan.

For 20 years Mr. Ficke and his consulting firm, Duquesa Marketing, has assisted businesses large and small, domestic and international, entrepreneurs, inventors and students in new product development, capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. He is a Senior Fellow at the Page Center for Entrepreneurial Studies, Business School, Miami University, Oxford, Ohio.

Business Plan Preparation

Business plan preparation is not as complex as it may seem to the new entrepreneurs. Begin by asking yourself a few core questions.

• Which product or service are you going to make available? (Name the needs they will fulfill.)

• Who all form your customer base? Why will they be willing to purchase your good or service?

• What are the means to reach this identified customer base?

• From where will you get the initial funding for the business?

• What other resources will be required to accomplish the stated goals?

Business plan preparation calls for a settlement of these issues in an honest and realistic manner. Besides these central questions, you will also need the answer to some short-term questions.

• What kind of customer base are you looking for: wide or steady?

• What are the methods employed by your competitors?

• Does advertising have a big role to play in your business? Will it greatly affect your profit margins?
Tip! Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.

• If yes, which form of advertising suits your business? Which media will you employ for the publicity of your product or service?

Use of the appropriate information and a detailed analysis will help in systematic business plan preparation. After organizing your thoughts and concerns, pen down the answers to the raised questions. If available, make good use of relevant financial data. Record your income and expenditures in the plan; this will serve as a benchmark when you review your performance at a later date.
Tip! Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within.

Maintain a fluid mindset that allows you to accommodate the changes as it is not wise to commit yourself totally in the beginning. Aggressive revisions dictated by the changing circumstances, and an increase in the knowledge and experience make the plan a living document. A dynamic plan lends great momentum to the business.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know.
Tip! Your composition is easier and less costly to revise. Business plans are noted for quickly becoming out-of-date because data, circumstances and events are ever changing.

For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

Creating a Business Plan

Philosophers should not be entrusted the responsibility of creating a business plan. The planning for pursuit of opportunities is fraught with risks, many of them inevitable. You need to get real before you even think of creating a business plan. Here you can find some practical suggestions to help create a business plan that works.

Adopt a flexible mindset from the beginning. Keep your plan fluid and maintain this attitude as you process it further. You will progress faster without the burden of early commitments. Look upon your first plan as a provisional one. Creating a business plan is not a one-time task; you have to subject it to a number of revisions from time to time.

Check if you have the requisite experience and expertise to comment on your specific opportunity. Locate the factors that could kill your deal, this is essential for the survival of your venture. Also recognize the key drivers of success. Once identified, you can focus on them keenly and obtain better results.

Don't attempt to secure the funds for the entire project at the beginning. Instead raise the money adequate to fund the initial experiment, evaluate it, and then try to finance the next vision. However, you must maintain a contingent cushion at all times. Postpone the appointment of key management personnel till the experimentation stage evolves into a stable business model.
Tip! Your composition is easier and less costly to revise. Business plans are noted for quickly becoming out-of-date because data, circumstances and events are ever changing.

You have to be bold enough to test market your product or service in the real market, on a small scale. Subject the samples and prototypes to an intensive customer research. Resist from plunging into the expansion mode in a hurry. Perform intensive tests on your business model and refine it further before widening your operations.
Tip! 'Only qualified investors see your business plan.' Yeah, sure.

Creating a business plan on the above lines cannot guarantee success, but it can ensure that you are on the right track.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

How to Make a Business Plan

Don't skip on planning, if you wish to stay in business for long. For determined entrepreneurs it does not take long to learn how to make a business plan. Apply the given ground rules and you can confidently prepare a document that will be the cornerstone of your business.

You must be adept at defining your basic business concept in order to know how to make a business plan. Business concept is the strategy you will employ to set your business apart from competition. Focus on the competitive attributes of the particular product or service you wish to offer. Elaborate upon the strategic impact factors like marketing, research and development that will distinguish your business from the competing concerns.

Conduct the feasibility studies and gather the specifics of your line of business activity. Find out if you have to test market the product; has a prototype been developed and has adequate market research been performed. Ask yourself all possible related questions and write down the answers.

Don't lose sight of the financial objectives. If you intend to raise the capital, clearly state the desired amount and how you plan to use the funding. Based on this data you can refine your business concept and draw a complete outline of the plan.
Tip! A Business Plan will help convince both you and the Bank of the project's feasibility and viability.

It is necessary to have a consistent business focus. Specialists in a product or service are better positioned to compete in a market dominated by large and well-established players. Review some sample business plans to learn how to make a business plan that compels individuals and firms to fashion strategic business partnerships and convince investors and bankers to bet their money on you.

Don't lose sight of your target audience and the main objective for writing the plan. This way you are bound to succeed in your venture.
Tip! Myth: I have to do everything I say I'm going to do in my business plan, or I'm a failure.

Since its inception, Growthink Business Plan Development has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

Car Wash Business Plan

Looking for a car wash business plan geared towards success? Check out the key points discussed below.

Every plan must detail the services offered and study the market dynamics to formulate a distinctive business strategy. Generally a car wash business plan covers three services: exterior car washing, interior cleaning, and detailing. Most of the businesses in this industry try to compete on the price factor. So beat them by offering high quality service at a reasonable rate. This entails not only hiring the best employees but also, keeping them happy to maintain an impeccable customer service. Because this industry is considered a seasonal business it is imperative to employ additional temporary and part-time help over the weekends and busy summer months.

A clever business strategy would be to target customers who will come back as repeat users and those that use the facility frequently in the typical lean times (weekdays and winter months).

The car wash business plan must include an in-depth competitor analysis since this business is rife with small competitors. Everyone, from the local children looking for some extra cash, to rival concerns, and the automatic car wash machines pose potential threats to the success of your business. Therefore, you must target the quality-conscious individuals who value their car enough to be willing to pay the price for a good wash.
Tip! To ensure your success. Writing a business plan enables you to consider all aspects of your photography business.

The sales and marketing for this plan will be on a one-to-one basis. Advertising costs will be more or less zero and you will rely heavily on the word-of-mouth advertising in the immediate community.

One of the key drivers for success will be the creation of a system that ensures fast and efficient service. This will guarantee that the costs stay at a minimum, in relation to the amount of time spent on each vehicle.
Tip! 'You approve anyone who sees your business plan.' Okay.

Overall, the mission of the car wash business plan is to be known as the premier car wash service for luxury car owners.

Since its inception, Growthink Business Plan Consultants has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

Is a Business Plan Really Necessary?

You bet it is. Whether you want to borrow millions or only thousands; whether you've got the greatest idea of the 21st century or whether you just want to start up a small home based business, you need a Business Plan. One of the great myths is that you only need a Business Plan if you are going to borrow money from a bank. Not so. To go into any business requires a decision by you to do it. The Business Plan will help that decision. It is first and foremost for you.

Going into business entails serious financial risk, a major investment of your time, even disruption to your home and family. You must understand your products, your customers, your competitors. You must be able to sell yourself at a minimum, as well as your products and you must have sufficient financial knowledge to start and run your business. The only way I know to be almost sure that your business will make it is to prepare a Business Plan for yourself first and later perhaps for others, including lending institutions.

In past articles, I have defined business as "the process of taking raw materials, goods or services from a beginning point and adding value along the way to the final user." It is the value you add that entitles you to your profits and it is the Business Plan that clearly sets out how you plan to add value.

Make no mistake about it, the only reason why franchisees are about twice as successful as independent start-ups, is that they have a clear and proven Business Plan. Their plan contains all the elements that you must know before you begin your journey on the road to business ownership.

The Business Plan is a written document that clearly and convincingly demonstrates that your business can sell enough of it products and services to make a satisfactory profit for yourself; provide sufficient profit to attract lenders and potential investors and finally to provide sufficient cash flow to service debt and pay investors. That is what business is all about.
Tip! No matter how good a communicator you are, you will never be able to convey your vision for the business as successfully as a perfectly put together Business Plan. It provides a clear understanding as to what you want to achieve.

Each year thousands of Americans try to realize the dream of owning their own business. Many of them fail. A Business Plan could have helped them before they opened their business.

a.. The business Plan produces the marketing plan, identifying your buyers and your competition as well as forecasting your revenues.

a.. The Business Plan clarifies the financial needs of the business and causes you to prepare a projected balance sheet, income statement and most important of all, a CASH FLOW statement, the most important start up financial statement and the only predictor of success that I know.
Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide.

a.. The Business Plan must be an objective and realistic view of your industry. It will be a requirement if you seek financing.

a.. Finally the Business Plan must be concise so that it will be read, accurate to insure your credibility, reader friendly, focused to make your points, complete, leaving no questions unanswered and believable.

But most of all, it must demonstrate financial performance. It must clearly set out your mission, your objectives, your vision. Where do you want to be at some point in the future? You should spell out your strategies, that is the pathway or methods you will employ to get you from here to there, to achieve your objectives and finally to describe the steps along the way, your "to do" list. If you don't or can't articulate them, you won't do them.

When this is done, what a compelling statement it makes. I know why my business exists, it's reason for being, and I know where I am now and where I plan to go. I know the strategies I will employ to get me from here to there. I know the "things" I have to do to make it happen.

There are plenty of places to research a format for the Business Plan. The Internet has an abundance of them. The SBA and SCORE have a number of them. The format, as long as it is logical, complete and readable, is unimportant. What is important is that you clearly set forth the mission of your business and the financial performance you expect.

Deciding to take the time to do your Business Plan is the first of many decisions you will have to make as a business owner but I promise it will be the best decision you can make to insure your success.
Tip! A business plan might not be as good an instrument to convince your potential investors(banks, venture capitalists etc), as the personal conviction, enthusiasm, charisma and passion you demonstrate for what you want to do! For instance, the “experts” among them, who the rest might look up to for assessment of the viability of your proposed venture, may not reckon with your idea if it is new or unusual.

"Ed" McMahon's career includes the small business and corporate world. With degrees from Villanova Univ. an MBA from the City University of New York and completed postgraduate work at the Stanford University, he is the author of the book" UnderstandingSmallBusiness (http://www.Understandingsmallbusiness.com) Ed has extensive small business experience. He has counseled several hundred small business prospects in the principles of small business. He drafted the FTC disclosure statement for a major convenience store chain currently operating. He has held senior posts as executive vice president of a mid-size oil company, headed up the polymer division of a major chemical company and was taught "UNDERSTANDING SMALL BUSINESS" workshops employed as an officer of a major consulting company.
Tip! Myth: Friends and family are the best sources of feedback and advice on my business plan.

Ed has taught Small Business workshops at the business college level, and for the past 11 years. For 6 years his monthly column on small business has been published in a regional business journal. He can be reached at USB@houston.rr.com.

Child Care Business Plan

It is common to bump into an entrepreneur hunting for a childcare business plan since this market segment is growing and is highly lucrative. Find one here that focuses on your business strategy and mentions unique points to score above the competition. Let the plan aim to provide "high quality childcare" to the families with young children. The potential clients can have very high expectations in their definition of ‘high quality childcare.' So in your child care business plan elaborate that the facility will provide a nurturing environment that encourages the growth of self-esteem It will provide the child an opportunity for an all-round development.

For childcare centers to thrive the plan must position your service uniquely to fight the competition. Let "extra features" form the core of your business strategy. Offer weekend workshops for the family. This allows parents to interact with children and teachers at the center. These workshops can also publicize your program to potential clients. Keep a teacher on-call duty to cater to the children who will be collected at a later hour. Medical emergencies, meetings and traffic inevitably delay many clients like doctors or lawyers. They will willingly pay the additional fee and remain loyal. Once a month make Saturday nights available to provide child care to client families. These extra benefits will win over the enrolled families.
Tip! Myth: Friends and family are the best sources of feedback and advice on my business plan.

There is a wide and expanding market for this service as nuclear families become the rule and an increasing number of women go to work. Still, your childcare business plan should clearly describe the target market in order to build upon the initial enrollments. Focus on expecting families, infants below twelve months and single parent households.
Tip! Myth: I need to hire a consultant to write my business plan.

Alternatively, the bulletin boards at public schools, local shops and businesses are the best tools of advertising. The traditional word-of-mouth publicity helps bring continued business. Your website will also attract business, especially the families that relocate to your area. The mission of your childcare business plan should be to establish the center, go for a rapid expansion and an aggressive program promotion. Your profit margins will rise with an increase in the licensed capacity.
Tip! The Plan - Outlines or templates for creating a business plan are availble free online. Get one.

Since its inception, Growthink Business Plan Consultants has developed over 350 business plans. Growthink clients have collectively raised over $750 million in financing, launched numerous new product and service lines and gained competitive advantage and market share. Growthink has become the firm of choice for venture capital firms, angel investors, corporations and entrepreneurs in the know. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.