Writing Your Business Plan

Writing a business plan can be quite a difficult task for individuals new to the world of entrepreneurship. However taxing this task may prove, it is essential for the development and success of the business. When beginning your foray into developing your own company, be sure to put great thought and effort of the planning and writing of this groundbreaking document. This plan will remain with your company throughout its life as a reminder of the company's goals and aspirations.

If you find writing a difficult task, seek the help of a professional. If you know a professional writer, ask him or her to aid you in the development of this text. If your budget permits, you may want to invest in the services of a respected business writer in your neighborhood to develop the document that serves as the cornerstone of your business. Be sure to use a proper tone and formal language when developing this text. Furthermore, carefully edit and proofread the text for any spelling or grammatical mistakes that may occur. Since this plan will represent your business as a whole, it is imperative the plan is flawless.

There are several items necessary for inclusion in your business plan. These topics range from the reason for forming the business to an explanation of the goods or services offered to the method of financing the entire endeavor. Usually, a business plan follows a general series of themes or topics. Each topic addresses one part of the business from goals to advertising plans. Be sure to completely fulfill each theme or topic to best prepare your business.

If you are unaware of the purpose of a business plan or wondering the different topics usually covered in the document, turn to a variety of sources for answers. The World Wide Web boasts a host of options, ranging from private websites offering much needed assistance to the government's Small Business Association. Furthermore, turn to your local library or bookstore for fantastic information on the correct way to tackle writing an effective business plan.
Tip! A Business Plan will help you get funding. One of the main reasons Banks turn down requests for loans is a lack of information to assist in making an informed decision.

Before you ever put pen to paper, first clearly provide the questions to all answers posed by the plan. You will need to know specifics regarding a variety of issues relating to businesses and their running. By knowing the answers to these inquiries before you begin the writing process, you will be confident you have put the utmost time and thought into the details of your entrepreneurship. Allowing yourself to think through any problems and complete any necessary research will ensure your plan works best for your business.

When it comes to writing your business plan, do not be intimidated! Seek professional assistance to ensure your plan best represents the goals and nature of your business. Completely address any questions or issues that may arise in the establishment or development of your business. Clearly lay out any goals your business wishes to accomplish and provide a reasonable timeline. A successful business is one that possesses a well-written business plan.

Matt Bacak became "#1 Best Selling Author" in just a few short hours. Recent Entrepreneur Magazine's e-Biz radio show host is turning Authors, Speakers, and Experts into Overnight Success Stories. Discover The Secrets To Unleash The Powerful Promoter In You! Sign up for Matt Bacak's Promoting Tips Ezine ($100 value) just visit his website at http://www.powerfulpromoter.com or http://promotingtips.com

A Simple Plan for Starting a Business of Real Estate Investing

Starting a business of real estate investing - whether you work out of an office or a 'home based business' you run out of a corner of your bedroom, you can drastically change your life, and your income in as little as 10 hours per week - all through a very simple plan of real estate investing.

It is possible to become successful in real estate investing in a short time and, even when starting a business of real estate investing, you can find the time without crimping your current lifestyle!

Starting a business of real estate investing with a simple plan.

1. Groundwork of your simple plan is crucial when starting a business of real estate investing.

I know, it is easy to say - and the truth is, it is easy to do! Most people get stopped when starting a business of real estate investing because they simply FAIL to plan. That's right, it isn't because their plan didn't work, it was because they did not implement even a very simple plan!

To be successful in real estate investing, first find someone else that is successful in real estate investing, watch them, interview them, find out everything you can about what they did when starting a business - and write up a simple plan of what they have done to be successful in their real estate investing - something that you can follow each day.

In order to have what they have, you need to do what they do, so find out what percentage of their day is spent on the telephone, for instance.

Find out how much of that time is spent on making calls, receiving calls and the type of calls they are (Customer Service, making deals, etc.)

That gives you a good idea of what your total time should look like, when you are starting a business of real estate investing of your own.

2. The next step in developing your simple plan as you are starting a business of real estate investing is to divide your total time (10 hours per week is a great start) just like your successful mentor does.

Even if they put in a hundred hours per week, they still divide their time, just like you will, once you begin working your simple plan.

The 'secret to success' isn't in the hours - it is how you spend them!

Follow the simple plan outlined here to make the most of your hours and get the most out of everything as you are starting a business of real estate investing with a plan of success.

If your mentor spends 1/10th of their time making outgoing phone calls to find new business, then you need to spend 1/10th of the time you dedicate to your real estate investing business doing the same thing, a pretty simple plan, huh?

3. Set your Goals.

A clear destination is something you always do when starting out on vacation, isn't it?

Then have the same thing in mind when you are starting a business of real estate investing.

Every successful person says to have a goal in mind so you know where you are going, and our simple plan gives you the steps to get there!
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.

A goal is crucial in anything, and certainly when starting a business of real estate investing.

Without a destination (a specific income amount, a personal item like a car or boat, or simply an amount set aside in savings), how will you know if you ever arrived?

4. Track your progress.

You have your goal in mind, and a simple plan to begin. It is time to get into your 10 hours per week program and 'backtrack' to create a clear and simple plan to follow.
Tip! Financial data should be referenced in the Business Plan or as handout; not as a slide.

Take your goal (a clear date of completion and 'destination'), divide it out and chart the required progress each day, week, month and/or year to quickly know what is required to reach your destination.

Follow your progress each day to know quickly if you are sticking to your original goal destination, or if you are ahead or behind schedule.
Tip! Myth: My business plan needs to be perfect before I can start my business.

As you are starting a business of real estate investing, you will likely come across some detours, that's OK (and where many people get lost... Do not!)

When driving, if you find a road that is blocked or a path that seems impassible, you simply find another way around, right?

The same is true when starting a business of real estate investing, just find another way.

Include in your simple plan a few hours here/there just for such 'emergencies'.
Tip! The Plan - Outlines or templates for creating a business plan are availble free online. Get one.

If you have no emergencies, do something else that will get you closer to your destination, or just relax and enjoy where you are.

5. Spend time ON your business, not only IN your business.

In your simple plan for starting a business of real estate investing, you must set aside part of your working time to plan, set goals, promote and advertise your business, not simply work along in your business, doing the things you do.

In today's world, when starting a business of real estate investing, you will most likely have a website. You need to spend a certain portion of your time (even 10 hours per week total) on getting more visitors to that website. The more people that see what you have to offer, the quicker your business will grow.
Tip! To obtain funding. If you are planning on getting any sort of loan, you will definitely need a business plan in order for a bank to consider you.

You could spend time driving from house to house, telling everyone about your website (not a very simple plan for your time!), or you can maximize your time by writing articles about your business and post them online where many people will see them (many online services promote articles).
Tip! 'Only qualified investors see your business plan.' Yeah, sure.

This is often overlooked by people as they are starting a business of real estate investing, and one of the reasons they fail to make their simple plan.

As your business grows over time, you will do less of this (but never stop!) and begin to work your simple plan toward the 'IN your business' phase.

6. Give excellent Customer Service.

It never pays to make your customers angry. An upset customer will kill more business than you can imagine. Find a way to work with them, or simply give them their money back.
Tip! Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within.

Losing customers is something you cannot afford when you are starting a business of real estate investing!

Many people simply don't make the time to provide quality service to their customers. Do not let that happen to you!

A little up front planning and goal setting, then follow-through each week, then simply repeat the process.

You will change your business from flat to cash in a short amount of time!

Follow the steps above and it can be done in as much or as little time as you have.

When starting a business of real estate investing, if you follow the simple plan I have outlined here, you are already a success!

Steve Majors - The Lazy Investor Profit from Real Estate Investment articles, real estate investing information and news from one of the most creative investors on the planet ~FREE MEMBERSHIP & real estate training course~ http://SteveMajors.com

Business Plan Facts That Will Help You Sleep Like A Baby

If you've been wanting to buy a business, but are holding back because you're freaked out about the idea of putting together a business plan, then this article should help put your mind at ease.

Years ago, I used to actually meet with people wanting to buy a business before they put together a business plan. And I found out after a couple of years that people are afraid of three things -- death, taxes and business plans.

This is no joke. It's a lot like public speaking -- most people would rather die or pay their taxes than put together a business plan. Back when I used to teach about buying businesses at seminars, a LOT of people came to me wanting to buy a business with no business plan. And it's no big mystery that not one of them ever got their financing -- and are now telling their grandchildren how successful they would have been if they had gotten the financing.
Tip! 'You approve anyone who sees your business plan.' Okay.

Listen: Don't let the idea of a business plan scare you or stop you from going after a good business to buy. A business plan is nothing more than a detailed description of what you're doing. And that's it. No big deal. There's nothing to be afraid of. If the thing makes sense and everything falls into place, you'll get your financing. If you seek investor financing and have a good business plan, you'll have no problem at all getting all the money you need.

The main thing is to keep it simple. Don't let the idea of doing a business plan freak you out. It's not rocket science and if you can't hire someone to do it for you, simply go to the library and read a couple books on how to do it, and you'll be fine.

Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame. For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com

Writing A Great Abattoir Business Plan

There are many excellent business opportunities, but the meat packing business provides many unique opportunities, and not a few challenges.

For those who have interest and the drive, however, a solid plan for success, combined with a well designed abattoir business plan, can be your ticket to success.

==The Importance Of A Solid Business Plan==

It is important for any would be business owner to understand that the business world is one of fierce competition, and of constant change. Nothing is ever static in the world of business, and if your new business venture is to succeed you will need to constantly grow, expand and evolve.

That means raising money, and that means a solid abattoir business plan. No business lender will make a loan to you without seeing your business plan, and no partner will take a stake in your business without taking a good look at your business plan.

That is why it is so important that your abattoir business plan be accurate and complete. The more information your business plan contains the better off you will be and the greater your chances of success.

==Details About Licensing Requirements==

When creating your abattoir business plan, it is important to address some of the issues facing the meat packing plant today.
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.

It is important for any business owner to pay careful attention to all state, local and federal laws governing such plants, and to make sure your facility is able to meet any and all licensing requirements.

==Attracting Competent Workers For Your Business==

It is also important to have a solid plan to attract competent workers, and to reward those workers adequately while still allowing room for making a profit.

Finding enough employees, at an affordable cost, can be one of the biggest challenges facing the would be business owner. It is important for the abattoir business plan to include a section on how you plan to overcome these employment concerns and make your business thrive.
Tip! Appendices - Any resumes, references, copies of studies done or anything else to back up information in the business plan should be included here.

Running any business is never easy, but freeing yourself from the world of nine to five work can be very rewarding. When you run your own business, you have complete control over your financial future, and that can provide you with a real sense of accomplishment.

Shaunta Pleasant is a professional web writer and editor on business plan topics. Visit my site to learn more about writing a business plan at http://www.business-plan-made-easy.com/abattoir-business-plan.html

Business Plan Tips For Getting All The Cash You Need To Buy Large, Multi-Million Dollar Companies

It's amazing how much misinformation there is about business plans. One of the biggest questions people have is about how long and detailed business plans should be. Should they be like big thick books, or are these things generally pretty brief?

Truth is, it depends.

It depends on how big the company is and how complicated it is. A business plan of a start up business making no money -- for example -- is going to be bigger than the ones that are running and making money already. What you have to do is spell out -- in enough detail -- all the necessary information on the financials, the industry, the company, and especially the management to satisfy whoever you're trying to persuade to finance it.

The management part is especially important if you plan to get investor financing.

Why?

Because people putting up money are going to want to know not only how long they've been there and what their history with that company is...but they'll also want to know what their full background is. And the more you spell out, the better.

Bottom line: People tend to make business plans more complicated than they are, and there are things you need to know, but it's not rocket science. Just remember, if you're buying a $10 million business, you'd better make sure your business plan looks like a $10 million business plan. If you're buying a $50,000 business then it only needs to look like a $50,000 business plan.
Tip! Executive Summary. The Executive Summary provides a succinct synopsis of the business plan, and highlights the key points raised within.

If you need help, simply hire someone to help you -- just like you'd hire a CPA or lawyer. Find somebody that does a professional job and it's worth it. If you're strapped for cash, but have done your homework and know you have a good thing, there are books and software at most libraries that can help you.
Tip! 'You approve anyone who sees your business plan.' Okay.

Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of "No Money Down" fame. For the past 20 years Art has taught thousands of people around the world -- even so-called "little guys" with no formal education or money -- how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com

A Simple Plan to Running a Successful Carpet Cleaning Business

A carpet cleaning business offers many opportunities to make a good living with very little business experience needed. I should know because I ran a profitable carpet cleaning business for 10 years before selling out for a huge profit. In this article I will present to you a simple plan to getting you started in your own carpet cleaning business.

Buying a Franchise or not?

Go a head and look into what a franchise can offer you and then weigh it against doing it yourself. The plus will be that many franchises will train you in marketing techniques and give you instruction on how to operate and maintain your equipment. They will also run some local advertising to get you started. The down side is that you will be paying a franchise fee up front and for the duration of your contract. Also, you will have to spend a certain percentage buying their cleaning chemicals. This can really put a damper on your profits. I recommend that you save your investment and go for it on your own.

Equipment:

Cleaning Equipment - Do some research on what is the newest technology for cleaning carpets, I'm sure you have seen many different types which include steam, dry chemical, portable units and truck mount. There are many equipment manufacturers online that will give you a better understanding of what works well. I recommend using a portable power head unit because many of your clients may be businesses in which a standard truck-mount hose will not reach. Plus the cost of portable units is more affordable. The price range of this type of equipment can range from $1,500 to $3,000 depending on the options.

Vehicle - Purchase a used cargo mini-van or small size pick-up truck with a bed liner and bed top. The costs will very depending on year and condition.
Tip! A Business Plan will help you get funding. One of the main reasons Banks turn down requests for loans is a lack of information to assist in making an informed decision.

Cleaning supplies - Again, do some research on the Internet to find a wholesaler of cleaning supplies, many of the equipment wholesalers will offer chemicals as well.

Advertising:

Vehicle Signs - At first buy the standard magnetic door signs to save money but eventually spend some money to get professional signs painted. This will give your business a professional look.

Word of mouth - Tell your friends and family that you are in business and I promise you will have several people up front as paying customers. Many times they will recommend you to their friends and family as well.

Door to Door - Canvas your neighborhood and surrounding neighborhoods going door-to-door placing flyers on each door. You will be amazed at how affective this will be.
Tip! Before you send your business plan to anyone, proofread the executive summary carefully. You will probably not get the financing if you have typos in the executive summary.

Newspaper Inserts - For some reason this form of advertising really works well, maybe because these flyers can be saved and hung on the refrigerator or message board.

Business Cards - This is a must, you never know where you will be that will provide you an opportunity to sell your service.

Business Location - The great news about this type of business is that you can run a small business right from your home avoiding warehouse cost until you grow into it.
Tip! To ensure your success. Writing a business plan enables you to consider all aspects of your photography business.

Target Market - Your first priority is to service homes because you can accumulate several repeat customers relatively fast with little cost but your long-term profit will come from commercial establishments like restaurants and apartment buildings. If you do quality work at a fair price they will use your service every week or month.
Tip! 'Only qualified investors see your business plan.' Yeah, sure.

Pricing:

Use a flat rate approach. Advertise a whole house special for around $300, you will at times get that huge house where you will spend more time but you will get more small to medium size homes in the end. For commercial units use the square footage pricing, for example $.50 a sq. ft. If the business or apartment is 600 sq ft then the price should be $300. Do some research in your area to see what the going price currently is.
Tip! 'You approve anyone who sees your business plan.' Okay.

Investment:

Equipment and supplies = $4,000 Vehicle = $10,000 Up front advertising = $2,000 Office supplies = $300 Total = $16,300 give or take a few hundred

Monthly overhead (if you work from hone)

Advertising (flyers, newspaper inserts and business cards) = $1000 Chemicals = Depends on how many carpets you clean plus it's built into your pricing Vehicle Fuel = Depends on how many carpets you clean plus it's built into your pricing Total = $1,000 give or take a few hundred

Don't forget the tax write-offs for all of your overhead expenses.

As you can see it won't take very many cleanings to recover your overhead expenses and to make a profit.
Tip! To obtain funding. If you are planning on getting any sort of loan, you will definitely need a business plan in order for a bank to consider you.

In conclusion, this is not a get rich quick proposition. You will have to work hard at researching pricing and promoting your service but if you are priced right and get a reputation of high quality in short time your phone will be ringing off the hook with repeat and new clients. Good luck.

Dennis Watson has been helping others promote their products or services for years through his Free Classifieds website =>http://www.zeoh.com/

Thriving with a Business Plan

No business can thrive for long without a business plan. The entrepreneur will find it hard to pin down his successes if he has no identified goals to achieve. The business plan is his mission statement, his roadmap to success.

An evaluation of the commercial viability of the venture, complete with a comprehensive description and analysis of future prospects constitutes an ideal business plan.

Even if you managed to function so far with mental plans and clever ideas that sprouted on the spot, a written outline will help you zero in on the formula that worked. It will show you where you went wrong, and suggest corrective measures.

You will learn to focus on your objectives, as they will stare back at you in black and white.

Smart entrepreneurs often get the expertise of trade consultants, lawyers and bankers to draft an all-comprehensive business plan. While seeking loans, these plans are flaunted to impress banks and other lending agencies.

Make your business plan honest and realistic by including both long-term and short-ended goals. Often, future projections go awry due to the dynamism of a fast-changing economy. Modify the business plan as you go along, incorporating the needs of the changing times. Keep it in tune with the progress of your business; tweak it to take care of adversities.

Set a timeline, and plan the capital requirements in line with anticipated sales and profits. Go for conservative estimates. Over ambitious plans often get discarded midway.
Tip! Before you send your business plan to anyone, proofread the executive summary carefully. You will probably not get the financing if you have typos in the executive summary.

Constant review of strategy and consistency of goals will help you ward off competition. The line of customers will not shrink as you approach them in a systematic fashion. A coherent and dynamic business plan can be your best guide.
Tip! Myth: My business plan is in my head—that's good enough.

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.

Business Plan Definition

Business plan definition - For every business, it is the vital first step. It is the blueprint that sets you going towards your goals. Look upon it as the roadmap that tells you and the world how you expect your company to achieve its stated objectives.

A business plan has often been defined as a comprehensive document that clearly describes how the entrepreneur intends to operate his business. You can also define a business plan as an important communication tool that details the financial strategy and goals of the organization. This definition is true for both existing and proposed business.

Find in the plan a detailed outline of the resources needed to realize the developmental objectives of the business. What are these resources, how will they be gathered, and from where will they be sourced - a business plan tells you all.

For the company management, the business plan should include identification of markets, listing of customers, calculation of expenditures to be incurred and a computation of required investment of funds for business activities based on projected revenues and costs over a specified timeline.

The document is specifically designed to attract capital investment. Every time you approach a lending program for assistance, go armed with your business plan. Many banks insist on seeing the statement before they consider your loan application. Potential investors and bank managers pore over the document scheduling your proposed business activities over the coming year, or stated time period. Projection figures for sales, profit, turnover, ownership and key personnel data contained in the plan help them decide if your company is a safe bet for investment.
Tip! Before you send your business plan to anyone, proofread the executive summary carefully. You will probably not get the financing if you have typos in the executive summary.

In the case of small business, the business plan definition extends to an examination of proposed products, target markets, concerned industries, management and marketing policies, production and financial requirements.

The business plans of giant companies can be defined as an expression of their corporate vision. Success and credibility of such a plan is ensured when the vision is truly global and draws from the present success of the private company.

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.

Business Plan Mistakes - The Phantom Growth Rate

While visiting a friend, he asked a favor of me. He whipped out this humongous business plan consisting of two full 3-inch loose-leaf binders. Someone he knew had paid a whopping $250,000 to have this business plan prepared and my friend was interested in my opinion of it.

At first I considered telling him I had something else to do and couldn't spend the next ten hours reading a "Gone-With-The-Wind" business plan. Had I been an actual potential investor presented with this monster, I would have simply dumped it in the trash and told the entrepreneur, "Thank you for considering me as a potential investor, but it doesn't fit my current criteria."

Nevertheless, I relented and agreed to look it over. My thought was, "OK, give it to me and I'll look it over as soon as I can." No such luck. He sat down at the table next to me with a child-like grin of anticipation on his face. He wanted me to look it over and give my opinion now! I thought, how can he expect me to digest this while he is looking at me like a puppy waiting for me to toss him a ball?

So, I dug in. Little did I know that this would turn out to be one of the fastest appraisals I would ever make.

Just like an investor, I turned to the financials in the back. (Note--investors typically don't read a business plan from the front to the back. They start by looking at the financials in the back!)

On the first page of the financials section, I saw a summary showing two graphs represented by the following tables (the actual numbers and dates have been changed to protect the guilty):

Year 1 Projected Revenues

Month Revenue
----- -----------
1 $ 7,457
2 11,185
3 16,778
4 25,167
5 37,750
6 56,626
7 84,938
8 127,407
9 191,111
10 286,667
11 430,000
12 645,000
----- -----------
Total $ 1,920,086

Annual Projected Revenues

Year Revenue
---- -----------
1 $ 1,920,086
2 2,400,000
3 3,000,000
4 3,750,000
5 4,688,000

This summary proudly boasted a projected growth rate of 25% annually.

Noticing that the business plan writer had switched from a monthly chart to an annual chart alerted me to a potential trap. Sure enough, they had fallen in--big time!

Let me explain. (I am letting you in on my thinking at this time--I hadn't said anything yet to my friend.)

They projected an annual growth rate of 25%. But look at this: doesn't the last month of the first year have sales in excess of $600,000? Look in the first table. Sure enough--$645,000 to be exact.

Now, if there were NO SALES GROWTH (0%) from that last month's level, what would be the revenue for the next year? Twelve times $645,000, right? That comes to a whopping $7,740,000!

$7,740,000 is over $3,000,000 more than they projected for the fifth year. That's after four years of "25%" annual growth, according to them!

Remember, I said NO GROWTH--zero--nada--zip!

I asked my friend why the company was projecting to lose sales! He had a look of astonishment and confusion.

I continued by asking him if the company expected to start the next year at low levels again and build up again, or would they start at the level of the last month and drop down during the year, or what?

It finally dawned on him that, by changing the projection time frame, the writers had missed the mathematical relationships. Seeing this flaw in the logic, he made my appraisal for me. He recognized that the rest of the projections were obviously in error and the entire plan was essentially worthless. At best, a major review of the numbers was needed.

The result: $250,000 blown in 5 minutes because of a phantom growth rate!

By the way, you may think this was a single, isolated case. Believe me, it wasn't. I have found this logic error in the majority of plans. In every case, the business plan writer is astonished and completely deflated. While that is never my intention, it does remind us how easy it can be to succumb to these kinds of traps.

(c) Copyright 2006, Leonard M. Stillman Jr., All Rights Reserved.

Len Stillman is the owner of Business Plan Tools, LLC and the Thrifty Shoppers Club. He has served entrepreneurs, banks, and investors for over 35 years. You are invited to learn more about the information in this article by visiting his Business Plan Tools blog.

What Is A Business Plan?

Individuals running small self-owned units with low revenues and lower profits are prone to ask -What is a business plan? They did not grow, simply because they didn't have one, and never bothered to find out before. Evidently they don't care much where their business is headed.

Others wish to expand their business but have no idea how to go about it. Ask them what is their business plan and they shake their head, skeptical. Simply wishing will not lead to success. You need to chart down your goals and figure out the way to reach them. This is exactly what a business plan is all about. It guides the enterprise towards stated objectives through carefully chalked tracks and processes, taking into account future conditions and contingencies.

It is your company resume and includes, among others, the following: a current and pro forma balance sheet, a statement of income, and an analysis of cash flow. An enterprising business plan is crucial if you want serious consideration of that important loan application. The plan will contain specific and organized company information and loan repayment method and details. It will also describe the company's business model and guide your sales team and suppliers.

Your resources may be plentiful today, but only a business plan will help you allocate them wisely. Even with meager means, firms have managed to show record growth, due to careful planning. Good business decisions do not emerge from instant brainwaves; they stem from a predetermined strategy based on detailed financial projections, market forecasts and careful analysis of risks and uncertainties. The next time someone asks you what is your business plan, be prepared with answers. Tell them a business plan is what helps you stay afloat in bad times and lets you tower ahead of competition in good days. Planning generally pays.
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.

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.

Business Development Plan

A business development plan is an essential tool for all prudent entrepreneurs if they wish to remain in business. Just wishing for one, will not get you anywhere. You need to know how it works in order to draft one for your enterprise. A complete business development plan serves three basic purposes: communication, management, and planning.

It communicates the group's financial strategy and company policy to all outside funding bodies and sponsors. Frequently, it will act as the prospectus of the company to attract investment capital and/or get loans sanctioned. More than a mission statement, the business development plan is a comprehensive explanation of the opportunity. It reveals the profit making potential of the business and helps attract strategic business partners. The plan dwells on all aspects of business activity, anticipates future problems and suggests alternatives as solution.
Company management sees it as an effective administration tool. With the help of the business development plan you can monitor the progress of all the current programs and evaluate the efficacy of your future endeavors. The plan allows you to set timelines and goals, . You can compare projected figures with the actual achievements and gauge the progress made. It is a dynamic tool that reflects the growing knowledge and experience of management.

The planning tool is your mentor as you walk through the different phases of your business. A carefully charted plan details all the possible risks and uncertainties, identifying future problems so that you can avoid them with the help of established alternatives. Entrepreneurs today are more inclined to share their business development plan with employees. This leads to a greater employee identification with the stated mission and a better understanding of the goals of the business.
Tip! Before you send your business plan to anyone, proofread the executive summary carefully. You will probably not get the financing if you have typos in the executive summary.

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.

What Is A Business Plan? And Why Do I Need One

For many entrepreneurs the creation of a business plan is the biggest hurdle in the development process of their fledgling enterprise. There is a mystery, almost a dread in many people when discussion of a business plan requirement is first broached. They conceptualize a boring, dry, painful experience and many would like to avoid this step if at all possible.

What is a Business Plan?

A business plan is a document that qualifies, quantifies and narrates a commercial opportunity. It is that simple to state, more difficult to execute, but anyone can customize a business plan that gets results. The plan must have an exciting Executive Summary. Like the opening scenes of a movie, or the first chapter of a book, the writer must set a hook.

Typically, active investors, angels, venture capital groups and investment bankers are deluged with business plans. Screeners typically read the document before passing along to decision-makers within the firm. However, very few move along the decision making food chain precisely because the Executive Summary lacks excitement, punch or sets a high level of anticipation about what is inside the document.

Having written dozens of business plans for clients I can attest that creating a plan that works is, well, work. No two plans are alike. The plan must be customized, well researched, structured and direct. I receive more than 500 business plan submissions annually in my consulting firm. Less than 1% have commercial potential as written. Many describe products, services, retail or new business development ideas that otherwise might be exciting. However, the plan does not convey that potential.

One of the worst things to evolve from the arrival of the inter-net is the ability to download a business plan template and write the document by filling in the blanks. The template itself is not problematic, I use a self-developed template when I customize plans. The problem is that many entrepreneurs do not have the writing skills, the research in hand, know the keys that turn on investors and thus, take shortcuts. Filling in the blanks without sweating the details and doing comprehensive research results in a document that will not be read and an opportunity that will never launch.
Tip! Executive Summary - This explains about everything that is the rest of the business plan. It should be written to completely cover every aspect of the rest of the business plan.

Rule number one in the development of any commercial opportunity: shortcuts equal failure!

I am a self-taught business plan writer. If I can do it, anyone can. In reality, however, most people just want to expose their opportunity to investors, licensees or potential partners. They don't have writing skills, do not know the types of research necessary to support the plans sales model, need help in creating the marketing strategy, and will never be able to narrate financials. Where can they go to create and exciting business plan document.

The following are resources readily available in most communities. Many are free.
Tip! Carefully analyze the strengths and weaknesses of your management team. Part of the business plan involves giving biographies of the main players.

Many colleges, community colleges and universities have developed small business incubators. They attract additional state funding, as small business growth and development are keys to job creation and an increased tax base. Take advantage of this community asset. Students, graduate students and professors are often available to direct your efforts. Ten years ago there were only a handful such programs. Today, over 1000 schools have some version of an entrepreneurial program.

Many states, regional and local governments offer business development programs. They have retired business people and mentors on hand to support, guide and train prospective entrepreneurs and guide business plan creation. There is no charge for utilizing this service, after all, your tax dollar supports these programs.
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.

SCORE, the Service Core of Retired Executives is a Federal Government sponsored initiative. Thousands of retired, experienced business people make themselves available to evaluate commercial opportunities and direct the development and launch of those deemed to have potential. They are often intimately involved in creating business plans.

The Ewing Kauffman Foundation in Kansas City, MO is devoted solely to the development of entrepreneurial development. Mr. Kauffman started, nurtured and developed Marion Labs from a tiny drug local company into a multinational, multi-billion dollar powerhouse. He also owned the Kansas City Royals baseball team. His devotion to developing and promoting the entrepreneurial base of the United States resulted in creation of the foundation that bears his name.
Tip! Before you send your business plan to anyone, proofread the executive summary carefully. You will probably not get the financing if you have typos in the executive summary.

Seek out a consultant. Typically consultants charge a fee, just like lawyers, accountants or plumbers. The advantage of an experienced consultant is that they write business plans for a living, will be strong writers, able to properly direct or perform research, narrate financials and differentiate a commercial opportunity by creating an exciting word picture. Always seek references and talk to several before deciding on a consultant.

Why Do I Need a Business Plan?

You might not. You might not need a deeply customized business plan if you are seeking to license or sell an invention, a patent or a prototype product. In this situation, the potential licensee would take your work product and develop a plan that fits their internal organizational needs.

However, if you are attempting to fund a start-up business, self-market a product or buy a small business you will absolutely need to create a road map. That road map is your business plan. The map is not linear, there will be curves and setbacks, but by quantifying, qualifying and narrating a well- researched, customized business plan you are much closer to success.
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.

Geoff Ficke is President of Duquesa Marketing, Inc. An international consulting firm with over 35 experience in creating customized strategies and business plans, product development and funding opportunities for entrepreneurs, inventors and small business expansion. Mr. Ficke is also a Senior Fellow at the Page Center for Entrepreneurial Study at the Business School, Miami University, Oxford, Ohio. He can be reached at 407-260-1127 or through the company website, http://www.duquesamarketing.com.

Business Plan Development

The need for comprehensive business plan development can never be overstated. Every entrepreneur must develop a business plan, irrespective of the nature of his commercial setup. Whether you set up a new venture, or buy out a running business, purchase a franchise, or simply wish to expand your current business, it is imperative to develop a business plan. Often, timely business plan development saves you from being wiped out by the competition.

A well-developed business plan proves very informative. Besides stating the goals and the ways and means to get there, it lists all the production processes and their capacities. A description of your products and services, the size of your business and the scope for expansion tells you exactly where you stand. Even details of the competition are included along with price comparisons to keep you alert. It lays down the standard to be followed for the advertisement of the company's products and services, and allocates the resources accordingly. Vital information on the ability of company personnel to adopt and implement the plan guidelines solves many HR issues.
Tip! 'Only qualified investors see your business plan.' Yeah, sure.

Business plan development is more than a feasibility study. It is the first document you present before potential investors and bankers. Even suppliers may extend initial or extended credit on the basis of your plan content.

The plan serves you till the very end. If you decide to sell your business, the buyers uses it to evaluate your business and to feel confident about their investment. The set of guidelines helps the new owner ensure a smooth transition and continued operational success.
Tip! To ensure your success. Writing a business plan enables you to consider all aspects of your photography 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. For more information on this topic please visit http://www.growthink.com/businessplan/ or visit our venture capital placement site at Growthink Venture Capital.

A Business Without A Plan Is Like A Ship Without A Rudder

Do you have an idea for a product or service? Would you like to start a business? If so you will want to read this article. Here's the good news: Every product or service ever invented by mankind started as an idea. An intangible thought impulse that was turned into reality through the efforts of one or more people working together in an intelligent and harmonious manner. Behind those successful ideas were organized written plans—business plans that laid the foundation and illustrated the path to success for the business owner and investors who funded the project. Then, those plans coupled with the burning desire of the entrepreneur to see the project through to completion is what helps to make a business succeed. The key words in this paragraph are idea, plans, burning desire.

Launching a business without a written business plan is like having a rowboat that has no oars, no map no sextant or compass for direction. The goal of any business is to succeed right? The ultimate destination is success. But what if you were given the rowboat mentioned a moment ago and told your destination was a specific dock in France? How would you get there? You have no oars, no maps, no compass and no sextant to guide you—would you jump into the rowboat, push away from shore and let the current guide you this way and that with no direction? And if you did, what do you think the probability of the trade winds and currents carrying you across the ocean safely so that you arrived at that specific dock…that specific destination? It won't happen will it…

It is critical to have a well-written business plan to succeed in business. First, it allows you to think through the details of your business and see the obstacles ahead and minimizes costly mistakes. Most entrepreneurs are big on ideas and small on written plans. Every new business has a level of chaos associated with start up; launch and roll out and having a business plan helps minimize this chaos. Writing a business plan is hard work. And most often you will get out of it what you put into it. Plans are both logical and emotional. First, a plan should be based on logical analysis taking a rational, realistic and hard look at the FACTS associated with the business project. There is no room for guesswork, you want hard cold data, statistics, market trends, buyer behavior, and demographics, and there's a lot you need to think through. But once you have the facts that support your idea, then you can emotionalize your plans in a manner that will sell your idea to others for their participation or financial investment.

Speaking of financial investment, your ability to find and recruit investors for your business is virtually zero without a well written business plan meeting the minimum guidelines generally anticipated by investors regarding plan structure and content.
Tip! Company Highlights: The free sample business plan will also include a section for you to look at that will have miscellaneous highlights of the company. The free sample business plan will list such highlights as: a mission statement; value statement; keys for success; desired outcomes; etc.

Another interesting phenomenon about writing a business plan—it takes that intangible thought impulse you have--the idea--out of your head and turns the intangible" thought impulse into a "tangible" form that can be understood by others. Writing a business plan moves your idea or project one step closer to reality.

80% of new businesses fail within a year or two. Why? For many reasons but primarily because entrepreneurs fail to plan and over estimate sales and underestimate costs. The greatest thing you can do to start your project in the right direction is to write a business plan BEFORE you leap into any business endeavor. There is power in planning and you will find it when you do it.

We have a free business planning EBook called HOW TO WRITE A BUSINESS PLAN THAT WORKS located at our site in the freebie section, which you can download at your convenience. It is the most powerful business planning tool I have ever seen and I have over 20 years helping and consulting small businesses. I STRONGLY suggest you take advantage of this opportunity and get your copy today. Another Ezine Article Exclusive!
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.

Copyright © 2006 James W. Hart, IV All Rights reserved

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