What is a business plan?
A business plan can serve many purposes. So what is a business plan? Its primary use is to demonstrate direction of the business as to attract funding. Its secondary purpose is to provide the management of the business a way to track progress and direction. Depending on the on the author and audience of the plan, a different approach should be taken. Length is non standard. There are one page business plans for very successful businesses, there are 180 page business plan for very basic operations. In short, the business plan should cover everything that is required to meet its own goals. A business plan for funding should focus on the respective talents of management, and financial milestones of the operation. It should project 3-5 years and should contain the basic high level segments including but not limited to: Executive summary, company structure, product description, market and industry analysis, marketing plan, management overview and a financial plan. Some business plan that ar
The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. Since the My Own Business, Inc. course is broken down into 14 of the most important topics to consider in starting or operating a business, your business plan can easily be organized into this same format. Included in this session, and in each of the following sessions, there is one-page business plan template, which you can fill in and print. (Session 2 contains templates for both Sessions 1 and 2.) When you put these all together, you will have completed your personalized, overall plan.
A business plan is any plan that works for a business to look ahead, allocate resources, focus on key points, and prepare for problems and opportunities. Unfortunately, many people think of business plans only for starting a new business or applying for business loans. But they are also vital for running a business, whether or not the business needs new loans or new investments. Businesses need plans to optimize growth and development according to priorities. What’s a startup plan? A simple startup plan includes a summary, mission statement, keys to success, market analysis, and break-even analysis. This kind of plan is good for deciding whether or not to proceed with a plan, to tell if there is a business worth pursuing, but it is not enough to run a business with. Is there a standard business plan? A normal business plan (one that follows the advice of business experts) includes a standard set of elements, as shown below. Plan formats and outlines vary, but generally a plan will incl
A business plan is a written document that describes the business you want to start and how it will become profitable. A business plan usually begins with a statement outlining the purpose and goals of the business and goes on to show how the business owner will realize those goals, including a detailed marketing strategy. A complete business plan also contains a formal break-even analysis, a profit-and-loss projection, and a cash-flow analysis designed to show that if the business develops as expected, it will make money. For more information, see Business Plan Basics.
