A business plan is the result of thoroughly investigating your industry, your market, your product, your financial situation and your proposed organization. A business plan outline provides an organized system for researching the feasibility of your business. Who should do a business plan? A business plan should be done by anyone starting a business or making major changes within their existing business.
Learn how to impress lenders with your plan in just 3 steps. While you may not consider yourself a modern-day Shakespeare, a SBA business plan is a critical component that lenders will examine. At this point, your business plan needs to go from a hypothetical thought in your mind to a well-written summary of your business forecast for the next three to five years.
Sample business plans and templates are also available to help you navigate the document with ease. Remember, a business plan only needs to be seven to 10 pages total, so each section is just a page or two. Learn more about your funding options: Depending on your business, the SBA lender will look at certain sections more than others.
While there are different templates available online, most embody many of the same critical elements. Cover page and table of contents.
Keep your layout clean, use your formal business name and logo to look professional and, of course, provide your contact information.
Make sure to introduce yourself and provide any pertinent information about your business success in the past, as well as an overview of your business idea, and how it fits into the current market.
How much will your business cost? How much funding are you looking for? Use this section to detail how the business will function. You can also include your business goals and competitive advantage here, as well as any partners involved in your venture.
Market Plan and Analysis. Get ready to show off your analytical skills in this section as you discuss the current state of the market for your particular industry, including any trends and future predictions. Data with figures or charts can pay off here as you discuss the competition and your target demographics.
Define the roles of your leadership team here in an organizational chart. If you are the only employee to date, write a well-constructed paragraph here about your pertinent qualifications.
Is there a board of directors? This would also be the place to describe the key members and their contributions. Highlight your business product or service here, including how it will meet — or exceed — the needs of your target demographic. Pricing, research and development, and intellectual property rights go in this section as well.
Detail the types of advertising email, online, etc. Be sure to tie your sales strategy in with the marketing plan, and include goals and key performance indicators, as well as budgets for both.
Here is where you request the actual dollar amount needed today to get you started, and for the next five years to keep you going. Be detailed in explaining how the money will be used, and reiterate any future financial plans so the lender can see your goals and the strategy behind them.
Be sure to include profit and loss information, as well as cash flow and balance data. Additionally, potential lenders will want to see expense budgets, a break-even analysis and any historical information.
Here is the grand finale, where you include any additional documents such as financial statements, licenses with partners or vendors, permits, resumes, and financial data, charts and graphs.
Now that your fingers are fatigued from typing, you can relax and work on other items to prepare your business while the lenders work with the SBA to determine your eligibility.FAQ - Business Plans.
SBA's Business Plan Tool - step-by step guide to writing a business plan. LivePlan - Business planning software offered at a discount through the SBDC. FreshBooks - Use FreshBooks to painlessly send invoices, track time and capture expenses.
As an SBDC client, you can get an extended day trial. Business plans templates are usually made up of a 10 to 15 page document with all the details about the business explained in detail. A business plan template usually starts off with a summary about the kind of work that is going to be taken up and the mission in hand.
Sample franchise business plan: please note that the example business plan linked below is a sample of one way to format a business plan. There are several different acceptable formats, and the contents of business plan sections will vary significantly due to factors including the franchise system, the type and amount of loan sought, the.
SBA Course In this webinar for the U.S. Small Business Administration, business planning expert Tim Berry helps entrepreneurs and small businesses better understand how to create a business plan.
Launch Presentation. This Small Business Plan Sample will help you write your business plan in the correct manner. You will get to see what a business plan really looks like. And also see how it can help you. The small business plan sample template features the small business plan in which designated columns are provided for filling the information.
This arrangement of information makes the business plan look organised and clear so that it can easily be interpreted without any confusion.