Basic Business Plans

Basic Business Plans-26
Hire a Professional A professional consultant will create the business plan for you, but you still have to be prepared to think through your business and understand the underlying concepts in your business idea.You will have to work closely with the consultant to ensure that he or she develops a good plan that accurately represents your business or business idea.

If you have an existing business and are approaching a bank for capital to expand the business, they often will not require a business plan, but they may look more favorably on your application if you have one. Sitting down looking at a blank computer screen as you prepare to start your business plan can be daunting.

You may want to look at some alternatives that will make the process a bit easier.

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And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. A business plan can make or break a small business. [Back to top] An objective statement should clearly define your company’s goals and contain a business strategy that details how you plan to achieve them.

It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.

Basic Business Plans

Appendix Business plan tips and resources This is the first page of your business plan.The best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support is to show them a great business plan.Make sure that your plan is clear, focused and realistic.Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.This section can also highlight the strengths of your business and focus on what sets your business apart from your competition.» MORE: Best loans for working capital [Back to top] Here, you’ll list your business’s legal structure — such as a sole proprietorship, partnership or corporation — as well as key employees, managers or other owners of the business.It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.You will reference it often, making sure you stay focused and on track, and meet milestones.It will change and develop as your business evolves. Not everyone who starts and runs a business begins with a business plan, but it certainly helps to have one.“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years. [Back to top] This section provides a snapshot of your small business.

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