Proper Business Plan

Unless you’re borrowing from your parents, your funding sources will want to know.It’s easier if you can show recent financial statements and base your projections on those, since that will give lenders an idea of how realistic your numbers are.It’s considered a living document, but despite its adaptability, there are basic elements the Small Business Administration says any plan should contain. This will be the last thing you write, but possibly the most important, since many readers will stop here if they’re unimpressed.

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His business expanded enough that it eventually controlled the majority of oil production in the U. “Writing a business plan forces you into disciplined thinking if you do an intellectually honest job,” he says.

“An idea may sound great in your mind, but when you put down the details and numbers, it may fall apart.” Think Big, Start Small and Plan for Success A further advantage of your roadmap is that, ideally, it changes with your business.

If your business is grappling with a similar challenge, you’ll want to be sure you have the resources and cash flow to withstand operating at a loss for 11 months out of the year.

Spell out the details of ownership, including investors and show your organizational chart.

You’ll want to include how much you need right now as well as how much more you might need over the next five years.

A critical point is how you plan to repay borrowed money to creditors (if you opt for debt financing) or, alternatively, generate returns for investors.

It’s crucial to understand the market you plan to enter.

Find out who your competitors are, analyze their cash flow and profit margins, and research technological developments in the industry that might be game-changers.

Perhaps you’ve heard the old saying that failing to plan is the same as planning to fail.

It’s commonly attributed to Benjamin Franklin, the 18th century inventor and politician whose belief in the value of preparation was strong enough that he once made a list of more than 12 character traits around which he planned to structure his life.

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