How To Write A Business Plan For Your Business

By: Gregg Hall
Submitted: 2007-01-17 12:43:18
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

So you've reached that stage where you're ready to get your home business started in every way except one: you need money. Whether it comes from a loan or from investors doesn't really make too much difference, since there's one thing that they all need to see before they'll give you a cent. That thing is your business plan.

Think of your business plan as being like a list of answers to questions that people might have about your home business. You will not get outside funding without one, because the people giving you the funding want to know that you've thought through what you're doing. A business plan says to them 'I've considered this from every angle, and here's what I've come up with'.

What is Your Service? This is the first question every business plan should answer. Just what is it that you plan to do? Tell them which industry you're going to be in, and why you've chosen it.

Who are Your Customers? Once you know what you do, the next thing you need to know is who you're going to be doing it for, and so that's the next thing that should be written on the business plan. You should also include your area here.

What Makes You Different? You need to say what the 'key factors' are that make your business different to other businesses in its sector. What is it that you're planning to do to make the business succeed?

What are Your Expenses? Your start-up expenses include any equipment that you need before you can get up-and-running, while your day-to-day expenses are staff costs and supplies.

To finish it all off, you should include a breakdown of projected profit and loss per month for the first year of the business, in the form of a graph. You would work this out by working out a reasonable repayment of any one-off expenses and adding this repayment to the day-to-day expenses, before graphing day-to-day expenses against projected sales. Your business plan should show you making enough of a profit each month to live - if you doesn't, then it will be considered unfeasible by anyone you show it to.

The best way to figure out the dos and don'ts of business plans is to find real ones - they're out there on the Internet. Once you've seen a few, you can start to get some idea of how much work is going to be involved to write one of your own. Remember, until your business exists for real, the business plan is the only tool you have to show anyone how great it's going to be.

Gregg Hall is a consultant for online and offline businesses and lives in Navarre Florida. Get reviews on executive business books at http://www.executivebusinessbooksummaries.com

Article source: Expert Articles

Most Recent Articles in Strategic Planning category

  • Budget: A Necessary Part of a Good Business Plan - By: Cheri Alguire
    A Synopsis of how to make a good business plan/budget.
  • Why a Development Plan is Critical to Your Business Plan for Next Year - By: Cheri Alguire
    It is almost time to begin creating your Business Plan for next year. One important part that is often overlooked is what I call the Development Plan. A Development Plan helps you to look at your overall business in different specific areas.
  • How to Become a Successful Business Consultant - By: Shermaine Camacho
    The work of a business consultant is to help organizations improve their performance, primarily through the analysis of existing business problems and development of plans for improvement, including gaining external advice, access to the consultants' specialized expertise, or simply as extra temporary help during a one-time project, where the hiring of more permanent employees is not required.
  • Plan or Planning, Which is More Important - By: Katie Marcus
    Educated marketers who are degree-holders and attended formal business schools would tell you that having a business plan is necessary. That it is very important for businesspersons to have one.
  • Lauton U: The Fundamentals of a Well Written Business Plan - By: Joseph Polanco
    A requisite to the funding process at Lauton Funding is also essential to business in general. Your business plan is a pivotal component of your undertaking and is necessary, not only for putting together a profitable business but, as your company evolves, to help you benchmark the achievement of pre-established goals.
  • How to Get Your Custom Notepads Printed Right - By: Katie Marcus
    Planning on printing custom notepads? Well, there is nothing like using personally designed notepads to impress people with your letters and notes.
  • Overcoming Your Postcard Printing Problems - By: Kaye Marks
    Post card printing is not a perfect process. Many people, beginners or experts alike, still can run into a few problems as they deal with the postcard printing process.
  • Five Principles for Poster Printing Success - By: Kaye Marks
    Poster printing success revolves around five major principles in design and printing. It is important to know these things if you ever decide to print posters yourself.
  • Bring a Touch of Elegance to Custom Notepads - By: Katie Marcus
    Making your custom notepads elegant is not a hard task. With the right kind of imagination and tools, you can easily upgrade an existing design for your notepads and turn it into something that looks very special and formal with that special touch of elegance that connotes a certain class.
  • Five Ways to Making Your Business Booklet Printing Easier - By: Kaye Marks
    Are you having trouble when you print booklets for business? Are you looking for the best strategies for cheap booklet printing? Are your business booklets failing to achieve the results that you want?