Elements Of A Business Plan Essay

6394 words - 26 pages

Elements of a Business Plano1. Cover sheeto2. Statement of purposeo3. Table of contentsoI. The BusinessA. Description of businessB. MarketingC. CompetitionD. Operating proceduresE. PersonnelF. Business insuranceG. Financial dataoII. Financial DataA. Loan applicationsB. Capital equipment and supply listC. Balance sheetD. Breakeven analysisE. Pro-forma income projections (profit & loss statements)Three-year summaryDetail by month, first yearDetail by quarters, second and third yearsAssumptions upon which projections were basedF. Pro-forma cash flowFollow guidelines for letter E.oIII. Supporting DocumentsTax returns of principals for last three yearsPersonal financial statement (all banks have these forms)In the case of a franchised business, a copy of franchise contract and all supporting documents provided by the franchisorCopy of proposed lease or purchase agreement for building spaceCopy of licenses and other legal documentsCopy of resumes of all principalsCopies of letters of intent from suppliers, etc.THE BUSINESS PLAN - WHAT IT INCLUDESWhat goes in a business plan? This is an excellent question. And, it is one that many new and potential small business owners should ask, but oftentimes don't ask. The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial management plan and 4) the management plan. Addenda to the business plan should include the executive summary, supporting documents and financial projections.THE BUSINESS PLAN - DESCRIPTION OF THE BUSINESSIn this section, provide a detailed description of your business. An excellent question to ask yourself is: "What business am I in?" In answering this question include your products, market and services as well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions.The business description section is divided into three primary sections. Section 1 actually describes your business, Section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable (if you have a franchise, some franchisors assist in site selection).o1. Business DescriptionWhen describing your business, generally you should explain:o1. Legalities - business form: proprietorship, partnership, corporation. The licenses or permits you will need.o2. Business type: merchandizing, manufacturing or service.o3. What your product or service is.o4. Is it a new independent business, a takeover, an expansion, a franchise?o5. Why your business will be profitable. What are the growth opportunities? Will franchising impact on growth opportunities?o6. When your business will be open (days, hours)?o7. What you have learned about your kind of business from outside sources (trade suppliers, bankers, other franchise owners, franchisor, publications).A cover sheet goes...

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