Lagorio Senior writer, Inc. Lagorio When Harland Sanders sold his first Kentucky Fried Chicken franchise inthe document he prepared for the first batch of franchisees was a mere two pages in length. Things have changed a lot in the intervening years.
Usually, banks and venture capital firms make the existence of a viable business plan a prerequisite to the investment of funds in a business.
It should also provide at least an overview of the industry of which the business will be a part, and how it will distinguish itself from its potential competitors. Financial Projections A complete business plan must also include a set of financial projections for the business.
These forward-looking projected financial statements are often called pro-forma financial statements or simply the " pro-formas. In a business plan, a business owner projects revenues and expenses for a certain period of time, and describes operational activity and costs related to the business.
Practical Considerations The idea behind putting together a business plan is to enable owners to have a more defined picture of potential costs and drawbacks to certain business decisions and to help them modify their structures accordingly before implementing these ideas.
It also allows owners to project what type of financing will be required to get the businesses up and running.
The length of the business plan will vary greatly from business-to-business, but in general, all of the required information should fit into a to page document. If there are crucial elements of the business plan that take up a lot of space, such as applications for patents, they should be referenced in the main plan and included as appendices.
If there are any especially interesting aspects of the business, they should be highlighted, and used to attract financing. For example, Tesla Motors Inc. A business plan is not meant to be a static document.
As the business grows and evolves, so should its business plan. An annual review of the plan allows an entrepreneur to update it when taking evolving involving markets into consideration, and it also provides an opportunity to look back and see what has been achieved and what has not.Running a successful Personal Training business can be accomplished if you follow these 17 tips!
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What is a 'Business Plan' A business plan is a written document that describes in detail how a business, usually a new one, is going to achieve its goals. A business plan lays out a written plan. Basic Approach to Strategic Planning. A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition.
Feb 21, · What I’ve learned as an entrepreneur and investor is that it’s important to outline your business plan carefully. Although the exact structure of business plans vary, my personal. A formal business plan is an important document for any business.
Entrepreneurs just starting out may find putting their thoughts, goals and in some cases dreams to paper an intimidating process.
Dec 03, · Section I - Executive Summary. 1 - Executive Summary. The Executive Summary is the most important part of your business plan. Because if it .