Your First Business Plan

Your First Business Plan-69
Highlighting your new business's strengths will encourage your reader(s) to continue reading your plan.After completing all the sections, don't forget to insert a title page at the beginning of the plan followed by a table of contents listing each section with page numbers (see Simple Business Plan Template): This kind of business plan (yes, there are different kinds) is a formal document and it has to look like one.

Highlighting your new business's strengths will encourage your reader(s) to continue reading your plan.After completing all the sections, don't forget to insert a title page at the beginning of the plan followed by a table of contents listing each section with page numbers (see Simple Business Plan Template): This kind of business plan (yes, there are different kinds) is a formal document and it has to look like one.

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If you work through each section of this outline, in the end you'll have a complete, well thought out business plan that you'll be able to submit to a financial institution in order to request a loan or to potential investors for equity financing in your business.

While appearing first, this section is written last.

It summarizes the key elements of the entire business plan and is the first thing anyone looking at your business plan reads so it's critical that your executive summary is outstanding.

(Reading this Executive Summary Example will give you a sense of how to put yours together.) An overview of the industry sector that your business will be a part of, including industry trends, major players in the industry, and estimated industry sales.

Her day job involves developing diverse women-led start-ups. “I usually advise people to focus on a pitch deck and a one-to-two-page executive summary,” she said.

Because of this, Finney has read many a business plan. “Investors want to see real traction, not data that’s already irrelevant.” She cited the lean start-up method of “build, measure, learn” as more useful than endlessly projecting by way of a bulky business plan.Generally, in a business plan, you want to "put your best foot forward".So if, for instance, you have a stellar group of people serving on your new business's advisory board, by all means, put that section directly after the Executive Summary.A description of your funding requirements, your detailed financial statements, and a financial statement analysis.This part of the business plan is where you will present the three main financial documents of any business, the balance sheet, the income statement and the cash flow statement. The next step, it turns out, is googling “how to write a business plan” while debating whether you’ll be CEO/founder or founder/CEO.In addition to about five other extremely impressive things, Finney is the founder and managing director of digitalundivided, a social enterprise that empowers and supports black and Latina women entrepreneurs.You want every aspect of your business plan to impress (especially if you're using it to ask for money). “With my friendship-bracelet business, I actually wrote out how many spools of thread I’d need, who would sell the bracelets, and how my older (cooler) brother would act as the celeb spokesperson,” she said.If the goal of your business plan is to get funding, it's wise to make sure that your management plan includes an advisory board as a management resource.A description of your business's physical location, facilities and equipment, kinds of employees needed, inventory requirements and suppliers, and any other applicable operating details, such as a description of the manufacturing process.

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