Business Plans, part II
This article is a companion piece to my current newsletter, Issue 102. If you don't subscribe to it you can still read my current copy by going to the signup sheet on my home page. On the bottom right-hand side there is a link you can click on to read it.
There is a tremendous amount of information on Business Plans online so instead of trying to synthesize it all
down into one, bite-sized article on the topic as I often do; I am going to give you a guide to a number of excellent sources for and examples of Business Plans.
However, before I go into that I want to print some very good advice I liberated off the web. (And believe you me, it was just yearning to be free.)
- Use a typewritten 8 1/2" x 11" format.
- Use a loose-leaf binder to package the plan and to facilitate any revisions.
- Begin with a cover sheet that includes the name, location, and telephone number of the business, and the name of the person who wrote the business plan.
- Keep it short and crisp without compromising the description of the venture.
- Keep it simple.
- Organize it appropriately with a table of contents, logically arranged sections, and appendices.
- Identify a target market and demonstrate evidence of marketability.
- Demonstrate the benefits of your product or service to the user or customer.
- Orient the plan toward the future.
- Attempt to develop forecasts of developing trends and use these forecasts to help you describe what you intend to do - not only what has been done - over the next three to five years.
- Do not be too optimistic in estimating sales potential. Develop scenarios that will describe the best case, worst case, and most likely case.
- Base sales estimates on market analysis, not on production capabilities.
- Highlight current and potential problems and demonstrate how they will be overcome. By identifying problems ahead of time, you will also enhance your credibility with investors and lenders.
What goes into a business plan?
The first place I'd like to direct your attention, and your clicking finger is:
soyouwanna.com and if you
only know a little about the business plans I would definitely start here.
It stresses how to focus on your target audience, what exactly goes into a business plan, and common errors you should avoid. It's easy reading and is a very good introduction to the subject of business plans.
Here is a link to the Small
Business Administration which you will want to look over. They're a great source of information for all sorts small business questions. Here are some of their most common questions and their answers.
Q-1. How do I get a small business loan?
Q-2.
How do I get a small business grant?
Q-3.
How do I get started in a business?
Q-4.
How do I get a business license?
Q-5.
How do I get a tax identification number?
Q-6. What type of collateral do I need for a loan?
Q-7.
Is there any business assistance available in my area?
Q-8. What classifies a business as "small"?
Q-9. How can I get my business certified as a woman or minority owned?
Q-10.
What type of interest rate, terms and fees does the SBA require on its Guaranty Loan Program?
Q-11.
How do I find an investor for my business?
So, do you got some examples for me?
Well, yes, despite your lousy grammar, I do. There are a surpsingly large number of free examples of business plans online. Most of them seem to be from people who are trying to sell you something but I guess that's to be expected. I give
people a lot of free information on my site for the same reason so I guess I shouldn't say anything.
Here's a site that has about sixty different free examples of plans. It's at:
bplans.com
I found one in particular you might want to look at. It's for a
Painting contractor business which has many of the features of a cleaning business. Namely it is a service business, you go to their home or
business to perform that service, you provide your own tools and supplies, etc., etc., etc.
What about online business plan software?
And last but certainly not least, here is a site by the people of
the Wall Street Journal it's their
Startup Journal page. One of its best features is it's
MiniPlan software.
I'm going to quote from their site here:
Welcome to the MiniPlan
Create a mini business plan free online. Test your assumptions and start documenting
your ideas for your new business. The MiniPlan guides you through creating the basics
of a business plan including:
Break-Even Analysis
Market Analysis
Executive Summary
Company Objectives
Mission Statement |
This is a neat little piece of software that will let you get a jump on creating your business plan. And they have lots of articles of interest to people starting their business. I won't go into any more detail about them here because they
aren't on the subject of business plans. But I would definitely look this site over for useful information.
What about business plan software?
I have deliberately not talked about business plan software because I haven't tried any out, so I can't say much on the topic. These program range in
price from around $50 to as high as you are willing to go. I went onto ask.com typed in the words 'business plan software' and I got about a dozen entries in their paid advertising section and literally millions of entries in their regular list. Clearly, if you're looikng for business plans software online you can easily find more than you will ever research.
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