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One of the biggest reasons home based business owners do not create a business plan is because they do not know what it should contain. What goes in a business plan? This is an excellent question. And, it is one that many small business owners should ask. They 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.
Below is an outline for a business plan. Use this model as a guide when developing the business plan for your business. You do not need to make it as complex as this outline shows. You can always add to it as your business model changes.
If you need even more assistance in preparing your business plan, there are wonderful software programs on the market that will take you through the process step by step.
Elements of a Business Plan
1. Cover Sheet
2. Statement of purpose
3. Table of contentsI. The Business
A. Description of business
B. Marketing
C. Competition
D. Break-even analysis
E. Pro-forma income projections (profit & loss statements)
- Three-year summary
- Detail by month, first year
- Detail by quarters, second and third years
F. Pro-forma cash flow (follow E.)II. Supporting Documents
Tax returns of principals for last three years.
Personal 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 franchisor.
Copy of proposed lease or purchase agreement for building space.
Copy of licenses and other legal documents.
Copy of resumes of all principals.
Copies of letters of intent from suppliers, etc.
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