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    2 Replies Latest reply on Jun 6, 2008 12:24 PM by Adducent

    Business plan question..

    yeesquiv Newbie
      I am in the middle of writing my business plan, and I realize it is important in securing funds to start a business, but does it have to be so complex? What is the most important/vital information I need to provide in a business plan? What information isn't so vital?
        • Re: Business plan question..
          Lighthouse24 Ranger

          What parts are you finding to be complex? It could be that you're using a template or model that's designed to cover a broad range of start-ups, and it may include some sections that are not relevant to your situation. If there's one particular aspect of the plan (like the descriptive, analytical, or financial elemens) that you find tedious, you might seek free assistance from SCORE or other sources.

          As far as what's most important, I'd say it's your Financial Projections (cash flow and P&L) and your Market Analysis (especially the market research and competitive assessment). For the type of retail store you describe in your profile, the Market Strategy (labeling, pricing, branding, advertising, etc.) is also important. If you intend to seek start-up funding from other sources, then all the relevant retail operations/management experience and strategic relationships that you and any of your partners or prospective managers possess are very important factors, as well.

          Hope that helps. I wish you the best with your new enterprise.
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          • Re: Business plan question..
            Tracker

            In general Business Plans should consist of the following:

             

            1. Executive Summary
            2. Market Opportunity
            3. Vision, Mission, & Objectives
            4. Management
            5. Business Strategy
            6. Competition
            7. Risk
            8. Financial Plan
            9. Capital Requirements
            10. Summary

            How complex and comprehensive your plan should be depends on what you plan to use it for. This generally falls into 3 categories:

             

            • 1. Internal Planning (for forming the business and start-up operations)
            • 2. Internal Planning and presentation to close contacts that might want to invest in their business.
            • 3. Internal Planning, close contacts presentation and presentation to experienced investors and/or sources of funding for the business.

            Business plans can range from 10 pages to 50+. Simpler business plans (really more of an extended Executive Summary) are usually 10 pages or so and would primarily be used for internal planning purposes. Those type plans are less complex. Plans for presentation to funding sources and/or investor-ready business plans designed for professional investor presentation are longer and much more comprehensive (they have to be to cover all of the aspects of your business that an investor or funding source is going to want to know about).

             


            There are a lot of resources you can find online to help you with your business planning. Here is one free source that might be of some immediate help to you: http://www.sba.gov/smallbusinessplanner/i
            ndex.html.

             


            I hope that helps; good luck with your business.

            Dennis Lowery
            Adducent, Inc.
            1 of 1 people found this helpful