What are the essentials of a Business plan?


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All business plans need to show two things: that the business idea is a good one, and that the numbers show a profit.

All good business plans have two basic goals: to describe the fundamentals of your business idea, and to provide financial calculations to show that it will make good money. But, depending on how you intend to use it, a business plan can take somewhat different forms.

If you will use your plan to borrow money or interest investors, it should be carefully written and edited to sell your vision to skeptical people. Normally this means that it should include a persuasive introduction and request for funds, in-depth market research information, an evaluation of your main competitors, your key marketing strategies, and a management plan. In addition, it should contain detailed financial information, including your best estimates of start-up costs, revenues and expenses. Finally, since your plan will be submitted to people you don’t know well, the writing should be polished and the format clean and professional.

If your plan will primarily be for your own use that is, if you don’t need to raise money don’t worry so much about making a sales pitch or slick presentation. But don’t skimp when it comes to doing your numbers. The last thing you want is to experience the very real misery of starting a business that never had a chance to make a solid profit.

Plan to get the help you need. Not all business people are great writers. But excellent writing skills can be a big help in creating a compelling business plan. Consider paying a freelance writer with small business savvy to help you polish your plan. Similarly, if you are challenged by numbers, find a bookkeeper or accountant to provide needed help.


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