A systematic evaluation of all factors essential to the purposes and objectives of your business. Here are some suggested topics you can tailor your plan:

* Vision Statement: It is a concise outline of the aims and objectives of your business.

* People: undoubtedly, the most important ingredient for success is yourself. Focus on how your previous experience will be applied to your new business. Develop a resume of yourself and each person involved in starting the business. Be factual and avoid hype.

This part of your business plan will be read very carefully by those who will interact with you, including lenders, investors and suppliers. Templates for preparing resumes are available in your library, Kinko’s, bookstores and the Internet under “resumes.”

However, it can pretend to be someone who is not. If you lack the ability to perform a key function, include this information in its business plan. For example, if you lack the ability to train staff, explain how to compensate for this deficiency. You can add a partner to your plan (discussed in Section 4) or plan to hire key people who possess the skills you do not have. Include biographies of all potential managers.

* Your business profile: Define and describe the business you have in mind and how it intends to do exactly. Try to stay focused on the specialized market you intend to serve.

* Economic assessment: Provide a complete assessment of the economic environment in which your business. Explain how your business will be appropriate for regulatory agencies and the population that deal. If appropriate, provide demographic and data traffic flow that are usually available in local planning departments.

* Test of cash flow: cash flow includes a year that will incorporate your capital requirements (see Lesson No. 7). Include your assessment of what might go wrong and how to handle problems.

* Include your marketing plan and expansion.

* See useful government websites, such as the Small Business Administration (SBA). See “Resources” on the homepage of this website.

Six Steps to A Great Business Plan

The entrepreneurs often have difficulty writing out business plans. This discipline will help in many ways, so do not skip this planning tool! To make it easier, here are six steps that will guide you in structuring a worthwhile plan:

1. Enter your basic business concept.
2. Gather all the information you can about the feasibility and the specifics of your business concept.
3. Focus and refine your concept based on the data it has collected.
4. Outline the specifics of your business. The use of a “What, where, why, how” can be useful.
5. Put your plan into a compelling form so that not only give you insights and direction, but at the same time become a valuable tool for dealing with business relationships that will be very important to you.
6. Review the sample plans we furnish and download the blank format to a MS Word document. Fill this in as you progress through the course.