If you’re starting a new business, you need a business plan. Creating one gives you a clear, concise, and cogent document to present to potential investors, banks, venture capitalists, and business partners. It will also help you organize your own thinking so that you can readily see a roadmap for success, including potential pitfalls along the way.
Executive Summary
A clear statement of the purpose of the business. What are the business goals? What defines success? This is essentially your “elevator speech.”
What is the Business?
The next section should drill down from the executive summary into specifics. Describe the business in detail. What is its unique selling proposition? Who are its competitors and what is your business’s competitive advantage?
Describe how the business will be structured operationally and how day-to-day operations will be effected. How many people will be needed on-staff or outsourced and who will they be?
Marketing Plan
How will your product or service be marketed?
Financials
Your business plan must provide supporting financial data and forms, including business insurance, loan applications, financial statements, P&L statements, personal tax returns and financial statements of the principal officers, and so on.
Additional Legal Documentation
- Include the proposed legal structure of the business, whether corporation, non-profit 501c3, limited liability company (LLC), sole proprietorship, or otherwise.
- Include the necessary legal documents unique to your physical structure, such as deeds or leases, licenses, health department approvals (if necessary), zoning variances (if necessary), and so on.
- Include legal documents about running the business such as certifications and licenses, franchise contracts, etc.
- Include the resumés of all principals.
