Business Plan Elements
The business plan consists of a narrative and
several financial worksheets. The narrative template is the body of the
business plan. It contains more than 150 questions divided into several
sections. Work through the sections in any order that you like, except for the
Executive Summary, which should be done last. Skip any questions that do not
apply to your type of business. When you are finished writing your first draft,
you’ll have a collection of small essays on the various topics of the business
plan. Then you’ll want to edit them into a smooth-flowing narrative.
Why a Business Plan Is Important
The real value of creating a business plan is not in
having the finished product in hand; rather, the value lies in the process of
researching and thinking about your business in a systematic way. The act of
planning helps you to think things through thoroughly, study and research if
you are not sure of the facts, and look at your ideas critically. It takes time
now, but avoids costly, perhaps disastrous, mistakes later.
About this Business Plan Template
This business plan is a generic model suitable for
all types of businesses. However, you should modify it to suit your particular
circumstances. Before you begin, review the section titled Refining the Plan,
found at the end. It suggests emphasizing certain areas depending upon your
type of business (manufacturing, retail, service, etc.). It also has tips for
fine-tuning your plan to make an effective presentation to investors or
bankers. If this is why you’re creating your plan, pay particular attention to
your writing style. You will be judged by the quality and appearance of your
work as well as by your ideas.
It typically takes several weeks to complete a good
plan. Most of that time is spent in research and re-thinking your ideas and
assumptions. But then, that’s the value of the process. So make time to do the
job properly. Those who do never regret the effort. And finally, be sure to
keep detailed notes on your sources of information and on the assumptions
underlying your financial data.
This post was originally published here: Business
Plan Template for a Startup Business
