A business plan may have one of two objectives: to attract investors or to set guidelines for a team to follow. Many business plans address both targets.
If you are about to launch a new venture, you want a business plan that puts your company and its goals in the best light possible.
You should construct your business plan around the type of company you intend to have. Once you decide on the formation, you can begin working on the format of your business plan. The sections may include, among others, the Company Description, Business Goals, Competitive Analysis, Marketing Plan and Financial Projections.
About the Executive Summary
The all-important Executive Summary kicks off your business plan. It should provide essential information, including:
- Your mission statement
- The products and services your company offers
- A financial overview
- Any major achievements for your company to date
- Competitors and what makes your business different from theirs
Know your audience. You may want to create various business plan versions; for example, one version for banks and one for potential investors. Be conservative with numbers and careful not to exaggerate your financial picture. Also, be sure you have the proof to back up any claim you make in your business plan. For example, if you tout the skills and experience of a staff member, be sure his or her resume stands up to your praise.
In order to make your business plan the best it can be, seek legal guidance. Not only will this benefit your content, but you can also feel confident that there will be no legal missteps as you present information about your new venture.