This next section is about important documents. These will include a resume, three years of tax returns, and a paragraph on each key employee. In addition include copies of documents like your insurance policies, lease agreements and any other agreements with suppliers. The financial section comes next. These need to be put on a spreadsheet and you need to show the numbers for the first twelve months. Year two and three you only show figures each quarter of the year. You need to have done your home work and know […]

Next is the statement of the vision statement and the mission statement. The vision statement is a description of the business as the owner envisions it in three years, and five years. Use the magic wand approach. If you could wave a magic wand and make the business anyway you would want, what it would be like. This needs to be very detailed stating things like “you’ll be operating out of a building which you own. You run five trucks in your business have ten employees, and you are no […]

The executive summary is the most important part of the business plan: Because the purpose of the business plan is to sell your business idea to the reader, you have to grab their attention right away. Just like when you write a newspaper story, after the headline the first paragraph will contain the “who, what, when, where, and how much.” Then the details are filled in as the story progresses. Like a newspaper story, the executive summary should grab the reader’s attention and make them want to read more. The […]

What a business plan is: A business plan is a report that tells the reader what your business is about. It includes several different sections like the executive summary, operating statement, mission statement, important documents, market analysis, situational analysis, and marketing plan. Why a good business plan is necessary and valuable: A good, well written business plan can be used for several important things. First, it can be used to raise money from investors or bankers, and second to help the business owner plan the details of the business and […]