Our Business Plan builder is suitable for most types of businesses including online companies, service providers, non-profits and home-based businesses.Making a Business Plan helps you see the potential of your business and it can help others see it, as well.If you are planning on opening a local business, you likely know your competitors.
If you want to open a coffee shop across the street from another coffee shop, you'll need to be able to explain why that makes sense.
You should be able to describe your market in quantifiable terms, like how many potential customers are in the market and what you expect them to spend.
However, it is a good exercise for building your elevator pitch for times when you talk about your business with others.
Often small business owners are so excited about their product that they forget to consider their competition.
You'll also want to show how you plan to pay back debt and when you expect to be profitable. Funding needs If you are looking for investors, how much do you need and how exactly are you going to use the funds? Once you have your Business Plan made, try to look at it as if you were a stranger to your business.
Have a few respected colleagues read through it as well and tell them not to be nice, but to find as many weak areas as they can.
In fact, a Business Plan is an evolving, working document, so change it as often as you need.
Writing a good executive summary is important because it may be the only thing an investor reads to decide if they even want to bother with reading the rest of your plan.
You'll also want to map out your marketing schedule and how you plan to pay for everything. How much of the seed money will be from your own savings? But your investors, unless they are family or friends, are going to look at it objectively.
Financial plans You'll need to map out how you plan to finance your business. Investors will also want to know if you plan to take on additional debt or if other investors are involved. This is one of the reasons you need a Business Plan capable of surviving intense scrutiny.