Business Plan

Writing a business plan can be a fun process. It can also seem overwhelming at first. Give yourself plenty of time to write your business plan and get your thoughts out on paper. If you are serious about your potential business then start writing the plan now. Even writing a "mini plan" may be a good way to start. Possibly writing a short paragraph for each element or section.

A typical business plan will be the "guide" of running your business. You should consider re-writing your plan a few times before you approach investors, banks, friends or family (if you are seeking funds for your venture). There will most likely be some issues that come up when writing the plan that you haven't considered previously.

Having your business plan reviewed by someone you trust and with experience is always a huge plus. I wrote a first draft of my business plan for my potential web based venture about two months ago. I made various changes and added information after presenting to my entrepreneurial training class. There was a wealth of information I didn't have in the first draft that was in the second draft. There will be a post on resources for help writing and reviewing a business plan.

The most important element of the plan is typically your Executive Summary. This will summarize your entire plan, touching on the highlights.  It will be the first thing that people read and needs to grab their attention. Many business people will recommend that you write this section last. Another crucial element is the Cash Flow Projections. Cash Flow forecasting is an essential tool for entrepreneurs to estimate where their company will be financially over a specific period of time. There will be more sections on the rest of the business plan and summaries of what each section should cover....