When a business or brand wants to show potential investors or lenders that they are a viable company, they typically draft a business plan. A business plan lays out the resources, team, and tools that you have to make it happen- and to reaffirm that you are worth investing in.
Keep the following in mind when crafting your business plan:
What Is a Business Plan?
A business plan should show that your company can make enough money to show a return on any investments or loans. A well-done business plan will be clear, concise, and realistic.
What Is Included in a Business Plan?
A business plan involves several components, so it is several pages long. A thorough business plan is comprised of:
- An Executive Summary that highlights your main goals as a business.
- A Company Summary that provides basic facts about your business, such as the ownership and history of your brand.
- A description of your Products and/or Services offered, and what makes them distinctive in today’s market.
- A Market Analysis which summarizes your average customer, size of the market, and projected industry growth.
- Details of the strategies that you plan to employ to sell your product should be included, as well as previous numbers and measurements of how these have worked in the past.
- A Management Summary gives some background on your team and their achievements.
- Finally, include a thorough Financial Plan with information about your sales, profits, and cash flow.
What Makes a Successful Business Plan?
Research and attention to detail make for a successful business plan- but it all begins with a well thought out idea that is written clearly and concisely. Make sure that you demonstrate the team’s ability- particularly management- at making your business or brand successful. Show that you have the potential to turn a profit. Here is a great resource for more information on this.
How Do You write a Business Plan?
A business plan is a lot like a first impression: it is integral to making it a good one. For this reason, it might make sense to enlist the help of a professional to write your business plan. There are many comprehensive books on the subject that basically outline the process, as well as high-tech software that makes it much easier to develop a great plan.
When it comes to your company’s growth and prosperity, talk to the industry insiders at Aspen Commercial Lending. Get started compiling information for your own business plan to show the future potential of what you are offering. If you want additional help from those who get businesses funded everyday, visit our additional services page to contact us.
Writing a business plan can be a overwhelming task. Break it down into little parts, do a little each day. Here is a great book I recommend for building a successful plan and business.