Help Creating A Business Plan

Help Creating A Business Plan-12
Focus on the key elements of your business plan and avoid getting too bogged down by the technical aspects of your business or using too much industry jargon.You can always put supporting information or other important details in the appendix.

Focus on the key elements of your business plan and avoid getting too bogged down by the technical aspects of your business or using too much industry jargon.You can always put supporting information or other important details in the appendix.

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Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.[Back to top] Now that you’ve written your business plan, here are some tips to help your hard work stand out: Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well.Providing unreasonable sales estimates can hurt your chances of loan approval.It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.You can also discuss current or pending trademarks and patents associated with your product or service.But you should also address the various risk factors of the business, Allen says.“The loan officer is definitely going to want to know that you’ve thought through all of the potential risks and that you’ve mitigated those risks in some way,” he says. Appendix Business plan tips and resources This is the first page of your business plan.» MORE: Best loans for working capital [Back to top] Here, you’ll list your business’s legal structure — such as a sole proprietorship, partnership or corporation — as well as key employees, managers or other owners of the business.If you’re applying for a loan or looking for investors, a business plan shows you’re prepared and have fully vetted your business idea, says Craig Allen, a financial advisor who teaches business plan writing classes at Southern New Hampshire University. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years.

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