The first real stage of writing your business plan concerns describing and articulating your business and what it hopes to achieve. Synopsis/executive summary: Here is where brief and specific point are made which form summary of all about the business. This is basically an introduction where you can summarise the other sections of the report and give a very basic outline of what the proposed business is about.
So how much detail you should include in your business plan may depend on your reasons for writing it. A written business plan can be an invaluable tool that the entrepreneur can use to identify and exploit opportunities. Yes, since you are running a business, you need a plan that keeps you focused on what’s important to you.
You can download the business plan template included in this session, fill it in and print. One-time start-up costs may include things like your business license and equipment, while regular monthly expenses include things such as salaries, stock replenishment and marketing.
What (and what not) to include in the plan can also be determined by issues of confidentiality. If you decide to use a business plan template, Lang says it’s important to make sure that it’s based on the specific business type or industry that you are operating in.
Conducting a SWOT analysis is also good way to identify the strengths, weaknesses, opportunities and threats your business may face. Although there remains the few who are fortunate enough to have the resources to start and operate a company, a Business Plan is vital regardless of whether or not outside financing is needed.