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The Business
Plan If you know your business
idea is sound, the next step is to prepare some
sort of business plan. Truth be told, most small businesses
are started without any type of plan. Some
of the greatest businesses in the world were started
on a cocktail napkin. However, this is not the
course we recommend, especially if you intend to receive
a small business loan
or other funding in the future.
To get an overall idea of the Business Planning process,
you can visit the Small Business Administration's
(SBA) site
dedicated to Business Plans. Don't underestimate
the power of a good business plan. It forces you
to check your assumptions and can help guide you through
the difficult startup phase of your business.
There are 3 basic types of business plans:
1. A Simple Business Plan
2.
A Comprehensive Business Plan (done
via book, web or software)
3. A Professionally
Written Business Plan
Explore all three options below to see which is the best
fit for you.
A simple Business
Plan can be no more than one page in length and is probably
more than enough for most small businesses. However,
don't be fooled by its length; a well thought out simple
business plan can be a positive force throughout the
life of your business and most certainly during the
startup phase.
Instead of detailing a simple
business plan here, there is simply no better resource than
the book and companion CD-ROM by Jim Horan called "The
One Page Business Plan". This remarkable
book with CD-ROM provides everything you need to prepare
a simple business plan step-by-step.
Visit the following link to learn more: The
One Page Business Plan by Jim Horan (amazon.com)
If
your company will be applying for business loans or lines of credit, a simple
business plan may not be enough to satisfy the requirements of a bank
or investors. Therefore, we've listed some great
resources for those looking to build a more comprehensive
business plan.
For
those entrepreneurs that are looking for significant
amounts of money or venture capital, a professionally
written business plan may be the way to go. Below,
we've listed some resources and contacts for those who
wish to have their business plan written by a professional.
The cost is usually $1,000 and up.
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