Here are 7 things you need to include: The executive summary is the first and most important part of your business plan.
Location and Facilities optional 1.
Company Overview There are many variations and approaches on how to lay out the various components of a business plan. The primer below is meant only to explain the broad differences between the most common company types.
So for example, if you sell someone a cupcake and they sue you because they found a hair in it, and you lose in court, the creditors can legally go after your personal possessions — such as the roof over your head.
Partnerships A partnership, according to the IRS: Each person contributes money, property, labor or skill, and expects to share in the profits and losses of the company.
Corporations A corporation is a separate legal entity owned by shareholders. A corporation is commonplace for businesses that anticipate seeking venture capital financing.
S-Corporations You can elect a special tax status with the IRS to have your corporation not be taxed at the corporate level instead, it would be taxed as a pass-through entity.
If you have not yet incorporated Describe the type of company you plan to open, along with the registered name you plan to use. Explain your rationale — for example, if you are starting a company where you plan on seeking venture capital financing, then you will want to start a C-Corporation as majority of VCs will insist on this legal structure.
Management Team For start-ups, and especially those seeking financing, the Management Team section is especially critical. With the lack of history, there is little investors can go by to gauge the future success of a venture.
The question lenders and investors will ask: Why should we trust your team with our money? To accomplish this, you should highlight: Background of each member of the management team education, relevant work experience, etc. Roles and responsibilities within the company. For established businesses If you have an established business the information you want to present is the same.
Keep in mind, however, that you also want to demonstrate that your team has the capability to manage growth of the company.
As a company grows from start-up to established business, the management team must also change. What is a Board of Directors?
In a publically trading company the Board of Directors is elected by the shareholders and is the highest authority in the management of the company. For our purposes context of a private company that is most likely a startup or small but growing businessa Board of Directors is comprised of investor sfounder sCEO and independent board member s who have substantial business and industry experience.
What is an Advisory Board? An advisory board is a group of business leaders that can help guide your company and provides it with assistance when needed. Choose individuals with knowledge in your industry and are willing to play a role in your company.
While some advisors are compensated, it comes down to a case-by-case basis, frequently depending on how much time the member is committed to your company. Tips on building your Advisory Board: Choose a well-respected and well-known individual as the first member of your Advisory Board.
This will help you to recruit other members of the Board. Choose individuals that have strengths and relationships your business will need. As your business evolves, so will the members of your Advisory Board.
Feel free to shake up the line up over time. Required Funds In this section you will tell the reader how much money you need to raise, what you are going to use it for, and how you got to the requested amount.ELEMENTS OF A TYPICAL BUSINESS PLAN I.
Executive Summary A. One sentence explanation of the enterprise B. Define the market opportunity C. Simple definition of the product or service.
Oct 03, · Simple business plan outline; Detailed business plan outline; Standard tables and charts; You can click each of the above links to jump directly to that business plan section.
See an example of a completed business plan here, and learn even more about writing a business plan here. Simple business plan outline: 1. Executive summary. Write this last/5(). Writing a business plan is a prerequisite to your company’s success.
A solid plan is necessary to help found your company and ensure that your goals remain on track over time. Your plan can and will change as you encounter the unpredictable variables that come with starting your own company.
If our sample plan isn't exactly what you are looking for, explore our free business plan timberdesignmag.com, create your own custom business plan easily with LivePlan. Bplans is owned and operated by Palo Alto Software, Inc., as a free resource to help entrepreneurs start and run better businesses.
Sep 30, · To grow your business, you need a marketing plan. The right marketing plan identifies everything from 1) who your target customers are to 2) how .
There are seven major components of a business plan, and each one is a complex document. Elements of a Business Plan Within the overall outline of the business plan.