Business Plans

A well-written business plan is an important tool because it gives entrepreneurs the ability to lay out their goals and track their progress as their business begins to grow. A business plan is not a static document that you write once, and writing a business plan doesn't automatically guarantee success. On the other hand, a business plan will allow you to set targets for your business and to communicate your strategy and vision for your team. It also gives you a framework to evaluate your strategy and your financials and determine whether you need to make any changes. Writing a business plan also gives you a document to show banks and other potential sources of financing that your business is viable, and a solid plan can also help you negotiate favorable rates from banks and investors. The video below was created by Bplans.com and explains this in greater detail.

Primary goal:

A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.

Needed components:

1. Executive Summary: a snapshot of your business plan as a whole and touches on your company profile and goals
2. Company Description: provides information on what you do, what differentiates your business from others, and the markets your business serves
3. Market Analysis: showcases your research on your industry, market, and competitors
4. Organization and Management: details the structure of your business and how it will be managed
5. Service or Product Line: tells the story of how your product or service will be exactly what your customers need
6. Marketing and Sales: outlines the marketing and sales strategy of your business
7. Funding Request: if you are seeking funding for your business, this is the section to outline that request
8. Financial Projections: make a plan for where you see your company in five years
9. Appendix: if you have additional documents like permits or leases, these can be included here

Important note: 

These categories are flexible and may not cover everything for every business. Many samples will also include things like introductions to the business owners and their histories, visual components like charts and graphs, and further description of who the customers will be.

Source: Small Business Association, "Write your Business Plan":

A great way to start a business plan is to look at examples from businesses in your industry. The "Business Plans Handbook" series includes hundreds of actual business plans compiled by, and aimed at, entrepreneurs seeking funding for small businesses. You'll find plans from businesses in the manufacturing, retail and service industries which serve as examples of how to approach, structure and compose business plans. 

After logging into Gale Ebooks with your credentials (same as school email):

1. Scroll down to the "Business" collection.
2. Locate "Business Plans Handbook" (first series listed).
3. Use the "Search Within Publication" tool or select one of the 50+ volumes.
4.  Each volume contains about 20 sample business plans.