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If you’re seeking funds for business expansion, include a detailed history of your current business practices and growth.
Your business plan serves the same purpose; it identifies your market, analyzes the industry and factors in probable costs and profits.
Keep it brief, keep it truthful and back up your logic with figures. Use everyday language and outline your plan, grouping similar ideas under the same headings. A banker or investor doesn’t have time to wade through lengthy explanations.
Copies of demographics and statistics, applicable articles from the business section of a regional newspaper, copies of market research and photos or descriptions of the services or products you intend to sell are all valuable documentation.
Include copies of templates and forms you intend to use for forecasting cash flow, results of test marking and samples of promotional brochures.
That best way to find out whether you do or not is to do your research and write a business plan to see if your idea is feasible.
The simple business plan template presented here will get you started.
Include projected net profit, projected turnover, expected loan repayment rate and profitability expectations.
Equity investors want to know if dividends are available, the rate at which you expect to realize profits and the distribution or reinvestment of those profits.
Separate the information into categories with clear headings.
You can add categories depending on the type of business you’re starting, but standard business plan headings include Objectives, Market Analysis, Industry Predictions, Experience and Knowledge, Customer Benefit, Operations, Short and Long-Term Goals and Financing.