The well-developed business plan must reflect your personal vision of the goals and objectives of your business.  Being prepared to handle the things that can go wrong.  Often the SURVIVAL of the business is more relevant than its projected success. 

The ‘plan’ must be reduced to a written proposal for experienced business personnel to read and must conform to an established guideline.

• A summary, which briefly explains the ‘idea’ and its possibilities.

• An explanation of how your product or service fits into the larger commercial scheme of things and its long-term objectives.

• A detailed description of your service or product and the advantages offered to the end user.  Make comparisons of your product or service with competition, with strong arguments as to why your business will be superior.  This will include a competitive analysis.

• A clear marketing plan must be included in the report being submitted.

• Describe the management and personnel, including relevant qualifications of those who will spearhead the business.

• Explain the legal structure of your business, sole proprietorship, partnership, company etc.  (Check out our notes on ‘How To Structure Your Business’) See Business Tips - 4

• Explain financial projections including cash flow, allocation for repaying capital, private and personal investment and the amounts of required outside capital.

 

Have you considered linking up with an existing business or business associate instead of ‘going it alone’?  Our experience has shown that the survival of your venture is improved by taking this direction when setting out your business goals.  See our Business Tips - 3

Before a decision is made in taking further steps to prepare your business plan, we have recommended to clients to undertake some research and reading of various business publications.

Here is a list of publications, which have proved very successful in assisting individuals in a similar position to you.

• The Powermind System by Michael Monroe Kiefer.  (Especially Section ll on Goal Setting)

• Psycho-Cybernetics by Maxwell Matlz

• How to Manage Money by Larry Burkett

• Starting a Small Business by Marcia Layton Turner

Note that some of these publications may be out of stock or ceased publication, so we recommend that you check out our recommended book suppliers for these books or similar.

 

Additional reading in preparation for psyching your personality to handle the exciting task of starting your own business and assisting you to develop the required personality for success, is also very useful and some excellent publications may be purchased online from the above book supplier.

Also very useful is to sign up for some relevant Newsletters on business, finance and careers.

 

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