If you want to apply for a business loan, attract investors, or obtain any necessary licensing, business plans are a prerequisite.
Even if you don’t need financing or licensing, however, it’s still a good idea to have a well-thought-out business plan.
Preparing To Write Your Business Plan Writing Your Business Plan Finalizing Your Business Plan Help Writing a Business Plan Show 1 more... He has over 40 years of experience in Business & Finance.
Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas.
This article will outline how to create one step-by-step.
Are you planning to start a business or do you already own one?
Avoid subjective or unverifiable information, however compelling it may appear.
Experienced business plan readers -- including commercial loan officers and veteran investors -- have "seen it all." They not only disregard all examples of "fluff" data, they often downgrade the rest of your business plan, even though it is prepared correctly. The most critical component of the perfect business plan, the executive summary appears at the beginning, but is often written last.
Explain your strategy and show the reasons it will succeed against your known competition.
Design and predict your financial results for the coming five years.