| Telling you how to develop a complete business plan | | | | convince everyone that you're after is relatively large |
| is just not the same as showing you exactly what | | | | and growing. You'll need to do some research for this |
| needs to be included in one. Below is exactly what | | | | section. |
| you need to include in your business plan so that you | | | | If you're planning to open a locally based business, |
| have a decent place to start. Here is a quick | | | | you need to check out the demand for your offering |
| nine-step guide to what you will need in your | | | | within a certain radius that is based on what you |
| company's business plan: | | | | determine is a reasonable distance from your |
| 1. The executive summary: The executive summary | | | | business. If you are planning to open a Web-based |
| is what introduces your business strategy to the | | | | business or one that relies on both the Internet and |
| reader and probably is the most important section | | | | local traffic for revenues, you'll need to evaluate |
| for lending institutions. If you can't convince a grant | | | | demand on a local and/or a national basis. You can |
| agency in the first two or three pages that you've | | | | also seek to get this type of information online as |
| got a good business proposal for them to listen to | | | | many different sites will perform this analysis for you. |
| and that you're not going to leave without some | | | | 7. The marketing strategy: This is the section where |
| funding to help you get started. This summary is also | | | | you will have to ask yourself how you plan to tell the |
| important as a communication tool for employees as | | | | world you're open for business. For example, |
| well as any potential customers who need to | | | | questions like; Will you advertise in print, television or |
| understand your goals and ideas. | | | | on the Web or all of these? Will you use online |
| 2. A small section on company startup: This section | | | | marketing tools like search optimization, to get your |
| of your business plan is where you have to clearly | | | | company listed on search engines and advertised on |
| explain the thought behind the company's creation | | | | other Web sites? You'll also need to include how |
| and how you or your business associate came up | | | | much you plan to spend on marketing. |
| with the idea to start your business. | | | | 8. A 3-5 year financial projection: This section should |
| 3. Your company goal: You will have to use this | | | | have a summary of your expected financial |
| section to explain in as few paragraphs as possible | | | | forecasts, including spreadsheets showing the |
| what your short and long-term goals for the | | | | method that you used to reach these projections. |
| company are. How fast do you think it will grow? | | | | You'll want to use your balance sheets, income |
| Who will be your primary customers? | | | | statements and cash-flow projections for the entire |
| 4. Biographies of management: This section will be | | | | period that year. The summary in this section is also |
| used define your management team and what their | | | | where you would tell grant agencies how much |
| purposes are. This section should include information | | | | money you'd like to get in order to cover your |
| such as the names and backgrounds of lead | | | | startup costs. The assumptions that you make in this |
| members of the management team and their | | | | section will make or break your company's success. |
| responsibilities. | | | | If you're unsure about using this kind of financial |
| 5. The product/service you will offer: This is where it | | | | modeling, find a professional. |
| is a must that you include a key piece of information | | | | 9. An exit strategy. All good business plans include a |
| that needs to be included in this section; which will be | | | | section that lays out the benchmarks you'll use in |
| a discussion of how your pharmacy actually differs | | | | deciding to call it quits. The strategy could be based |
| from every other business on the market. | | | | on a specific figure, revenue growth, the market's |
| 6. The market potential: This is the section where | | | | reception to your idea, or a consensus among top |
| you will really want to remember that you've got to | | | | officers. |