Creating a business plan is a key part of starting any business venture.
Even if you’ll never use it in this format for attracting investors and raising capital, it can be vital for helping all entrepreneurs to ask and think through essential questions.
Every minute invested in this section can pay great dividends over the longer term.
Include: For further guidance on this section, you may want to review the piece on Forbes with the title How To Create A Marketing Plan. Operational Plan This is your opportunity to organize and demonstrate your understanding of this industry and business.
Using this template you will cover most of the bases and will be able to take the next steps with confidence.
Carl Schramm, president and CEO of Ewing Marion Kauffman Foundation, speaks at the Milken Institute Global Conference in Beverly Hills, California, Monday, April 23, 2007.
Include: Management & Organization This section of your business plan will help you to identify your own needs, and demonstrate to investors and other licensing bodies and agencies that you are the team to get this job done.
It basically shows your management and industry experience and who will do what.
If you never flesh out a full business plan, make sure you create a fantastic executive summary.
This brings together all of the key elements of your plan and will often be the make or break document which decides whether commercial lenders or investors will have any interest in seeing the rest of your documentation or pursuing a relationship with you.