Developing a Business Plan

The purpose of a business plan is to create a road map for you to follow to help ensure the success of your business. Writing one will force you to grapple with, in advance, questions about what you want to accomplish and how you will accomplish it. If you are trying to get funding for your business, a well thought-out and well-written plan is imperative. If you are funding the business yourself, taking the time to write a plan will have you clarify your direction and keep you on track as you move forward.

A typical structure of a business plan includes:

• Executive Summary (1-2 pages summarizing key points of the business plan)
• Organization
• The business - history, legal structure, strengths/weaknesses
• Management and organization - describe team, if one exists, their expertise and structure of the company
• Market Plan
• Industry - size of industry (revenue)
• Product/service - outline services and/or products offered
• Market analysis - customers and competitors; how you compare
• Market strategy - how you will go about attracting customers
• Financial Plan
• Historical financial statements (income statement, balance sheet, cash flow analysis)
• Monthly projections of revenue, expenses and cash flow needs
• Amount of funding needed and how you will use funds
• Appendix
• Resumes/bios of management team
• Legal formation documents (e.g. Articles of Incorporation)

Below are links to business plan templates from various states and organizations:

Small Business Administration Business Plan Template

Illinois Business Plan Template (PDF file)

Massachusetts Business Plan Template

Additionally, there are software packages available in bookstores that will not only help you write a business plan, they will help you build financial statements to include with your plan.

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