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Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
You can also discuss current or pending trademarks and patents associated with your product or service.
[Back to top] This is simply an explanation of what your marketing strategy is and how you will execute it.
There are 15 references cited in this article, which can be found at the bottom of the page.
A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there.
Providing unreasonable sales estimates can hurt your chances of loan approval.
“They know what you can expect sales to be for that type of business in that market,” Allen says. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans. Appendix Business plan tips and resources This is the first page of your business plan.A business plan typically looks out over three to five years, detailing all of your goals and how you plan to achieve them. If you’re looking for outside funding, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets.If you’re applying for a loan or looking for investors, a business plan shows you’re prepared and have fully vetted your business idea, says Craig Allen, a financial advisor who teaches business plan writing classes at Southern New Hampshire University. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.“In general, you don’t want to stand out in a negative way by being too optimistic.” You want to show that your business can generate strong enough cash flow to cover the regular debt payments on a loan.But you should also address the various risk factors of the business, Allen says.The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.In addition, the business plan is an indispensable tool to attract business capital. We believe everyone should be able to make financial decisions with confidence. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. It contains important information including its registered name, address of any physical locations, names of key people in the business, history of the company, nature of the business and more details about products or services that it offers or will offer.To do this, many or all of the products featured here are from our partners. A strong, detailed plan provides a clear road map for the future, forces you to think through the validity of a business idea, and can give you much greater understanding of your business’s financials and the competition. It spells out exactly what you’d like to accomplish, both in the near term and over the long term.