The best way to show bankers, venture capitalists, and angel investors that you are worthy of financial support is to show them a great business plan. The overall marketing strategy and selected tactics and resources that will promote the value proposition-intellectual property, patent rights, key relationships, or capital-will be accounted for. Your business plan should start with an executive summary. Only TWO out of the 30 students went on to start out their own businesses.
Many people begin their business plans with a simple template. Note that the word everything here comprises of the equipment, technology, raw materials, financial and other resources that you may need when starting and running your business venture. In reality, however, most people just want to expose their opportunity to investors, licensees or potential partners.
Financial plans need to extend three to five years. This summary is also an important communication tool for employees and potential customers. A thorough business plan should have the information to serve as a financial proposal and should be accepted by most lenders.
The person reading the executive summary does not have time to read your entire plan and report, hence making it as simple as possible is necessary. For many people, the most difficult part of creating the business plan is actually getting started. A start-up plan for your small business will certainly settle any doubts as to whether or not to pursue beginning a business you take into consideration, but will also serve as your roadmap to take you to the next levels of growth.
Here you will give a summary or the products or services you will be offering. A business plan captures a lot of details, including who your clients will be, the potential market size, growth and expansion strategy as well as your potential creditors. Additionally, as the business grows, you will want to use the business plan to help guide you in your future planning and decision-making processes.