Are you just beginning a business plan and want to know if you're on the right track or whether you should be getting outside assistance instead of trying to “go it alone� The business plan is by no means easy. As the SBA has stated in the past, it can literally suck hundreds of man-hours out of you just to get to a presentable draft. Depending on your skill set and the tools you have available to you, you'll most likely find the financial model or the market analysis the most difficult, and both present their own challenges. Make sure that your business plan:
• Clearly identifies the target market and the opportunity
• Investigates close competitive comparables and outside risks
• Looks carefully at the industry and its forecasts
• Knows what the market need is and how to fulfill it
• Presents a 3-5 year pro forma showing break-even, profit, etc.
The business plan should be a comprehensive document that describes what you're selling, how it gets acquired or made, and what the future products or services might look like. It should have a clear development timeline and a use of funds laid out so that investors or lenders know how you plan to use the capital they give to your business. The full pro forma must include a revenue forecast, break-even analysis, profit and loss statement, cash flow, and a balance sheet for a minimum of three years. Showing the first year in monthly format and including a sensitivity analysis to track the impact of sales variances is also smart. Add a bio section to this, and you've got a working plan. Sound like too much to handle? Call the experts at MasterPlans and get the plan done right and done fast! (877) 453-2011.
