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Old 10-18-2005, 05:51 PM   #1 (permalink)
 
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What is in a Business Plan?
Introduction

The introduction will summarize what the business is, highlight why you are the person who can make it profitable and state the amount of funds you are requesting.

Briefly describe:

What type of business is it? Retail, wholesale, manufacturing or service?

How old is the business? Is it a proposed start-up, an expansion or the purchase of an existing business? (If you are buying an existing business, state how long it has operated in that location)

What is the legal structure of the business? Is it a sole proprietorship, partnership (limited or general), or corporation (C or S or Limited Liability - LLC)? If the business is a partnership, it is necessary to prepare and include a partnership agreement in the attachments section of your plan.

Who are the owners? List all owners, the percent of ownership for each, their investment and their current or proposed compensation plan.

Where will loan funds come from, and how will you use them? Include a list of what will be purchased with the loan, from whom you will purchase the items listed, and the benefits that will result.

What is the proposed collateral? This may include inventory, machinery, equipment, and real estate. Don't forget to include the appraised or market value of each item listed. List separately proposed purchases and assets you already own if they are going to be used in this business. If you have mortgages on any item submitted in this section, include the balances owed on each.

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Business Activities: How Will Your Product/Service Generate Profit?

This section describes what the business does and how it will succeed in its location. Provide an evaluation of the industry in general (is it growing or in decline) and an objective description of the competition.

Briefly describe:

What are your product(s) and/or service(s)? A specific list of items you will sell.

Where is your market and who will buy your product/service? Any sales claims listed in your financial statements are best substantiated here. It is a good idea to use letters of support from potential customers or a survey that might strengthen your claim.

Who is competing with you? Define your competitive advantage. List your competitors, their location, their strengths and weaknesses and how that will affect your sales.

How will you attract and keep your customers? How will you turn your product or service into sales?

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Management: How Will Your Business Operate?

This section will show why you will be able to do what it is you say you are going to do. Include the management services that will be provided by you or your employees and the services that will be provided by outside professionals.

Briefly describe:

What experience have you had in this business? How is it related to the line of work that will be needed in the business?

Who else will have management responsibilities? If others will be working in the business and have management responsibilities, include their resumes, a list of their responsibilities and their proposed salaries or wages.

Who will work in your business? List all responsibilities that each employee will have. Don't forget any part-time help and their proposed schedules.

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Financial Information: Can You Make A Living At This Business?

Here is where you demonstrate to the lender your need for a loan and your ability to repay. It is important that the financial information be consistent throughout the plan as well as on the personal financial statement, loan application, and registration form. If yours is an existing business, it will be necessary to provide up to three years of previous business and/or personal tax returns. This shows your business trends and how well you have managed and marketed your business. The proposed owners of a start-up should submit their personal tax returns for the past three years.

Projections are necessary for either an existing business or a start-up and must be based on realistic and verifiable assumptions from your local market area. For an existing business, projections will be compared to past performance. Significant differences between your actual business performance and projected future performance should be explained.

Documents to include:

Historical business or personal financial statements for the past three years

A monthly cash flow projection for up to three years, depending on the terms of the loan
Existing businesses should also include the most recent balance sheet and profit/loss statement. If you are purchasing an existing business, an appraisal or verification of value of anticipated purchases and financial statements from the prior owner will be required.
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Supporting Documents

Attach any other documents that will strengthen your plan by supporting your capabilities. You may want to include any information that will further substantiate your claim. Examples could include surveys, letters, contracts, and purchase orders.

Note: Items underlined indicate that you will need to provide additional verification along with your business plan. Consult with your loan officer if you are unsure of the information needed.

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Old 10-19-2005, 12:55 PM   #2 (permalink)
 
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anyone find this information useful..?
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Old 10-20-2005, 12:45 AM   #3 (permalink)
 
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Yes, I've found it helpful. Very sound advice. Thank you.

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Old 10-20-2005, 03:58 PM   #4 (permalink)
 
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its not mine...found it online for the many who ask..
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Old 10-21-2005, 09:18 AM   #5 (permalink)
 
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You mean you did a Search? Pretty easy wasn't it. Wonder why so many others can't find one. Oh, I know, it's called being lazy.
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Old 10-21-2005, 03:06 PM   #6 (permalink)
 
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I would look into Pointblank Business Technology about their business plan software which is specifically for tanning salons. here's their link: http://www.pointblankbusinesstechnology.com They also have a lot of complimentary information. I highly recommend them.
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