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So you have decided that you want to start your own business.  Congratulations.  It’s a big decision and it takes quite a bit of thought and planning.  The first thing you need to do before you write a single word on paper is create a life plan.  Head down to a quite spot where you think you can get some alone time, for me its the beach, and really think out where you see yourself in 1 year from now, 3 years from now, 4 years from now, etc.  think about how you are going to fund the business, what is your budget going to be, how much time are you going to spend each day on certain parts of your business?  Do you have a family?  How are you going to make sure they are not ignored?  What kind of business do you want to start?  what kind of relationships do you have in that business?  You get the point.  Make sure you have truly thought out what you want to do and what you are getting yourself into.

Before you write anything on paper you need a life plan for yourself and your family

When you have decide what you life plan is going to be you then can figure out how you want to plan your business.  When it comes to planning your business and writing a business plan you need to start off with some research on your industry.  Get to know your industry a bit by asking lots and lots of questions.  There are hundreds of forums you can go to in your local area.  Find out what makes the industry tick.  What in your industry can no one live without?  What can you live without?  Try to get a feel for the how the industry flows.  If you are going to start a restaurant, call the owner of a view restaurants in town and ask them some questions.

Ask all kinds of questions when performing research for your business plan

A business plan must contain certain items in order to prove to a bank or lending institution that you are a low risk borrower.

Executive Summary – An executive summary is the first several pages of your business plan and it pretty much sums up your business and your plan for that business in a nut shell.  this will give the reader a thirty thousand foot view of your business.  You don’t want anyone waisting their time or your time reading through an entire business plan when they really aren’t interested.

Marketing Plan – This portion of your business plan is arguably the most important part.  You are pretty much expressing to the reader how you are going to generate revenue.  In your marketing plan you need to talk about all marketing verticals for your business.  Tie costs and revenue to that costs for each vertical.

Current and Forecasted Financials – Lenders are going to want to see that you have thought about your financials.  They are going to want to see what your current numbers look like along with how you plan on growing your business in the future.  The documents you need to show for this part of your business plan are your balance sheet, cash flow statements, profit and loss statements, asset statements, and any other financial statement that is relative to your business.

Management Team – Business is all about people.  If you have good people then you will most likely have a good business.  Lenders are going to want to see resumes of the employees you have on your management team.

Exit Strategy – How do you plan on getting out of your business?  Do you plan on selling it, taking it public, merging with another company?  What is the big pay day plan?

Intellectual Property – If your business has any kind of secret sauce or patents of any kind, put them in your business plan and lenders will view this as a competitive edge.  Having something someone else doesn’t have will help you get approved for a business loan or line of credit.

Supporting Documents – So you have made certain claims about your business and now you need to back it up with proof.  Lenders are going to want to see titles of incorporation, contracts on leased property, purchase orders, etc.  This will help a lender make a better decision.

Here are a few more articles on business plans.