Basic Business Plans

“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years. [Back to top] This section provides a snapshot of your small business.

“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years. [Back to top] This section provides a snapshot of your small business.

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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.

If you are seeking funding from a venture capitalist, you will certainly need a comprehensive business plan that is well thought out and contains sound business reasoning.

If you are approaching a banker for a loan for a start-up business, your loan officer may suggest a Small Business Administration (SBA) loan, which will require a business plan.

You can read Timothy Berry's "Hurdle: the Book on Business Planning".

Use Business Planning Software A good business planning software package will provide you with an outline for a well-developed, objective-based and professional business plan.

Software packages will remove the problem of starting from scratch by structuring your plan for you.

The software should ask you the right questions that will pull out the most important underlying concepts within your business idea.

You can find a list of business planning consultants at

Buy a Book There are many good books on the market that will help you to understand what needs to go into a good business plan.