Essay About Business Plan Checklist And Personal Resumes

Business Plan
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Business Plan Checklist
Many people mistakenly assume that to write a
successful start-up business plan they should
dazzle their readers with complicated technical
jargon, complex corporate structures and fierce
non-disclosure pledges. Yet the truth is that
this type of approach can actually alienate po-
tential investors, who may be neither technical-
ly oriented or knowledgeable about your particu-
lar industry. The purpose of a well-prepared
business plan is not to show how sophisticated
you are as a writer, but how practical and at-
tainable your goals are.
Whether youre trying to raise $20,000 or
$2,000,000, you should be sure to address cer-
tain crucial areas that convince investors your
business is a good risk. Following is a general
approach that you can use as a foundation. How-
ever, you should tailor your plan to meet the
specific circumstances of your business, empha-
sizing its strengths and addressing the poten-
tial problems and challenges to be faced.
Summary
The summary should concisely describe the key
elements of the business plan. For the firm
seeking financing, the summary should convince
the lender or venture capitalist that it is
worthwhile to review the plan in detail. The
summary should briefly cover at least the
following:
* Name of the business;
* Business location and floor plan description;
* Discussion of the product, market and compe-
tition;
* Expertise of the management team;
* Summary of financial projections;
* Amount of financial assistance requested (if
applicable);
* Form of and purpose for the financial assist-
ance (if applicable);
* Purpose for undertaking the project (if finan-
cial assistance is sought);
* Business goals.
The Company
This section provides background information on
the company and usually includes:
* A general description of the business, includ-
ing the product or service;
* Historical development of the business, in-
cluding:
– Name, date and place (state) of formation;
– Legal structure (proprietorship, partnership,
corporation);
– Significant changes (including dates) in own-
ership, structure, new products or lines, and
acquisitions;
– Subsidiaries and degree of ownership, includ-
ing minority interests;
– Principals and the roles they played in the
formation of the company.
The Product or Service
Describe the present or planned product or ser-
vice lines, including:
* Relative importance of each product or service
including sales projections, if possible;
* Product evaluation (use, quality, performance);
* Comparison to competitors products or services
and competitive advantages over other producers;
* Demand for product or service and factors af-
fecting demand other than price.
The Project
If financing is sought for a specific project,
describe the project, the purpose for which it is
undertaken, its cost and the amount, and the form
and use of the financial assistance.
Management
* Organizational chart;
* Key individuals (include supervisory personnel
with special value to the organization):
– Responsibilities;
– Personal resumes (describing skills and experi-
ence as they relate to activities of the business);
– Present salaries (include other compensation
such as stock options, bonuses);
-Planned staff additions.
* Other employees:
– Number of employees at year end, total payroll
expenses for each of previous five years (if ap-
plicable) broken down by wages and benefits;
– Method of compensation;
– Departmental or divisional breakdown of work