Tips for writing a business plan
- Although there are many templates available for download all over the internet, remember that your business plan will need to be tailored to your specific industry, and the needs of your specific business.
- If you are writing a business plan in order to get finance for your business, it is important to include the information that different funders will want to know. For example, bankers want to know how much money you need to loan, how you plan to use the money and how will make repayments. On the other hand, investors will be more interested in how much money will be required in the next few years, expected returns on investment, how an investor may exit the arrangement and how you intend to report financials.
- If your business has not started turning a profit yet, include long-term financial forecasts.
There are a lot of generic business plan templates available through the Internet or in business books. However, bear in mind that a business plan should tailored to suit your specific type of business and the audience for which the plan is written.
Below is a set of guidelines on how to adapt your business plan depending on who you give it to, and what sort of business you intend to run. Bear in mind that if your business is not yet profitable or you have not yet made your first sale, you must do longer-term financial forecasts to show when you expect the business to start turning a profit.
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