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What is a "Business Plan" and do I need one?

A business plan is a structured document that is a sales pitch for your new or expanding business that you will use when attempting to obtain formal financing. Almost all business will need a business plan when obtaining financing by bank loans, business loans, business start-up loans, private financing or investors, etc.

A business plan is NOT a planning document and does NOT take the place of a strategic plan for your business. The business plan is typically 10-50 pages in length and includes the following major sections. The actual length will be a function of the complexity of your business and how much money you are looking to obtain. A small home-based business looking for a bank loan would only require a "minimal" plan, such as:

Table of Contents

Executive Summary - A short description of the business

Company Description - Details of what the business is about

The Market - Who is going to buy your product/service and why

The Product or Service - What you are selling

The People - Most important part of the plan! Who is going to make it all work

Sales and Promotion Plans - Details of how you will get the word out

Financial Information - How the money will be used and how do you plan to pay back the loan

Click the links below to learn more on how to write a business plan:

Small Business Plan: Requires Careful Research And Preparation

Business Plan Outline: Learn The Implementation Step-By-Step

Business Plan Format: Discover The 3 Major Objectives To Formulate Your Plan

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