How To Prepare A Business Plan

#How To Prepare A Business Plan That Guarantees Big Profits For You As An Internet Marketer

It does not matter whether you’re an individual with your own online business you run from home or a big international company success in business comes as a result of planning. You have to have a detailed, written plan that shows what the ultimate goal is, the reason for the goal, and each milestone that must be passed in order to reach your goal.

your business plan is a written definition for achieving your goal

A business plan is a written definition of, and operational plan for achieving your goal. You need a complete success tool in order to define your basic product, income objectives and specific operating procedures. YOU HAVE TO HAVE A BUSINESS PLAN to attract investors, obtain financing and hold onto the confidence of your creditors, particularly in times of cash flow shortages – in this instance, the amount of money you have on hand compared with the expenses that must be met.

Aside from an overall directional policy for the production, sales effort and profit goals of your product – your basic “travel guide” to business success–the most important purpose your business plan will serve, will be the basis or foundation of any financial proposals you submit. Many entrepreneurs are under the mistaken impression that a business plan is the same as a financial proposal, or that a financial proposal constitutes a business plan. This is just a misunderstanding for the use of these two separate and different business success aids.

The business plan is a long range “map” to guide your business to the goal you’ve set for it. The plan details the what, why, where, how and when, of your business – the success planning of your company.

ask yourself, what is your online business marketing plan

Your financial proposal is a request for money based upon your business plan – your business history and objectives.

Understand the differences. They are closely related, but they are not interchangeable.

Writing and putting together a “winning” business plan takes study, research and time, so don’t try to do it all in just one or two days.

The easiest way to start is with a loose leaf notebook, plenty of paper, pencils, pencil sharpener, and several erasers. Once you get your mind “in gear” and begin thinking about your business plan, “10,000 thoughts and ideas per minute” will begin racing through your mind. So, it’s a good idea when you aren’t actually working on your business plan, to carry a pocket notebook and jot down those business ideas as they come to you.  Your ideas for sales promotion, recruiting distributors, and any other thoughts you have on how to operate and or build your business.

Later, when you’re actually working on your business plan, you can take out this “idea notebook” evaluate your ideas, rework them, refine them, and integrate them into the overall “big picture” of your business plan.

The best business plans for even the smallest businesses run 25 to 30 pages or more, so you’ll need to “title” each page and arrange the different aspects of your business plan into “chapters.” The format should pretty much run as follows:

your plan must detail the what, why, where, how and when, of your business

Title Page

Statement of Purpose

Table of Contents

Business Description

Market Analysis

Competition

Business Location

Management

Current Financial Records

Plans For Growth

Projected Profit & Loss/Operating Figures

Explanation of Financing for Growth

Documentation

Summary of Business & Outlook for the Future

Listing of Business & Personal References

This is a logical organization of the information every business plan should cover. I’ll explain each of these chapters titles in greater detail, but first, let me elaborate upon the reasons for proper organization of your business plan.

Having a set of “questions to answer” about your business forces you to take an objective and critical look at your ideas.  Putting it all down on paper allows you to change, erase and refine everything to function in the manner of a smoothly oiled machine. You’ll be able to spot weakness and strengthen them before they develop into major problems. Overall, you’ll be developing an operating manual for your business – a valuable tool which will keep your business on track, and guide you in the profitable management of your business.

you should have a written logical organization of the information every business plan should cover

Because it’s your idea, and your business, it’s very important that YOU do the planning. This is YOUR business plan, so YOU develop it, and put it all down on paper just the way YOU want it

to read. Seek out the advice of other people; talk with, listen to, and observe, other people running similar businesses; enlist the advice of your accountant and attorney–but at the bottom line, don’t ever forget it has to be YOUR BUSINESS PLAN!

Remember too, that statistics show the greatest causes of business failure to be poor management and lack of planning–without a plan by which to operate, no one can manage; and without a direction in which to aim its efforts, no business can attain any real success.

On the very first page, which is the title page, put down the name of your business with your business address underneath?  Now, skip a couple of lines, and write it all in capital letters: PRINCIPAL OWNER – followed by your name if you’re the principal owner. On your finished report, you would want to center this information on the page, with the words “principal owner” off-set to the left about five spaces.

Example:

My Business

1 Main Street

Anywhere

PRINCIPAL OWNER: Your Name

That’s all you’ll have on this page except the page number -1-

Following your title page is the page for your statement purpose. This should be a simple statement of your primary business function, such as: We are a service business engaged in the business of selling business success manuals and other information by mail.

your mission statement should be a simple statement of your primary business function

The title of the page should be in all capital letters across the top of the page, centered on your final draft – skip a few lines and write the statement of purpose. This should be direct, clear and short – never more than (2) sentences in length.

Then you should skip a few lines, and from the left hand margin of the paper, write out a sub-heading in all capital letters, such as: EXPLANATION OF PURPOSE.

From, and within this sub-heading you can briefly explain your statement of purpose, such as: Our surveys have found most entrepreneurs to be “sadly” lacking in basic information that will enable them to achieve success. This market is estimated at more than a 100 million persons, with at least half of these people actively “searching” for sources that provide the kind of information they want, and need.

With our business, advertising and publishing experience, it is our goal to capture at least half of this market of information seekers, with our publication. MONEY MAKING MAGIC! Our market research indicates we can achieve this goal and realize a profit of $1,000,000 per year within the next 5 years.

your explanation of purpose briefly explains your statement of purpose

The above example is generally the way you should write your “explanation of purpose,” and in subtle definition, why you need an explanation. Point to remember: Keep it short. Very few business purpose explanations justify more than a half page long.

Next comes your table of contents page. Don’t really worry about this until you’ve got the entire plan completed and ready for final typing. It’s a good idea though, to list the subject (chapter titles) as I have above, and then check off each one as you complete that part of your plan.

your table of contents page should list the subject chapter titles of your business plan

By having a list of the points you want to cover, you’ll also be able to skip around and work on each phase of your business plan as an idea or the interest in organizing that particular phase, stimulates you. In other words, you won’t have to make your thinking or your planning conform to the chronological order of the “chapters” of your business plan – another reason for the loose leaf notebook.

In describing your business, it’s best to begin where your statement purpose leaves off. Describe your product, the production process, who has responsibility for what, and most importantly, what makes your product or service unique – what gives it an edge in your market. You can briefly summarize your business beginnings, present position and potential for future success, as well.

Next, describe the buyers you’re trying to reach – why they need and want or will buy your product–and the results of any tests or surveys you may have conducted. Once you’ve defined your market, go on to explain how you intend to reach that market—how you’ll these prospects to your product or service and induce them to buy. You might want to break this chapter down into sections such as, publicity and promotions, advertising plans, direct sales force, and dealer/distributor programs. Each section would then be an outline of your plans and policies.

stand out from your online marketing competitors and capitalize on their weaknesses and better their strong points

Moving into the next chapter on competition, identify who your competitors are  –  their weakness and strong points – explain how you intend to capitalize on those weaknesses and match or better the strong points.  You have to at least try and stand out from Talk to as many of your “indirect” competitors as possible, and preferably those operating in different towns and cities.

One of the easiest ways of gathering a lot of useful information about your competitors is by developing a series of survey questions and sending these questionnaires out to each of them. Later on, you might want to compile the answers to these questionnaires into some form of directory or report on this type of business.

It’s also advisable to contact the trade associations and publications serving your proposed type of business. For information on trade associations and specific trade publications, visit your public library, and after explaining what you want ask for the librarian’s help.

The chapter on management should be an elaboration on the people operating the business. The people that actually run the business, what is their job, their title, their duties and responsibilities. It’s important that you “paint” a strong picture of your top management people because the people coming to work for you or investing in your business will be “investing       in these people” as much as your product ideas. Individual tenacity, mature judgement under fire, and innovative problem solving have “won over” more people than all the Credit Ratings and astronomical sales figures put together.

other people who work for you should know that the guy running the business knows what he's doing

People becoming involved with any new venture want to know that the person in charge – the guy running the business knows what he’s doing, will not lose his cool when problems arise, and has what it takes to make money for all of them. After showing the “muscle” of this person, go on to outline the other key positions within your business; who the persons are you’ve selected to handle those jobs and the sources as well as availability of any help you might need.

If you’ve been in business of any kind scale, the next chapter is a picture of your financial status – -a review of your operating costs and income from the business to date. Generally, this is a listing of your profit & loss statements for the six months, plus copies of your business income tax records for each of the previous three years the business has been an entity.

The chapter on the explanation of your plans for the future growth of your business is just that–an explanation of how you plan to keep your business growing–a detailed guide of what you’re going to do, and how you’re going to increase your profits. These plans should show your goals for the coming year, two years, and three years. By breaking your objectives down into annual milestones, your plan will be accepted as more realistic and be more understandable as a part of your ultimate success.list your profit and loss statements to show possible investors

Following this explanation, you’ll need to itemize the projected cost and income figures of your three year plan. I’ll take a lot of research, an undoubtedly a good deal of erasing, but it’s very important that you list these figures based upon thorough investigation. You may have to adjust some of your plans downward, but once you’ve got these two chapters on paper, your whole business plan will fall into line and begin to make sense.  You’ll have a precise “map” of where you’re headed, how much it’s going to cost, when you can expect to start making money, and how much.

Now that you know where you’re going, how much it’s going to cost and how long it’s going to be before you begin to recoup your investment, you’re ready to talk about how and where you’re going to get the money to finance your journey. Unless you’re independently wealthy, you’ll want to use this chapter to list the possibilities and alternatives.

Make a list of friends you can approach.  Perhaps induce them to put up some money as silent partners. Make a list of those people you might be able to sell as stockholders in your company.  In many cases you can sell up to $300,000 worth of stock on a “private issue” basis without filing papers with the Securities and Exchange Commission. Check with a corporate or tax lawyer in your area for more details. Make a list of relatives and friends that might help you with an outright loan to furnish money for the development of your business.

Then search out and make a list of venture capital organizations. Visit the Small Business Administration office in your area.  Pick up the loan application papers they have.  Read them.  Study them.  Even fill them out on a preliminary basis.  Finally, check the costs, determine which business publications would be best to advertise in.  If you were to advertise for a partner or investor, and write an ad you’d want to use if you did decide to advertise for monetary help.

List all the options available to your needs.  Arrange these options in the order you would want to use them when the time come to ask for money. When you’re researching these money sources, you’ll save time by noting the “contact” deal with when you want money.  Whenever possible, develop a working relationship with these people.find people you can approach to invest in your online business

If your documentation section, you should have a credit report on yourself. Use the Yellow Pages or check at the credit department in your bank for the nearest credit reporting office.  When you get your credit report, look it over and take whatever steps are necessary to eliminate any negative comments. Once these have been taken care of, ask for a revised copy of your report and include a copy of that in your business plan.

If you own any patents or copyrights, include copies of these.  Any licenses to use someone else’s patent or copyright should also be included. If you own the distribution, wholesale or exclusive sales rights to a product, include copies of this documentation. You should also include copies of any leases, special agreements or legal papers that might be pertinent to your business.

In conclusion, write out a brief, overall summary of your business- when the business was started, the purpose of the business, what makes your business different, how you’re going to gain a profitable share of the market, and your expected success during the coming 5 years.

The last page of your business plan is a “courtesy page”. Here you list the names, addresses and phone numbers of personal and business references.  People who have known you closely for the past five years or longer is best.  Also companies or firms you’ve had business or credit dealings with during the past five years.

list all the tasks you will need to have available and arrange your options in the order you would want to use them

And, that’s it, your complete business plan. Before you send it out for formal typing read it over once a day for a week or ten days. Take care of any changes or corrections. Have it reviewed by an attorney and then, an accountant. It would also be a good idea to have it reviewed by a business consultant.  Preferably serving the business community to which your business will be related.

After these reviews, and any last-minute changes you want to make, you will be ready for formal typing.

Hire a professional typist to type the entire plan on ordinary white bond paper. Make sure you proof-read it against the original. Check for any corrections and typographical errors.  Then one more time read it through for clarity and the perfection you want of it.

Now you’re ready to have it printed and published for whatever use you have planned for it – distribution amongst your partners or stockholders as the business plan for putting together a winning financial proposal, or as a business operating manual.

Take it to a quality printer in your area, and have three copies printed. Don’t settle for photo-copying.  Have it printed!

Photo-copying leaves a slight film on the paper.  This will detract from the overall professionalism of your business plan, when presented to someone you’re trying to impress. So, after going to all this work to put together properly, go all the way and have it duplicated properly.

Next, stop by a stationery store, variety store or even a dime store.  Pick up an ordinary, inexpensive bind-in theme cover for each copy of your business plan. Have the holes punched in the pages of your business report to fit these binders.

its always best for online success to have a full and completed and detailed business plan with which to operate a successful business

Now, you can relax, take a break and feel good about yourself.  You have a complete and detailed business plan with which to operate a successful business of your own. A plan you can use as a basis for any financing proposal you may want to submit.  Its your precise road-map for the attainment of real success.

Congratulations, and my best wishes for the complete fulfillment of all your dreams of success!!!

In order to put your business plan into action you should have your own website(s) so that you can launch your own business.  When you own your own website it is yours.  Your own online real estate.  All the profits that your website earns should in practice end up in your bank account.  There shouldn’t be any middle men to pay for the privilege.  This makes sense, does it not?

Therefore to this end I am going to introduce you to an online platform with a fantastic program that will enable you to launch your own business onto the world wide web.

This online platform is called Wealthy Affiliate and it will cost you nothing to join (that’s a great start is it not?)  No cash layout is always a good start in business.  You also get two free websites to start you off and they will be hosted for you free of charge on wealthy affiliate’s cloud hosting service.  This freebie that will save you a ton of money in the long run compared to other website hosting companies.

After you join you will be offered another paid version of the program called premium and this will set you back about 66 cents per day, a no brainer really when you think of the return you will get because after you become premium you will have access to build not two website but twenty five.  Now is this a great deal or not?  I’m telling you right now this is a fantastic deal and the sooner you join WA as a free member the sooner you can get your business off the ground.

There’s also lots of help within WA from the other members and they are all in the business of making money online as well so you are in good company and will learn from real experts. 

You will also have access to over 500+ training videos, online classrooms you can walk into if you need any help or advice.  You will have access live online chat where you are in direct contact with like-minded individuals as yourself.  You can send private messages to the two owners 24/7 in fact the facilities you will have access to are really too numerous to mention and I think my article has become too long as it is.

So all you have to do now is register through the image below and get started,  No waiting, no download, no waiting on the mailman just instant access to a world beating online system platform that you will be glad you joined and you will stay with it for the rest of your life and make loads of cash in the process.

Before you decide what you want to do could you please leave a comment below and give me and the rest of this sites visitors your thoughts on this article and owning your own business.

Thank you for reading this far and you have an excellent day and I hope to meet you on the inside.

Robert Allan

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