How to Write a Business Plan

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Overview

Starting or expanding a business can be a scary prospect -- but a well thought-out business plan can help ensure success. And if you plan to borrow money or find investors, a convincing business plan is absolutely essential to demonstrate how and when your business will be profitable. How to Write a Business Plan shows you how to make realistic financial projections, develop effective marketing strategies and refine your overall business goals. The 6th edition is completely updated for 2003, providing all-new ...
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How to Write a Business Plan

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Overview

Starting or expanding a business can be a scary prospect -- but a well thought-out business plan can help ensure success. And if you plan to borrow money or find investors, a convincing business plan is absolutely essential to demonstrate how and when your business will be profitable. How to Write a Business Plan shows you how to make realistic financial projections, develop effective marketing strategies and refine your overall business goals. The 6th edition is completely updated for 2003, providing all-new resources, both online and off, information on the latest changes to FMHA loans, and the effect of new banking regulations on loans. Not only does How to Write a Business Plan show you how to create the financial numbers you need to determine if your business will be a solid money-maker, it gives you the tools necessary to fix your mistakes on paper, before they eat up your hard-earned money.

"A thorough self-help book that will help you present a convincing financial opportunity to banks and investors in a format they can understand."--Home Office Computing.

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Editorial Reviews

From the Publisher
"Here’s an easy-to-follow book that takes the reader step-by-step to get to a successful business start-up." — San Francisco Examiner
BusinessLife
Shows how to write a sound business plan, including strategies for: evaluating the profitability of a business idea; estimating operating expenses... finding potential sources of financing; and presenting a plan to lenders.
Home Office Computing
a thorough self-help book that will lead you through the process. Examples and worksheets will help you present a convincing financial opportunity to banks and investors in a format they understand.
San Francisco Examiner
Anyone who starts or operates a small business without a business plan takes a needless risk of either failure or no growth. Here’s an easy-to-follow book that takes the reader step-by-step … to get the budding entrepreneur off to a successful business start-up.
Home Office Computing
... a thorough self-help book that will lead you through the process. Examples and worksheets will help you present a convincing financial opportunity to banks and investors in a format they understand.
San Francisco Examiner
Anyone who starts or operates a small business without a business plan takes a needless risk of either failure or no growth. Here’s an easy-to-follow book that takes the reader step-by-step ... to get the budding entrepreneur off to a successful business start-up.
San Francisco Examiner
Anyone who starts or operates a small business without a business plan takes a needless risk of either failure or no growth. Here’s an easy-to-follow book that takes the reader step-by-step ... to get the budding entrepreneur off to a successful business start-up.
Home Office Computing
... a thorough self-help book that will lead you through the process. Examples and worksheets will help you present a convincing financial opportunity to banks and investors in a format they understand.
San Francisco Examiner
An easy-to-follow book that takes the reader step-by-step … to get the budding entrepreneur off to a successful business start-up.
Dallas Morning News
"An essential book to help entrepreneurs..."
San Francisco Examiner
"Anyone who starts or operates a small business without a business plan takes a neddless risk...Here's an easy-to-follow book...to get the budding entrepreneur off to a successful business start-up."
BusinessLIFE
Shows how to write a sound business plan, including strategies for: Evaluating the profitability of a business idea; estimating operating expenses ... finding potential sources of financing; and presenting a plan to lenders.
Dallas Morning News
An essential book to help entrepreneurs...
Home Office Computing
A thorough self-help book that will lead you through the process. Examples and worksheets will help you present a convincing financial opportunity to banks and investors in a format they understand.
San Francisco Examiner
"Here’s an easy-to-follow book that takes the reader step-by-step to get to a successful business start-up." San Francisco Examiner
Upscale
When starting your own business, it's important to know that in legal terms, anything you don't know can hurt you.... If you can't afford a lawyer, consider reading... How to Write a Business Plan.
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Product Details

  • ISBN-13: 9781413317497
  • Publisher: NOLO
  • Publication date: 9/28/2012
  • Edition description: Eleventh Edition
  • Edition number: 11
  • Pages: 274
  • Sales rank: 182,740
  • Product dimensions: 7.00 (w) x 8.90 (h) x 0.90 (d)

Meet the Author

Mike McKeever has a B.A. in Economics from Whittier College, a Master’s in Economics from the London (England) School of Economics and has done post-graduate work in financial analysis at the USC Business School. Mike has taught classes at numerous community colleges in entrepreneurship and small business management. He has published articles on entrepreneurship for Dow Jones publications, the Sloan Publications Business Journal and numerous newspapers and periodicals. Mike runs a company, Business Plan Workshop, in which his business plan book features prominently
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Read an Excerpt

What Is a Business Plan?

"Marry in haste, repent at leisure."
(proverb)

"A stitch in time saves nine."
(proverb)

A business plan is a written statement that describes and analyzes your business and gives detailed projections about its future. A business plan also covers the financial aspects of starting or expanding your business -- how much money you need and how you'll pay it back.

Writing a business plan is a lot of work. So why take the time to write one? The best answer is the wisdom gained by literally millions of business owners just like you. Almost without exception, each business owner with a plan is pleased she has one, and each owner without a plan wishes he had written one.
Why Write a Business Plan?

Here are some of the specific and immediate benefits you will derive from writing your business plan.
Helps You Get Money

Most lenders or investors require a written business plan before they will consider your proposal seriously. Even some landlords require a sound business plan before they will lease you space. Before making a commitment to you, they want to see that you have thought through critical issues facing you as a business owner and that you really understand your business. They also want to make sure your business has a good chance of succeeding.

In my experience, about 35% to 40% of the people currently in business do not know how money flows through their business. Writing a business plan with this book teaches you where money comes from and where it goes. Is it any wonder that your backers want to see your plan before they consider your financial request?

There are as many potential lenders andinvestors as there are prospective business owners. If you have a thoroughly thought-out business and financial plan that demonstrates a good likelihood of success and you are persistent, you will find the money you need. Of course, it may take longer than you expect and require more work than you expect, but you will ultimately be successful if you believe in your business.
Helps You Decide to Proceed or Stop

One major theme of the book may surprise you. It's as simple as it is important. You, as the prospective business owner, are the most important person you must convince of the soundness of your proposal. Therefore, much of the work you are asked to do here serves a dual purpose. It is designed to provide answers to all the questions that prospective lenders and investors will ask.

But it will also teach you how money flows through your business, what the strengths and weaknesses in your business concept are, and what your realistic chances of success are.

The detailed planning process described in this book is not infallible -- nothing is in a small business -- but it should help you uncover and correct flaws in your business concept. If this analysis demonstrates that your idea won't work, you'll be able to avoid starting or expanding your business. This is extremely important. It should go without saying that a great many businesspeople owe their ultimate success to an earlier decision not to start a business with built-in problems.
Lets You Improve Your Business Concept

Writing a plan allows you to see how changing parts of the plan increases profits or accomplishes other goals. You can tinker with individual parts of your business with no cash outlay. If you're using a computer spreadsheet to make financial projections, you can try out different alternatives even more quickly. This ability to fine-tune your plans and business design increases your chances of success.

For example, let's say that your idea is to start a business importing Korean leather jackets. Everything looks great on the first pass through your plan. Then you read an article about the declining exchange ratio of U.S. dollars to Korean currency. After doing some homework about exchange rate fluctuations, you decide to increase your profit margin on the jackets to cover anticipated declines in dollar purchasing power. This change shows you that your prices are still competitive with other jackets and that your average profits will increase. And you are now covered for any likely decline in exchange rates.
Improves Your Odds of Success

One way of looking at business is that it's a gamble. You open or expand a business and gamble your and the bank's or investor's money. If you're right, you make a profit and pay back the loans and everyone's happy. But if your estimate is wrong, you and the bank or investors can lose money and experience the discomfort that comes from failure. (Of course, a bank probably is protected because it has title to the collateral you put up to get the loan. See Chapter 4 for a complete discussion.)

Writing a business plan helps beat the odds. Most new, small businesses don't last very long. And, most small businesses don't have a business plan. Is that only a coincidence, or is there a connection between these two seemingly unconnected facts? My suggestion is this: Let someone else prove the connection wrong. Why not be prudent and improve your odds by writing a plan?
Helps You Keep on Track

Many business owners spend countless hours handling emergencies, simply because they haven't learned how to plan ahead. This book helps you anticipate problems and solve them before they become disasters.

A written business plan gives you a clear course toward the future and makes your decision making easier. Some problems and opportunities may represent a change of direction worth following, while others may be distractions that referring to your business plan will enable you to avoid. The black and white of your written business plan will help you face facts if things don't work out as expected. For example, if you planned to be making a living three months after start-up, and six months later you're going into the hole at the rate of $100 per day, your business plan should help you see that changes are necessary. It's all too easy to delude yourself into keeping a business going that will never meet its goals if you approach things with a "just another month or two and I'll be there" attitude, rather than comparing your results to your goals.
Issues Beyond the Plan

I have written this book to provide you with an overview of the issues that determine success or failure in a small business. Experienced lenders, investors, and entrepreneurs want a plan that takes these issues into account. of course, this book can't cover everything. Here are some of the key business components that are left out of this initial planning process.
Bookkeeping and Accounting

This book discusses the numbers and concepts you as the business owner need to open and manage your small business. You have the responsibility to create bookkeeping and accounting systems and make sure they function adequately. (Some suggestions for setting up a system are contained in Chapter 6.)

One of the items generated by your accounting system will be a balance sheet. A balance sheet is a snapshot at a particular moment in time that lists the money value of everything you own and everything you owe to someone else.
Taxes

While there are a few mentions of tax issues throughout the book, most of the planning information doesn't discuss how taxes will be calculated or paid. The book focuses its efforts on making a profit and a positive cash flow. If you make a profit, you'll pay taxes and if you don't make a profit, you'll pay fewer taxes. A CPA or tax advisor can help you with tax strategies.
Securities Laws

If you plan to raise money by selling shares in a corporation or limited partnership, you'll fall under state or federal securities regulations. You can, however, borrow money or take in a general partner without being affected by securities laws. A complete discussion of these issues is beyond the scope of this book. For now, take note that you must comply with securities regulations after you complete your plan and before you take any money into your business from selling shares or partnership interests.
Your Management Skill

This book shows you how to write a very good business plan and loan application. However, your ultimate success rests on your ability to implement your plans -- on your management skills. If you have any doubts about your management ability, check out the resources in Chapter 12. Also see Chapter 11 for a thought-stimulating discussion of management.
Issues Specific to Your Business

How successfully your business relates to the market, the business environment, and the competition may be affected by patents, franchises, foreign competition, location, and the like. Of necessity, this book focuses on principles common to all businesses and does not discuss the specific items that distinguish your business from other businesses. For example, this book doesn't discuss how to price your products to meet your competition; I assume that you have enough knowledge about your chosen business to answer that question.
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Table of Contents

I. How to Use This Book
1. Benefits of Writing a Business Plan
2. Do You Really Want to Own a Business?
3. Choosing the Right Business
4. Potential Sources of Money to Start or Expand Your Small Business
5. Your Resume and Financial Statement
6. Your Profit and Loss Forecast
7. Your Cash Flow Forecast and Capital Spending Plan
8. Write Your Marketing and Personnel Plans
9. Editing and Finalizing Your Business Plan
10. Selling Your Business Plan
11. After You Open -- Keeping on the Path to Success
12. Good Resources for Small Businesses
Appendix 1. Sample Business Plan for a Small Service Business
Appendix 2. Sample Business Plan for a Manufacturing Business
Appendix 3. Sample Business Plan for a Project Developement
Appendix 4. Tear-Out Forms
Index

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Customer Reviews

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  • Anonymous

    Posted May 11, 2009

    One of the most useful tools I've ever used to write a business plan. Simple to understand and use. What you put into it is what you get out of it. The writer takes you step by step. You write each section individually as you go.

    The writer helps you to piece your business plan together one focus point at a time. This book is for the person who has never written a business plan before and would be useful to someone who has great ideas that need to be organized to put your vision and ideas on paper. Great Book! Recommend this book to anyone starting or trying to organize an existing business.

    7 out of 7 people found this review helpful.

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    Posted January 8, 2014

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