The Best Business Plan

When it comes to writing a top-notch business plan, the devil is in the details.While broad overviews and assumptions should start your plan, investors, lenders and partners want as much research and support as possible to determine whether your idea will fly.State the industry in which you will be operating in your business plan.

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An executive summary is often only a half-page or less, containing no detailed market research or financial numbers.

The goal of the executive summary is to get the reader interested in reviewing the business plan.

Include a discussion of the distribution channels you’ll use and why.

Once you’ve completed this information, present your advertising, PR and promotions strategies and tactics, referring to your market research to show why you are recommending these.

Project your sales and profits each month the first year and every quarter for years two and three, according to the Small Business Administration.

Including all financial details in your business plan will enable you to pinpoint how much capital you will need for continued growth.

A weak business plan tries to convince readers that an idea is “great.” An excellent business plan proves that there’s a consumer demand for a product or service.

The marketing section of a thorough business plan goes beyond discussing advertising, public relations and promotions.

This section includes a description of your product or service, its benefits, how it differs from the competition and what brand, or image, you will create for it in the marketplace.

Don’t get into your manufacturing costs or profits at this point -- your goal here is simply to prove that there is a need for your product and its benefit in the marketplace.

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