What is a business plan?
___A business plan is a written document that describes in detail what kind of business you intend to operate, how you intend to operate it, and why you believe you will succeed
___You understand that it is legal for a nonprofit group to make a profit
___You understand there are other ways to ensure your financial sustainability
Why should you have a business plan?
___To clarify your own thinking
___To raise confidence among group members
___To raise confidence among potential outside backers
When should you make a business plan?
___When you are seriously thinking about embarking on a business venture
___When you need clarity on the business details
___When you want expert feedback or advice on the specifics of your ideas
___When you need to attract outside help
How do you make a business plan?
___Include the following in your business plan:
- A cover page
- A table of contents
- An executive summary
- A description of your organization
- A description of your management
- A description of your product or service
- Information about your market
- Information about your competition
- Details of your operating plan
- Financial information
- Timelines
- Appendices
___Write the plan simply, clearly, honestly, and to the point
___Avoid common pitfalls such as:
- The writing is unclear
- The plan is too long
- The layout is poor and/or illogical
- An executive summary is omitted
- There is too much technical jargon
- There is insufficient detail
- The market is not defined, or a marketing plan is missing
- No mention or sketchy mention is made of the competition
- The financial information given is not straightforward
- The reader is given no compelling reason to invest in the plan
___Package the plan professionally by ensuring that it is:
- Printed it on high-quality paper
- Approximately 20 pages
- Printed in color with tasteful graphics
- Bound according to the standards of your readers
- Totally error-free