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
