Business plan manuals are out there everywhere. Looking for a loan? Planning to sell your business at a future date? Your business plan better sparkle and shine. Here are a few pointers:

Plan!

What service or product will your business provide? What benefits will it give to the consumer? Remember that you sell the sizzle, not the steak. A solid business plan needs to define clearly what your business is and what it does. Also, include a snapshot in your business plan of who your customers are and what they look like—age range? Geographical location? Income level? Include as much data as possible about who will buy what you sell. This will help define other parts of your business plan later on.

Market!

How will you reach these customers of yours? Your business plan can contain a mini marketing plan that explains how you plan to let people know that you’re open for business. Marketing is a key component to the success of any business. Be sure that you budget adequately for this section. An ongoing amount of any revenue you generate should be re-invested in marketing, so your business plan may include a certain percentage to keep you on track.

$ Sources?

Where will the financial resources for this business come from? How much are you willing to invest? How much do you need to secure in loans? Your business plan must outline what your stake is in the business, and how much investment must come from outside sources. What will the money be used for? Your business plan must include forms like a supply list, a balance sheet, a breakeven analysis, and income projections.

Competition

Who are your competitors? How will you compete with them? What is your niche in the market? A solid business plan shows that you are aware of the market and of the businesses that already exist in your field. Where are they located? Do they appeal to upper, middle, or lower-income families or singles? How will you break in to this existing network? Your business plan should show how.

A who's who

Who are the members of your company, and what is their business background? Include resumes in your business plan for principal members of the business, including yourself, and show that all of you have all the necessary licensing, legal documents, and leasing agreements set up to open shop. Make sure you haven’t overlooked any local regulations or zoning laws.

Now that you have a general heads-up on what to include in a business plan, it’s time to go check out a specific program that will help you do just that…but that’s another topic entirely . . . For now, just know that with a solid business plan, your business already has a much better chance of success than 80% of the new businesses out there. Plan today and reap the benefits tomorrow!