How to write a business plan, part 1

Are you planning on starting your own business? If so, you will want to work on your business plan before you get too far along in your preparations. A business plan is a written guide to starting and running your business successfully. You will definitely need a solid business plan if you are planning on seeking outside financing for your business, whether it is from a local bank or a venture capital firm. A good business plan is also a great map for you to follow as you grow your business.

Business plans tend to vary by industry and size of business as to what you will need to include in your business plan. A good rule of thumb is to have the following categories in your business plan at a minimum:

• Executive Summary
• Market Analysis
• Company Description
• Organization & Management
• Marketing & Sales Management
• Service or Product Line
• Funding Request
• Financials
• Appendix

Stay tuned for more on writing a business plan!

To read the rest of this series, see part 2,