Creating a working model for your business.
A business owner or prospective business owner writes a business plan to clarify each aspect of his business. A business plan includes objectives to anticipate and prepare for growth.
Savvy business owners write a business plan to guide management and to promote investment capital. Types of business plans include, but are not limited to, start-up, internal, strategic, feasibility, operations and growth plans.
Start-Up Business Plans Detail the steps to start a new business with a start-up business plan. Include sections describing the company, the product or service your business will supply, market evaluations and your projected management team.
Provide a financial analysis with spreadsheets describing financial areas including, but not limited to, income, profit and cash flow projections.
Internal Business Plans Internal business plans target an audience within the business. Write an internal business plan to evaluate a proposed project. Calculate if and how the business will repay any capital needed for the project. Provide information about project marketing, hiring and tech costs.
According to the website, Clean Washington Center, a strategic business plan includes five elements: Feasibility Business Plans A feasibility business plan answers two primary questions about a proposed business venture.
According to the University of Colorado Leeds School of Business, feasibility plans attempt to determine who, if anyone, will purchase the service or product a company wants to sell, and if the venture can turn a profit. Feasibility business plans include, but are not limited to, sections describing the need for the product or service, target demographics and required capital.
A feasibility plan ends with recommendations for going forward. Operations Business Plans Operations plans are internal plans that consist of elements related to company operations. An operations plan, according to BPlans.
Growth Business Plans Growth plans or expansion plans are in-depth descriptions of proposed growth and are written for internal or external purposes.
The plan must provide all company details to satisfy potential investors.
If a growth plan needs no capital, the authors may forego obvious company descriptions, but will include financial sales and expense projections.Writing a Business Plan Georgia State SBDC 2 Why Write a Business Plan? A Business Plan helps you evaluate the feasibility of a new business idea in an objective, critical, and unemotional way.
Depending on the type of business and its activities, it may need to be licensed at the local, state and federal levels.
"States have different requirements for different business structures. Business plans can be divided roughly into four distinct types. There are very short plans, or miniplans, presentation plans or decks, working plans, and what-if plans. May 14, · Different situations call for different types of business plans.
An effective business plan will match its intended use.
Knowing the specific use of a particular type of plan will help you build a better roadmap for the future of your business.4/5(41).
Before you establish a business, you must decide what format you want that business to take. There are four basic forms of for-profit businesses in the United States, and each of them has. This business personality is the reserved but a highly creative type, and is often found in businesses demanding creativity such as web design and ad agencies.
As an artist type, you’ll tend to build your business around your unique talents and creativities.