What is a business plan (with template)

A business plan serves to:

1. Outline your foreseen company's finances, management team and marketing strategy.
2. Present plans on how your idea will be commercialized.
3. Prove your ideas’ financial viability.
   

If you are to avail of loans and other financing options, a business plan tells the lender why and how your business will be able to earn enough money to repay them within their terms.

Writing down your ideas and plans also takes out the guesswork. Consider the following questions:

• Which consumer need/s will your service or product address?
• Who are your potential customers and why will they purchase from you?
• How will you reach your potential customers? How will the idea be transformed into a viable product and brought to market?
• Where will you get the financial resources to start your business?

A rock-solid business plan does not only convince a lender that your idea can do well; as you develop it, even in writing, it teaches you a lot about the business you’re going to go into along the way.

source: gonegosyo.net

Download: Business Plan Template


(courtesy of buckup from entrep PH)