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Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, jump right in. Executive Summary Within the overall outline of the business plan, the executive summary will follow the title page. The summary should tell the reader what you want. This is very important. All too often, what the business owner desires is buried on page eight. Clearly state what you're asking for in the summary. Business Description The business description usually begins with a short description of the industry. When describing the industry, discuss the present outlook as well as future po

Planning for a future business transition and assembling a team of seasoned professionals will help ensure a smooth, successful transfer. If you anticipate transferring your business privately to family members or employees, or if you are considering a sale on the open market, it's best to start planning for the transition sooner rather than later. Ideally, the transition should be a gradual, multi-year process, due to the complexity involved in most business transition plans. For example, if you think you may be ready to exit your business in the next five years, now is the time to start that process. While that time frame surprises some business owners, taking a long-term approach allows for a well-thought-out transition. Assembling a transition team. As a business owner, you know your business better than anyone. Because of this, some business owners make the mistake of thinking they can handle transitions on their own, without the help of professionals who speci

President Dwight D. Eisenhower once said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” If you’re starting a business, you should have a business plan  regardless of whether you’re bootstrapping it or looking for outside funding. The best sorts of business plans tell a clear story of what the company plans to do and how it will do it. Given the high failure rate of startups in their first year, a business plan is also an ideal opportunity to safely test out the feasibility of a business and spot flaws, set aside unrealistic projections and identify and analyze the competition. A business plan doesn’t need to be complicated, but for it to serve its purpose and set you up for success, it must be clear to whomever is reading your plan that you have a realistic handle on the why and how your business will be a success. To get you moving in the right direction, here’s a guide on how to write a business plan. Overall tips The

Writing a business plan may sound difficult and dull -- and by “may,” we mean “definitely” -- but it doesn’t have to be. Yes, we know you’re eager to dive right in on that world-changing business idea, but having your strategy on paper is critical. In many ways, your business plan can act as a map in an entrepreneurial landscape full of potholes, dead-ends and uphill paths. With a business plan, potential investors can clearly see what they’ll be getting into, and you’ll be better prepared to explain exactly why they should be a part of your vision. Organizing your thoughts into written paragraphs can force you to think about your goals more deeply than you otherwise would. It also makes your strategy more real; now, rather than just saying you want to raise money, you have to think about how that’s going to happen, how much you need and how you’ll use it. Writing a business plan also forces you to articulate who your target customers are and what they need, as well as how you’