How To Make A Business Plan For Small Business

However, if you’re an existing business seeking small-business loans, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

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It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

You can also discuss current or pending trademarks and patents associated with your product or service.

[Back to top] Now that you’ve written your business plan, here are some tips to help your hard work stand out: Avoid over-optimism: If you’re applying for a business loan at a local bank, the loan officer likely knows your market pretty well.

Providing unreasonable sales estimates can hurt your chances of loan approval.

To do this, many or all of the products featured here are from our partners. A strong, detailed plan provides a clear road map for the future, forces you to think through the validity of a business idea, and can give you much greater understanding of your business’s financials and the competition. It spells out exactly what you’d like to accomplish, both in the near term and over the long term.

A business plan typically looks out over three to five years, detailing all of your goals and how you plan to achieve them. If you’re looking for outside funding, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets.

This section can also highlight the strengths of your business and focus on what sets your business apart from your competition.

[Back to top] If you’re a startup, you may not have much information on your business financials yet.

[Back to top] This section provides a snapshot of your small business.

It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.

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