If you are planning on starting a business at any point in your life, writing a good business plan is absolutely crucial. You should be able to write a 5 page summary of your business and plan using this business plan template: Need, Solution, Market, Competition.
The following needs to be crystal clear when writing your business plan:
- What you have done to date and what you plan on doing and the budget for that.
- Information about what your business is. Is it a partnership, who owns it, how old, location, are there other partners? Information an investor, banker, or community government program, would want to know.
- How the investor can be involved in the deal you are offering. Note they are not interested in a 10% loan; they want their money to multiply 3-5 times in 3-5 years. What is your exit strategy for them?
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