Small and even home-based businesses do not have a business plan. A business plan can help you build a successful enterprise. How? It guides you through the decisions you must make as you grow your business. Want to work with investors, suppliers, banks or lenders? Ask for a written business plan before they work with you.
Search for a small business plan template on the internet. For example, here are the elements that should be in a simple popcorn business plan like Proper Popcorn
, a successful craft gourmet popcorn business.
Also check out this cool business loan broker training
which outlines key details about how important it is to pick a business that can survive in good markets and bad ones!
(A business plan that doesnt account for a downturn isnt a safe one!)
Executive Summary: This contains the market niche you are aiming to fill. It tells who you are. And it is the most important section of your business plan. Summarize your financial details, and write about your key personnel and yourself here.
Company Description: This contains the information about the location where you founded your business, the state where you registered your business, and the business structure, including limited liability company, sole proprietorship, etc.
Products and Services: This describes the services and products you are providing. It explains what market niche you plan to fill as it aims to show the perspective of the customers. You can start with a simple statement like, Proper Popcorn is made fresh, it satisfies cravings of the customer for one of the five healthy gourmet snacks.
Market Analysis: Who is your target audience? Is there a business selling popcorn in your area? How will you distinguish yourself in the market
? Are you going to offer a delivery service or unique flavors?
Management Team: Write about the experience and knowledge everyone brings to your business, including yourself. Why are they qualified to run a popcorn business?
Financial Plan: This contains a detailed overview of your finances, such as cash-flow statements and three to five years of financial projections
, and estimated popcorn-business profits. It is necessary to hire a professional accountant to help you prepare the documentation if you want to seek outside funding.
Appendix: The appendix contains any additional documents like credit histories, bank statements, letters of reference, legal documents, and resumes.