What to Include in a Business Plan

When starting your own business or looking to make money online, a business plan is something to think about. This is especially the case if you are going to make money from a hobby or start an eBay sellers business. Businesses without a plan are lucky to last more than six months. The question is what you put in that plan.

The Executive Overview

The first part is a summary and is extremely important. This is sometimes the only thing that lenders or investors will look at. It gives a brief summary of the business – why you are doing it and the products you will offer.

A Short Description

Now you can go into a little more detail. This is where you explain the idea behind the business and the reasons why you are offering the products or services that you are. Why do you want the business to do well? Some lenders and investors will read on to find out more about the type of business you will run and want to know the motivation behind it. If anything, this is a great reminder for you when the times get tough because it is also the place to put your business goals.

Your Marketing Plan

Marketing is an important part of any business so creating a marketing plan needs to be on your business plan. You should detail your audience, places to promote the business and how you will make sure you cover all these basis. Promotion is the only way that you will build a customer base as it is the only way they will know about you.

Your Financial Expectations

Of course, finance is an extremely important part of your business. You will need to have an idea of your expected turnover for your business plan; this is another important part for lenders and investors. Most people do a three or five year business plan but you could opt for one year if you are not too sure at first.

Business plans can be changed and should be changed when goals, finances and marketing options change. As your business grows, you will start to want more and more will become available. Your aspirations need to become more challenging to gain something extra out of your work, as well as gaining more income.

Take the time to create a full business plan. While you may think that this is just a short term thing, it could potentially become a way for you to make money residually forever. Having a business plan will make it more realistic and give you the chance to turn your short term goals into larger ones.