What Is a Business Plan?
• Business Plan
o A business plan is a written narrative, typically 25 to 35 pages long, that describes what a new business plans to accomplish.
• Dual-Use Document
o For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm.
Guidelines for Writing a Business Plan
• Structure of the Business Plan
o To make the best impression a business plan should follow a conventional structure, such as the outline for the business plan shown in the chapter.
o Although some entrepreneurs want to demonstrate creativity, departing from the basic structure of the conventional business plan is usually a mistake.
o Typically, investors are busy people and want a plan where they can easily find critical information.
o Software Packages· There are many software packages available that employ an interactive, menu-driven approach to assist in the writing of a business plan.
· Some of these programs are very helpful. However, entrepreneurs should avoid a boilerplate plan that looks as though it came from a “canned” source.
o Sense of Excitement
· Along with facts and figures, a business plan needs to project a sense of anticipation and excitement about the possibilities that surround a new venture.
• Content of the Business Plan
o The business plan should give clear and concise information on all the important aspects of the proposed venture.
o It must be long enough to provide sufficient information yet short enough to maintain reader interest.
o For most plans, 25 to 35 pages is sufficient.
• Types of Business Plans
o There are three types of business plans.
