Ask yourself: Who your customer is, what business are you in exactly, what do you sell, and what are your plans for growth?
How will your company or product/service make a difference in the lives of your customers?
Make sure you show your lender that you've done your homework.
If your business is all in your head, it's hard to convince lenders, investors and shareholders that you have a credible company and that you'll use their funding well.
And that's precisely where a business plan comes in.
Your business plan outlines what your business does and what you are trying to achieve.
It explains what the market opportunity is, what makes your business special and how you will make it a success.Provide information on competitor weaknesses and strengths and show how you intend to improve on what they're doing.Use organization charts to clearly spell out the roles of key management people and the proposed size of your organization.Good business plans should include all financial information.Write up details about all loans and when they will be paid off.A business plan is a blueprint of how a company will be run.A company often needs a business plan before it can borrow money from a bank.Be sure to modify your information depending on your target audience.For example, your bank will be interested in how you intend to repay the loan or overdraft, what you intend to do with the money and how it will help your business grow.This highly recognized management tool is basically a written document that describes who you are, what you plan to achieve, how you plan to overcome the risks involved and provide the returns anticipated.Often people think of business plans are limited to starting up new companies or applying for business loans.