The Traditional Business Plan

The Traditional Business Plan

DEVELOPING AND WRITING YOUR TRADITIONAL BUSINESS PLAN

A business plan is a formal written document of business goals, why you believe they are within your reach, and the plan you have for attaining those goals. It may also contain background information about the people or team attempting to reach those goals.

One doesn't need a business plan to start and operate their business. You can start your business, learn the business essentials from your mistakes, and waste time and money attempting to grow your business. However tempting it may be to skip completing a business plan, don't!

Writing a business plan is the best way to learn the essentials of business and to save time and money. It's never too late to write and implement a business plan. Business plans can be written before the business is started, during startup, or after the business is operational. Writing a business plan will organize and speed the process, and help you avoid costly mistakes.

For nurses, the usual purpose of a business plan is to teach the essentials of business. The business plan is also a good tool to help you obtain loans and or funding. Generally, a Traditional Business Plan is completed when seeking financing other than from family or friends. Your plans convey in a formal manner your goals and strategies to obtain your goals for investors, bankers and professionals.

Even a one-person business can benefit from a plan. The exercise of producing a business plan by putting your ideas in writing is invaluable. It gives you a logical, organized way to look at the important aspects of the business and to learn the business language.

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The Traditional Business Plan Template

EXECUTIVE SUMMARY: The summary includes the highlights of your business plan. What you are selling; who you are selling it to; when you are selling it; where you are selling it; and how much you are charging for it; and how you plan to manage the business. It is a very important part of the business plan because it may be the only part of the plan that a potential investor or banker reads. It is recommended that you write this last because you will be pulling up information from different parts of the plan and you want to take time in completing the executive summary. When your investors finish reading this section, you want them to have a clear picture of who you are, what your business needs, and why you will succeed. Describe the service you are selling.

Why are you selling it?

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Who are you selling it to? When and where you are selling it? How much are you selling it for? Who is your ideal customer?

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BUSINESS DESCRIPTION: You want to provide basic facts about your business, the name and any intellectual property that you own. What is the legal structure? Is your business a sole proprietorship, a partnership, a limited liability company, a corporation, C or subchapter S filed? Include the history of the business if any and your startup plan. Describe your unique perspective of what your business is and who the customer is for the products/services you are providing. Describe the legal structure of your business.

Include the history of your business and/or your startup plan.

Describe your unique perspective of what your business is and who your customer is.

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MARKET RESEARCH/COMPETITIVE ANALYSIS: Identifies the type of people or businesses most likely to be your customers and explains their wants and needs. Evaluates other businesses offering a similar product or service and filling a similar marketplace need. Describes your competitive edge. Describe the type of people or businesses most likely to be your customers.

Explain your customers wants and needs and how your product and/or service benefits them.

Identify other businesses offering a similar product or service and describe your competitive edge.

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