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1. What information does the business plan provide?

2. Does the business plan show potential sources of financing?

3. Why does the businessman need the business plan in dealing with his potential backers?

4. What can bank lenders determine using the business plan of the particular business?

5. What is the company’s mission statement?

6. Is the company’s mission statement usually included into the business plan?

7. Does the business plan include graphs, charts and other analytical data?

Before you begin a new business venture, it's important to plan it thoroughly. One of the best ways to determine whether a business idea is viable is to evaluate it. If the idea is worth pursuing, the information gathered during the planning stage can be used to develop a business plan.

Feasibility. The first step in determining the feasibility of a business idea is figuring out whether it's something you can do with your existing knowledge, skills and resources. For example, if you want to start a production company, you need access to video equipment and you need to know how to use it well. Likewise, if you want to start a dance studio, you should have formal dance education or be able to hire staff members who do. If you don't have the skills to start a certain business, think about alternatives. For example, if you want to start a dance studio but have no dance training, you might look into starting a dance-apparel retail store or a facility where dance instructors rent space to teach classes.

Budget. Budget is very important when planning a business and is often what determines whether the company can survive. How much money is needed depends on several factors, including geographical region, the industry, your resourcefulness, how many employees are needed, rent costs and equipment needs. The budget must cover all aspects of business operations, including employee salaries, insurance and taxes, and there should be money budgeted for the slow times and unexpected expenses.

Structure. Every business needs a legal structure. The options include sole proprietorship, an unincorporated business run by one person or a married couple; partnership, a joint venture between two or more people who share profits and losses equally; corporation, a separate legal entity that must file articles of incorporation; S-corporation, in which the income from the business is passed through to shareholders; and legal liability company, or LLC, in which the business files articles of incorporation and is taxed as a partnership. It is helpful to consult an attorney when you're filing the paperwork to establish a business structure; if everything is not done correctly, the application will be rejected and will have to be refiled. The exception is with a sole proprietorship, in which case the procedure to establish the business structure is straightforward.

Location. For companies with a physical business site, location will depend upon the target market. For example, a high-end shoe store should be in an area where residents have enough income to pay for luxury items. A marketing firm should be placed around other businesses likely to use its services. With a virtual or online business, location is less of a factor. However, the location of the planned market should be taken into account and clearly stated on the business's website. For example, the owner of an online clothing store would need to decide which countries he wanted to sell to and find out the legal implications and regulations regarding shipping to those countries.

Marketing. Marketing encompasses public relations, advertising and promotions. This part of the business plan should note the best places to advertise, typically the places the target market reads or visits. The plan should also include strategies to get media attention for the business and build a rapport with customers and the media through community service, as well as whether to offer special sales, coupons, promotions, buying incentives or customer memberships.

Competition. Competition is an important aspect of business planning. You should determine the leaders of the industry, whether someone is offering a similar product or service, and how your business can differentiate itself from similar businesses. This part of the planning stage is also the time to spot the competition's weaknesses and areas where the new business can improve upon existing ones.

(По материалам www.smallbusiness.chron.com).

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