What is a Business Plan?

Answer:
A business plan is a compilation of

various pieces of information describing how your business will function. The contents of a business plan may vary depending on the type of business; and, if you require financing from a lender – you probably won’t be able to get it without a detailed business plan.

A business plan can be divided into separate sections. Your business plan should include the following:

a) A complete description of the business
b) Marketing strategies which will utilized for the business
c) Financial information such as start-up costs, funding sources, insurance costs, etc.
d) Management strategies When submitting your business plan to a potential lender, be sure to provide any supporting documentation which may include past tax returns, franchise contracts, licenses, and resumes.

If you’d like to learn more about writing a business plan you can find some great tips by searching online.