The Business Plan - A Secret to Success

Advice from SCORE Central NJ
We Help Business Succeed Every Day

Would you start a cross-country trip without a map?  You’d plan all your stops as you travel with places to eat, how much money you’ll need, where to detour if a road is closed, etc.  The business plan is a map for your business – a written guide that details the start-up and the future direction of your company.  It’s important because it summarizes both your vision for the company and your blueprint for the company’s operating success.

Who should write the plan? You, the entrepreneur. No one else knows your business idea and goals better. Yes, there are services that can do the work for you. However, you must present this business idea to bankers or other investors. Therefore, it is best if you are very familiar and comfortable with the plan.  Although there’s no set format, a good business plan typically includes:

• Cover page—Identifies your business
• Table of contents—Organizes information for the reader
• Executive summary—Provides a “big picture” view of the plan, highlighting the factors that will lead to success
• Business background—If it is a brand-new business, include your background and skills
• Marketing plan—Relates the business’s marketing strategy
• Action plan—Summarizes how you will create and deliver your product or service
• Financial statements and projections—Illustrates how the business will perform financially based on the plan’s assumptions
• Appendix—Includes statistical analyses, marketing materials, résumés.

This link shows some samples of business plans but, as stated above, only you should write your plan.  You can get a business plan template for a new or existing business here SCORE Business Plan Template.

Presented by Central Jersey SCORE www.centraljersey-score.org

SCORE Volunteer mentors provide FREE CONFIDENTIAL expert mentoring to help individuals looking to start a business or to help entrepreneurs in an established business.  The combined experience of our Central Jersey SCORE counselors offer our clients in excess of 1,000 person years of business experience.  If you're interested in having a free Face to Face discussion with our mentors go to our calendar to book your own appointment with venues in Bridgewater, Hillsborough, Somerset, Pluckemin, Clinton, Edison, New Brunswick, and East Brunswick.  Click here to book your appointment.