How to expand your business plan

Many small businesses begin in the spare room or garage and may never have developed a formal plan. Once your business starts to grow, you will need a formalized, expanded business plan, especially if you are applying for financing. Here are the basic elements:

Executive summary. Usually written at the end, this section gives a general overview of other sections.

Company description. Provides vital information about your business, including its location, size, activities, and goals.

Product or Service. Describes the products and/or service you are selling, highlighting their value to your customers.

Market analysis. Overviews of your industry and marketplace, with statistics to back up your claims.

Marketing strategy. Explains how your business will price, market, and sell its product or service.

Summary of Management. Explains the structure and management of your company, including your team and external resources.

Financial analysis. Displays the revenues of your business, its financing, the amount you will need to expand, and a rough estimate of operating costs.

Appendix. Charts, graphs, statistics, research and other relevant data to support statements made in other sections of the business plan.

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