What is a business plan?

jojovecina's picture
Submitted by jojovecina on Sat, 06/20/2009 - 11:45pm

What is a business plan?
A business plan serves to:

1) outline your foreseen company's finances, management team and marketing strategy
2) present plans on how your idea will be commercialized, and
3) prove your ideas’ financial viability.

If you are to avail of loans and other financing options, a business plan tells the lender why and how your business will be able to earn enough money to repay them within their terms.

Writing down your ideas and plans also takes out the guesswork. Consider the following questions:

* Which consumer need/s will your service or product address?
* Who are your potential customers and why will they purchase from you?
* How will you reach your potential customers? How will the idea be transformed into a viable product and brought to market?
* Where will you get the financial resources to start your business?

A rock-solid business plan does not only convince a lender that your idea can do well; as you develop it, even in writing, it teaches you a lot about the business you’re going to go into along the way.

what a business plan is

Submitted by skye on Fri, 01/07/2011 - 4:50pm.

Business plan is a map where the company is heading. It can serve as a guidance for the organization in all its major operational aspects. For an entrepreneur who wants to obtain loans, business plan serves as an assistance for lender's initial evaluation.

A business plan

Submitted by beatrice on Tue, 01/04/2011 - 11:22am.

A business plan is any plan about your business' future results. The contents of the plan should match your purposes. Business plan is not only needed in applying loans or starting a business but it is also needed when running a business.

Business plan

Submitted by carter122010 on Thu, 12/23/2010 - 11:26am.

Business plan is one of the requirements for loan application. It is decision-making tool.

***
Loans in Philippines

Business plan

Submitted by kelsie15 on Mon, 12/06/2010 - 4:20pm.

Business plan is essential for the approval of a loan. The business owner should know how to write a correct and effective business plan because he will going to present it to his lender and it will be a helpful tool in his business.

Loan in Philippines