What is a business plan and why do I need one?

A business plan is a road map for the direction of your company and specifically defines your business and clearly states your goals. In addition, a good business plan is a crucial part of any loan package because it provides specific and organized information about your company and how you will repay borrowed money.

    Basic Business Plan components include
  • Executive Summary
  • Business Concept
  • Products and Services
  • Market Analysis
  • Marketing Plan
  • Operations
  • Ownership, Management and Organizational Plan
  • Financial Data
  • Critical Risks
  • Appendices/exhibits

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Where can I find help writing my business plan?

At no cost, Small Business Development Center (SBDC) consultants assist clients with their business plan by critiquing and offering suggestions for improvement. The SBDC consultant cannot write the business plan for you. The writing of the plan is an educational process in which you learn about your business and how you expect to operate. It should reflect your goals, objectives, priorities, and management style.

The SBDC also offers "Writing a Business Plan" workshop on a monthly basis. This two-day workshop discusses the basic information required to complete a business plan, and using examples, templates, and worksheets, will show you how to translate your ideas into a written plan.

There are also private sector consultants that offer business plan writing services for a fee.

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Materials, services or products offered by providers to SBDC clients are available as a resource for you to locate professionals who can assist you with business concerns. Making these sources available to you does not imply or constitute a recommendation or endorsement by the SBDC, but is only intended to be a convenience for you. You must perform your “due diligence” by interviewing the individuals or companies to determine if they meet your needs. If you do retain their services, be sure to obtain your agreement in writing: who is responsible for what; what work is to be performed; what is not included; what is the cost.

A partnership program of the U.S. Small Business Administration and the Bill Priest Campus of El Centro College, a division of the Dallas County Community College District. Funded in part through Cooperative Agreement # 9-603001-0046-22 with the U.S. Small Business Administration. All opinions, conclusions, or recommendations expressed are those of the authors and do not necessarily reflect the views of the SBA. It is the policy of the Dallas County Community College District and Collin College that all persons have equal opportunity and access to its educational programs, services, activities, and facilities without regard to race, religion, color, sex, age, national origin, or ancestry, marital status, parental status, sexual orientation, disability or status as a veteran.