Elements of Business Plan

What is a business plan?

A business plan is a document prepared by an entrepreneur, either alone or in conjunction with other professionals, to outline in detail the company's past, present and future. It should contain a thorough analysis of the most tangible aspects of the company, including the product, intellectual property, management, and physical, labor and financial resources available. With sufficient research, the business plan should also address such variables as potential customers, competitors, commercialization and markets. The business plan should also contain projections for sales, operating costs, profits, and cash-flow projections for up to five years ahead. This document should sell the entire company as a package, conveying the excitement and promise of the new venture with solid research and experience to back it up.