In this page we'll present a business plan template that will be a little different than what you might find in a normal search. We'll give you many similar thoughts, but will stress the foundation of the plan more than the details. As with any structure, a strong foundation will carry the finished product through the tough times.
Primarily, the need for a business plan template arises in advance of seeking funding of some kind for a business venture. What you'll read on this page is the basic format I used during my time purchasing bank owned single family homes, renovating them and the completing the project with a successful sale.
As you would probably guess if are a regular reader at books-empower.com, the business plan template that I followed came from empowering books. There were certain parts that would be found in every suggestion. I'll give you those a little further down the page. But first I'll provide the preliminary thought that went into my version that was presented to lenders.
As I mentioned in the first paragraph, my belief is that foundations are the key to all success. So I used the formula of the "B I Triangle" featured in several books authored by Robert Kiyosaki. You'll find the image of that formula for success just below.
At the base is the mission. In everything we do in life, it all comes back to this spot. My blueprint for a winning business plan template would feature the mission of the proposal in a most prominent position. When I began rehabbing houses, I made our mission very clear. We would provide quality housing at affordable prices in safe neighborhoods.
So we always started there. We didn't look at properties that were not located in safe locations. Even if the purchase price was very low. We didn't stray from that basic foundational block.
Next we presented the team. A powerful business plan template will feature all the talent in place to complete projects on time, on budget and with a conclusion that will line up with the mission base and reward the trust of the prospective investor.
I followed the guidance from the "B I Triangle" in the third step as well. A winning business plan template will demonstrate the leadership capabilities of the person ultimately responsible. He or she doesn't need to be the smartest person in the project. The leader does need to fill his team with very smart people who will handle tasks that fit their skill set.
I never touched plumbing work in our renovations. I didn't attempt electrical upgrades nor did I evaluate heating problems. I did hire very competent experts in those areas. I told them to work as though their own families would live in the house.
Then I offered the hard numbers. I presented my budget which always included a cushion. We called it an "oops fund." Something always comes up that is unexpected on a home renovation. This two part series I wrote a while back will detail more specifics on budgeting.
I gave my potential investor a sort of snapshot of the area. I did include a market analysis based on recent home sales in that area along with time on the market, but I also provided my own shoe leather research.
I walked the area to see what was going on and I asked the one person who had a real feel for the neighborhood. The mailman knows everything about his route. And most are happy to tell you about the good and bad.
An effective business plan template will give your investor an understanding of where the money will go, how it will utilized and how it will come back to them. It will also give your potential partner some direction on what to ask you in your face to face meeting.
For a more complete look into the "B I Triangle", I would suggest "Rich Dad's Guide To Investing." Just below are those basic elements I mentioned at the top of this page. You'll find them in nearly every search. I placed them here so that you would understand the importance of mission and team ahead of this list.
* A cover page with all the contact information to make it easy for the decision maker you are hoping will provide your financing.
* A general overview that succinctly describes how your business fills a need. What sets you apart, any past success stories, anything that gets the bank or investor to keep reading.
* An overview of how you view the market in which you are competing. Give a sense of how you view the opportunity for success.
* Provide specific descriptions of your target audience. Describe how you will reach the needs of that group.
* If you have a marketing plan in place, let your potential lender know how it will work.
* Introduce your team. Let the lender know that you have a group in place.
* Most importantly show the investor how he or she will get the investment back. Lenders make money by loaning it, collecting interest, getting the principle back and doing it all over again.
If you really put some thought into your written work that describes your ideas and your expectations of success, you'll see that hard work actually strengthen your vision. I suggest the business plan template that begins with the "B I Triangle" because of the importance of making your vision the most important feature.
If you spend the time creating your presentations, you will find out if what you think is your vision is really something that gets you motivated. By going through the process of identifying customer needs and potential pitfalls, it will become very obvious to you if this direction is really the one that excites you.
If it does, you'll see the time spent in advance preparation as not really work at all, but a written description of something that causes you to hit the ground running everyday.
If the advance planning seems like drudgery and is boring, you'll have your answer. This direction is not really what drives you. It may have seemed good for a while, but the reality presented roadblocks that were not worth jumping over or going around.
Opportunities abound. They take work. They aren't easy. But if the mission means enough, you'll succeed.