Business Plan

What is a Business Plan?
A business plan is defined as an expressed statement that provides information regarding the inception, intent, description, and future plans of a particular business that provides a product or service. Although a seemingly infinite amount of possibilities exist with respect to the creation of a business plan, standard business plans typically consist of the following information:

•         Mission Statement
•         Background Information and Biography
•         A Plan of Operation(s)
•         Goals and Agendas
•         Financial Statements
•         Sales and Marketing Plans
 
Parts of a Business Plan
Mission Statement
Mission statements are brief and concise summaries that express the fundamentals of the business; a business plan’s mission statement does not typically exceed twenty words – as a result, many individuals find the prospect of creating a mission statement to be a difficult one. Mission statements have been known to include the following:
•         A brief tagline or motto
•         A succinct description of the business
•         A concise description of the product or service provided
 
Background Information
Background information conveys the essential information necessary to not only understand the business featured in a business plan, but also all personnel involved in the business, the history of the business, as well as a description of the products and services offered.
 
A Plan of Operations
The plan of operations found in a business plan describes a methodology that will be facilitated by the business in question in order to establish – or sustain – profitability, solvency, and success; this section can also include various goals and agendas proposed by the business.
 
Financial Statements
A business plan’s financial statement includes projected earnings, budgets, costs, market trends, and profitability reports; financial reports are read by individuals with stake in the business.
 
Sales and Marketing
A sales and marketing plan expresses the means in which the business featured in the business plan will make the presence of the business known in the consumer market.
 
Business Plan Viability
The parameters and protocols surrounding both the development and institution of a business plan can vary on an individual basis and in conjunction with the established legality, decorum, and operations of business law and all other applicable legislation; all business plan documentation should be constructed to the fullest extent - in a meticulous fashion. In the event that an individual experiences difficulty completing – or understanding – the requirements and expectations of creating and/or presenting a business plan, they are encouraged to consult an attorney specializing in business law, contract law, employment law, labor law, and insurance law.
 
 
Business Plan Legality
In the event that an individual is not well-versed in the practice of business law, an attorney should be consulted prior to the presentation of any business plan. Although multitudes of business plan formats exist exist, an individual interested in undertaking the task of creating a business plan is encouraged to explore the validity and legitimacy of any expressed information, in addition to their originality. Legal review of the originality and legitimacy of any particular business plan on the part of a legal professional can allow for added protection, legal insight, and strict adherence with all applicable business and commercial legislation.