If you have recently been considering starting up your own business, you will discover that it simply cannot happen over night and you should sit down and design a long term professional business plan. This probably sounds like a lot of work on your own, but if you have patience and follow the guideline provided, you should be able to come up with something that will work for you. It is also important to note that if you are planning on getting a loan for your business, it will be required that you give them a detailed plan in order to help you qualify for that loan. Not only is this a good way to show a summary of your business goals it also serves as a way to demonstrate to the bank that your company will be a safe investment for them.

The first part of the long term professional business plan should include what is usually called the executive summary. This is where you will describe the kind of company it will be in just two or three concise sentences. You should always include what makes you different from other similar companies.

You will need to also describe how the company will be managed and who will be managing it. This also should be a short two or three sentence summary of credentials as well as anyone elses credentials who might be involved with the businesses.

You will also need to identify the market you are focusing on and the customer base you are trying to attract. You will need to explain how your company will help fill a void in the area of service you offer and make sure to give them stats and information you have come up with from any research you have done. It is important to include any customer needs you will be trying to fill.

You will also need to include your marketing strategies and an explanation of the quality of your products or services that you will be offering. You should also include some speculations on your sales projections for your first year and any salaries that you might be paying out to any partners you may have. You should have an estimate of how much money will be needed to help finance your first year of business and make sure to include any amount of money that any partners have already contributed.

You will also need to include in your plan some sort of closing sentence that will help demonstrate just how the company you plan to open is going to meet all of the needs of the customer base you plan to target.

The bank will also require that you include a company summary which is a far more detailed overview of the business which should include the legal name of your company, the address, the business mailing address, all of your contact information, names of other partners or owners, what bank the business will be using and your personal goals as the owner.

This company summary should also include the company hours of operation. The short as well as long term objectives. You will need to include your product or service overview a long with a list of products and or services you will offer. Make sure to include how these will help make your business more appealing.

Other summaries that will be required will be the market analysis summary where you will identify your customer base and include a pie chart showing the potential customer base and show speculations of how much revenue different customers could bring in for your first five years. You should also include a strategy and implementation summary. This is where you will need to summarize what makes you stand out as a company.

A management summary also will be required and this is where you will list your personal experiences from the past that might help you with the success of the business. You should also map out an organization structure to include any future additions to the company.

A financial plan will also be needed and this is where you include how much you can put in to help start up the company and then include the start up costs which should include, registration fees, licenses, permits, your starting inventory costs, rent, down payments on property and or equipment, utility start up fees. You also need to include estimated monthly costs like salaries, rent or mortgage, phone, internet, utilities, storage, distribution, promotions, loan payments, office supplies, etc. You should make sure to multiply all of this by six so you can present a 6 month estimation.

Once you are done with that you can then take the total 6 months cost and add that to the start up costs. This will help give you a rough estimate of how much you will need to actually get from the bank to be able to start your company.

Author Bio: Global Financial institution offering commercial and personal Trinidad and Tobago finance banking services including money Bahamas, online banking, credit card, loans and more.

Category: Finances
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