LTS Business Plan Advice:

Whether you're just beginning, need bank or investor funding or just want to monitor the health of your business, creating a business plan is an important first step to achieving your success.

LTS has some important specific advice that can make what is often viewed
as a labor intensive project less intimidating. Learn more below
and visit our blog: The "A" Blog for "B"(usiness) Plans

Business Plan Basics Plan Length
- Depends on its' purpose, for internal use 10 pages or so, for external (bank or investor funding) 30 pages or more.

Who should have a Plan?
- All businesses need a plan, however the length and type will vary. It is important to realize the plan is not your ultimate business objective.

Plan Types
- Internal Use, Bank Financing, Venture Capital, SBA (Small Business Administration formatted plans), and others,

The right plan for you
- That depends on your objective, as answered in the items above.

Getting Started, you need to ...

Identify Your Business Goals. Be clear as to what you want to do and why?

Determine what makes you different or gives you an edge of the competition.

Set realistic financial objectives. Determine how much money you need to get started.

Create sales forecasts, based on like businesses or prior experience.

Focus on the immediate, expansion and growth will come later, as you succeed.

Plan Components, should always include ...

An Executive Summary

A fully developed Business Description

Listing of all Products and Services

Financials, including start up assets and expenses

Market Analysis

Metrics and Milestones

Operational Plans

Getting Help - Three Important Approaches:

Hire a consultant who understands business, not just business plans. if you are serious about succeeding don't go it alone. A small investment here may save you thousands later.
Leverage the wealth of information provided by federal and state government (Dept. of Commerce, Bureau of Labor Statistics, the Small Business Administration and others).
Visit local organizations chambers of commerce, retired business professional associations (like SCORE), merchant and trade groups, join a small business networking group.