Purpose of a Business Plan

A business plan serves two main purposes. First, it serves as a road map for documenting the objectives, strategies and format for your business. It is a form of verification that the entrepreneur understands the business and it also documents the understanding of the business between all of its owners and managers. Secondly, the business plan is a requisite document for financing. Whether you are considering buying a business or seeking financing, no formal lending or investing entity will consider making an investment in a business without a thorough review of the business plan.

Resources for Developing a Business Plan

All business plans will differ, according to the type of business, level of resources and sophistication of the entrepreneur, industry standards, expectations of associates, etc. However, all entrepreneurs should be familiar with the basic elements of a business plan and the key issues that virtually all business plans would be expected to address. There are many great resources for obtaining guidance in writing a business plan:

SBDC Start-Up Business Solutions

Wisconsin Entrepreneurs' Network
Provides integrated statewide support to entrepreneurs in all industries and development stages through one of 50 access points.

SBA Business Plan Outline

Research Tips

Your business plan will be evaluated based upon how well researched and authoritative it appears, especially in the areas of product, marketplace, competition, and marketing. Therefore, it is crucial that you access the most credible sources of data for your business plan.

Industry, Demographic & Economic Data:

WI Business Statistics and Data

U.S. Bureau of the Census maintains comprehensive demographic data in WI Profile on market, income, economic census, etc.

U.S. Department of Commerce is a valuable resource for latest Economic Indicators as well as other current news that may effect your business.

WI-DOA Demographic Services Center

WI State Business Services: Research services that may be key in your application process and conforming with rules and regulations like Environmental Permits, Business Tax Registration, and New Hire Reporting.

Business Education and Assistance: Online trademark search, IRS, and Legal resources, as well as guidance for Minority and Disadvantaged businesses.

Marketing Resources

A well thought-out marketing plan is a vital part of your business plan. This includes both a marketing strategy and a promotional plan. Some key components of marketing strategy are: product and service mix, target market, competition, pricing, and distribution. A promotional strategy should address how to most effectively communicate with your target audience using perhaps:

Advertising & Public Relations
Seminars, courses, and strategies that can help.

Internet Presence
Domain names and business websites..

Legal Notices | Privacy Notice | Acceptable Use Policy