I just got this in an email from Debbie May at WSP: What is a Business Plan? A business plan is a formal statement of a set of business goals. The plan may contain background information about the company. Think of your business plan as a decision making tool. It will help you concentrate on multiple areas of the business while staying focused on its main goal. A business plan often includes how will you pay your bills, handle employees, order products, fill orders, market your products and protect your designs. When is a Business Plan used? All businesses should have a business plan. Good and bad opportunities come up everyday. A business plan will help you stay focused and make good decisions about these opportunities. A business plan is always necessary when going to the bank for a loan or when seeking investors. A bank will want to be convinced you can repay a loan. An investor will be interested in what will be done with the initial investment, upcoming growth opportunities and exit plan. Keys to a Good Business Plan. A business plan should be simple, specific, realistic and complete. It will have a plan, actions, responsibilities, deadlines, measured results and follow up. Most of all, a business plan should be practical. Questions to Answer Before Writing a Plan. Describe your business, in 25 words or less. What is your reason in starting this business? What trend is your company going use? Why will you be successful? Describe your company mission, in 10 words or less. How do you know you will be meeting what your customers needs? Where will your first 10 customers come from and how much will they be willing to pay? Why should a customer seek your company instead of another? How much will it take to fund your company for the first year? What will tell you that your business is serious trouble? What is the biggest drawback/limitation/flaw to your business idea? How are you going to handle the money and accounting? What is your gross profit margin? (selling product price vs. cost of product materials) What is your net profit margin? (gross profit margin minus business expenses such as payroll, rent, utilities, etc.) How will you handle growth and overwhelming success?Resources in Helping you Write a Business Plan. Book: Entrepreneur's Notebook - Practical Advice for Starting a New Business Venture Book: Business Plan Kit for Dummies Software: Business Plan Pro 2007 Software: Marketing Plan Pro 9.0 Government Resources: SBA - Small Business Administration