As we have discussed, many formats can be used to develop your personal business plan. However you choose to present it, it is important to have a well structured plan that provides thorough information and research to your potential lenders, financiers, or partners. The following is the conclusion of a ten-segment business plan that can be used to help you better understand what your readers will be looking for. The first four sections included the executive summary, product or service description, market research, and marketing and advertising strategy.

5. Competition- The old saying, “keep your friends close and your enemies closer” surely applies to the process of starting and running a company. In this section of your business plan, you may want to include a separate file for each competitor in your area. Include in each competitor’s file their location, revenues, date opened, and other such pieces of information. Is their company growing, declining, or stable? Your readers will be looking for evidence that your enterprise will be able to stand its ground in your local market. Include your competitors’ strengths and weaknesses, and describe how you will approach these aspects. Also include a diagram of each competitor’s share of the market. This is also another good place to emphasize the differences between your product and your competitors’.

6. Operations- The operations section of your business plan should describe the logistical requirements of your business’ operation. Break this section down into segments addressing products and raw materials required, staffing, facilities, equipment, and production strategy. These are all pretty much clear-cut. Production strategy should include a description of how your product will be manufactured, as well as any potential problems that may arise, with solutions. Also include your company’s hours of operations in this section. Your lenders will be looking for what you have done so far to get your venture off the ground and that you have a thorough understanding of the manufacturing process.

7. Management- Here you will provide a complete profile of each member of your upper management team. Include duties and responsibilities of each position, as well as salaries and benefits. If any of the positions are already filled, include personal background information of each of these individuals.

8. Personnel- This section will describe employee information. Include amount of employees needed, as well as future projections. Detail a list of all positions required to operate your business. Describe what skills your employees will need to possess. Also include how you plan to pay these employees, such as hourly, salary, overtime, etc.

9. Financial Data- Here you will include all financial data pertaining to your business. If you are not financially acute, find someone who is to help you with this section of your business plan, as this section is crucial as to whether or not you will be considered for loans. Include a balance sheet, break-even analysis, income statement, and a cash-flow sheet.

10. Supporting Documents- This is where you will include any other documentation or research that has not already been included. It is basically an appendix of resumes, credit info, quotes and estimates, leases or buy/sell agreements, census/demographic data, and any other legal documents that are relevant to your business plan. It is also a good idea to include any credible references you may have.

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