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Write a business plan that potential investors will embrace!If you''''''''re thinking of starting a business or raising money to expand an existing one, you need a plan. Running a successful business requires a great deal of forethought, so write a business plan and secure your venture''''''''s future. How to Write a Business Plan will show you how to write the right plan for your business and design a loan package necessary to finance your business and make it work.With this bestselling all-in-one guide you''''''''ll learn how to:. figure out if your business idea will make money. estimate operating expenses. prepare cash flow. create profit and loss forecasts. determine assets, liabilities, and net worth. find potential sources of financing. think first before borrowing from friends and relatives, and. professionally present your plan to lenders and investorsHow to Write a Business Plan provides spreadsheets that help you determine and forecast cash flow, financial statements, sales revenue, and profit and loss. It also provides three sample business plans you can modify for your own use.This edition is completely updated, providing all-new online resources and updated examples of successful business plans.
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If you want the help of a trained professional—and we’ll always point out situations in which we think that’s a good idea—consult an attorney licensed to practice in your state. please note 8th edition How to Write a Business Plan by Mike McKeever EIGHTH EDITION FEBRUARY 2007 Editor RICHARD STIM Book Design TERRI HEARSH Proofreading ROBERT WELLS Index ELLEN SHERRON Printing DELTA PRINTING SOLUTIONS, INC. McKeever, Mike P. How to write a business plan / by Mike McKeever.-- 8th ed. p. cm. Includes index. ISBN-13: 978-1-4133-0562-3 (alk. paper) ISBN-10: 1-4133-0562-8 (alk. paper) 1. Business planning. 2. New business enterprises--Planning. 3. New business enterprises--Finance. 4. Small business--Planning. 5. Small business--Finance. I. Title. HD30.28.M3839 2007 658.15'224—dc22 2006046797 C opyright © 1984, 1986, 1988, 1992, 1999, 2002, 2004, and 2007 by Mike P. McKeever. ALL RIGHTS RESERVED. Printed in the U.S.A. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher and the author. Reproduction prohibitions do not apply to the forms contained in this product when reproduced for personal use. For information on bulk purchases or corporate premium sales, please contact the Special Sales Department. For academic sales or textbook adoptions, ask for Academic Sales. Call 800-955-4775 or write to Nolo, 950 Parker Street, Berkeley, CA 94710. Dedication This book is dedicated to the memory of my late grandmother, Elizabeth Eudora Woodall Darby, whose influence I acknowledged only recently. Acknowledgments After more than a decade of working with many people, I am amazed at the uniform spirit of goodwill and cooperation. My first editor, Ralph “Jake” Warner, showed patience working with a first- time author. My second editor, Lisa Goldoftas, challenged the grammar while gracefully deferring to my knowledge about the subject. Also at Nolo: Steve Elias designed many charts; Adam Stanhope educated me about computers; Mark Stuhr tuned sections on computer-related material; Stephanie Harolde worked her word processing wonders on the manuscript; Terri Hearsh designed the book; Eddie Warner gave helpful suggestions on online information; and many more folks at Nolo improved the book greatly. A special thanks to a number of generous individuals, each of whom knows a great deal about starting and operating a small business. Peg Moran, Terri Hearsh, Roger Pritchard, Jason Wallach, Harry Keller, Dan Peters, Sharyn Simmons, Larry Healy, and finally, Hugh Codding and Leroy Knibb of Codding Investments. For these and all my readers, clients, and students who have shared their hopes, dreams, and problems with me over the years, thank you for your help. The best parts are yours—all the mistakes are mine. Many of your stories and suggestions appear here in disguised form. I hope all the readers will profit from your wisdom and generosity. Mike P. McKeever San Francisco, California About the Author Mike P. McKeever’s education, work experience, business ownership, writing, and teaching careers give him a broad and unique perspective on business planning. He has a BA in Economics from Whittier College and a Master’s in Economics from the London (England) School of Economics, and has done postgraduate work in financial analysis at the USC Business School. Mike has taught classes at numerous community colleges in entrepreneurship and small business management. He has published articles on entrepreneurship for Dow Jones publications, the Sloan Publications Business Journal, and numerous newspapers and periodicals. Mike has successfully purchased, expanded, and sold a number of businesses, including a manufacturing company, tune-up shop, gas station, retail store, and commercial building. He has worked for a variety of companies ranging from small groceries to multimillion-dollar manufacturers. As an independent business broker, he assessed the strengths and weaknesses of hundreds of companies. As senior financial analyst for a Fortune 500 company, he wrote and analyzed nearly 500 business plans. Currently, Mike runs a company, Business Plan Workshop, in which this book features prominently. He conducts workshops for groups of small business owners and takes each person through the actual steps of completing a business plan for his or her individual business. I How to Use This Book What Kind of Plan Do You Need? .2 Getting Started .4 And a Few More Words 5 1 Benefits of Writing a Business Plan What Is a Business Plan? .8 Why Write a Business Plan? .8 Issues Beyond the Plan .10 2 Do You Really Want to Own a Business? Introduction 14 Self-Evaluation Exercises 15 How to Use the Self-Evaluation Lists .19 Reality Check: Banker’s Analysis 19 3 Choosing the Right Business Introduction 24 Know Your Business 24 Be Sure You Like Your Business 26 Describe Your Business 26 Taste, Trends, and Technology: How Will the Future Affect Your Business? 32 Break-Even Analysis: Will Your Business Make Money? 36 What You Have Accomplished 48 Table of Contents 4 Potential Sources of Money to Start or Expand Your Small Business Introduction 53 Ways to Raise Money 53 Common Money Sources to Start or Expand a Business 61 Additional Money Sources for an Existing Business 70 If No One Will Finance Your Business, Try Again .72 Secondary Sources of Financing for Start-Ups or Expansions .73 Conclusion 76 5 Your Resume and Financial Statement Introduction 78 Draft Your Business Accomplishment Resume .78 Draft Your Personal Financial Statement 85 6 Your Profit and Loss Forecast Introduction 102 What Is a Profit and Loss Forecast? 102 Determine Your Average Cost of Sales 103 Complete Your Profit and Loss Forecast 106 Review Your Profit and Loss Forecast 118 7 Your Cash Flow Forecast and Capital Spending Plan Introduction 122 Prepare Your Capital Spending Plan 123 Prepare Your Cash Flow Forecast . 125 Required Investment for Your Business 135 Check for Trouble 136 8 Write Your Marketing and Personnel Plans Introduction 140 Marketing Plan 140 Personnel Plan 153 . first-rate business plan and loan application. How to Write a Business Plan contains detailed forms and step-by-step instructions designed to help you prepare a. BUSINESS PLAN Note that the appendixes contain blank forms as well as business plans for a small service business, a manufacturing business, and a project