What does a business plan do for me?
A good business plan provides the blueprint for operating and building your company. It defines:

• Your target market
• Your competition
• How your operations work
• Your finances
• How you will achieve growth

If you are looking for outside involvement in your business, a good plan demonstrates your knowledge and expertise and how you see your business succeeding. For instance, you will need a good business plan to:

• Obtain a government or bank loan
• Obtain venture funding
• Attract business partners

Key elements of a business plan
Key elements that you will want to consider including in your business plan.

• Executive Summary
• Mission Statement
• Key success factors
• Description of the business
• • Marketing/value proposition
  • Differentiation
  • Competition
  • Operating procedures
  • Personnel/other assets
  • Business insurance
• Financial data
• • Capital equipment and supply list
  • Balance sheet
  • Breakeven analysis
  • Profit and loss statement
  • Cash flow

Planning your project
Things to consider before you actually start your Business Plan project:

Audience: Who is going to read your Plan? The level of detail and type of information will differ depending on who your audience is.
Timeline: Is this a one, three or five year plan?
Business type: A business plan for a Manufacturing company will be very different than one for a services based company.
Information: Gather the information you need to put your plan together such as financial information, market research, and other supporting data.
Assumptions: Make sure any assumptions in your plan are realistic and supported with real data or information.

Costs of completing a business plan
Business Plans typically start at around five hundred dollars to polish and proof an existing plan and go up to several thousand depending on how much research and financial projections you will require of the service provider.

How to use Elance to complete your business plan project
Follow these steps to get your Business Plan written using Elance.

1. Complete the project description with the following:

• Your objective for writing a business plan.
• What documentation you have prepared.
• The level of financial projections you need from the provider.
• How you want the plan delivered, electronic or hard copy.

2. Once you start receiving bids, carefully review the provider's qualifications and portfolio.

• Ensure the bid they placed addresses your needs
• Review their areas of expertise, feedback and references
• Check their portfolio of work for similar projects
• Use our Private Message Board (PMB) to request additional information or clarification

3. Choose a service provider and begin working on the project. The typical business plan project will require the following steps.

• Information gathering on the part of the provider
• Initial draft presentation
• Revisions and completion of final versions

Key Terminology

Balance Sheet: A snapshot of a company's financial picture on any given day.

Breakeven Analysis: Determines the minimum sales needed for a company to survive. Capital: The funds necessary to establish or operate a business.

Cash Flow: The flow of income received and payments made.

Downside Risk: The maximum amount that can be lost in an investment.

Equity: Ownership interest in a company.

Exit Plan: The strategy for leaving an investment.

Income Statements: Financial statements showing the current profit or loss of a company.

Liquidity: The ability to turn assets into cash quickly.

Milestone: A particular achievement by which the company can be judged.

Mission Statement: Provides a source of direction that lets employees and customers know what the company stands for and where it is headed.

Net Worth: The total value of a company calculated by subtracting the liabilities from the assets.

Net Profit: The amount of money earned after all costs and expenses are deducted.

Profit Margin: Earnings expressed as a percentage of revenue.

ROI: Return on Investment, the expected time in which you will see a return or profit on the money invested.

SWOT Analysis: An in-depth analysis of your businesses Strengths, Weaknesses, Opportunities, Threats.

Venture Capitalist: "VC" An individual or firm that invests money in new companies.