A business plan is an important tool that allows a new business to map out the following 3 key elements:
- What the business wants to do;
- How the business is going to do it; and
- When the business is going to do it.
While a business plan may seem like an administrative burden, many of our clients have found that a business plan helps them clarify exactly how they are going to execute their strategy and make the business successful. The plan will add clarity for the owner but can also be used to obtain financing, attract investors, support growth, and provide a clear road map to your success.
A business plan will also provide third parties with insight into your business and may facilitate investor financing and/or loans from banks or others. Investors and banks expect to see a well thought out and comprehensive business plan and will often use the business plan as one of the primary documents to evaluate the potential of a start-up business.
Finally, certain types of visas require a business plan. For example, business plans are often required for E-2 visas, EB-5 visas, and L-1 Visas. The key components of a good business plan are summarized below. Particular focus should be given to the business plan’s executive summary.