Yes, a business plan is required to buy an existing business - especially if you will be seeking financing. The current owners may already have a business plan, but this is not your plan. Your plan needs to take into consideration the transition that will occur as the business changes hands. For instance, if you are purchasing a retail business that has a steady flow of customers, how will the transfer take place without disrupting normal business activities? The plan also needs to detail any changes that you intend to make to the business model, pricing and marketing. It should also include an updated personnel plan and financials.
The main object of a business plan can vary from business to business here are some common objectives for creating a business plan; start up in need of funding - the business plan should be written to convince the banks or investors to grant funding start up business for business owner - the plan should provide the business owner with a road map to success, including the exact steps he should take to get the business up and running and targets for sales and expansion of the business existing business for expansion - this plan should be written to provide detailed information about how the business will expand, if they are taking on staff, new premises etc and how it will be funded - if funding is required then the business plan should convince investors of the potential of the business expansion
A business plan, in a new business andexisting business, determines if yourproduct/service has a chance at success.A business plan explains the purposeof your business. It clarifies what you'redoing.Who will it serve? It identifies thetarget market. Teens? Elderly?It defines goals. Where will the businessbe in five years, ten?Who will handle operations? An exampleof operations is customer service.In a small business, one person couldhandle all operations.It estimates revenue, and projects itfor future years.A business plan figures in expenses.It explores the distribution process.How will your product/service getto the target market?Also, a bank, lender, requires abusiness plan.
Unsecured business loan financing from Merchant Advisors can be used for almost anything which includes plans like purchasing and expansion of your business. With this loan you can plan on options like franchising or opening new branches for you business or you can use it as a cash advance required to set up a new business. You are not required to pay any collateral and having a very good credit history. A business loan can help grow your existing or fresh business in many ways.
Like other questions found here on WikiAnswers, this is a matter of opinion. Here are some of my personal favorites: * Inc. Magazine's 'How to Really Create a Successful Business Plan' * Nolo's 'How to Write a Business Plan' * Barron's 'Writing a Convincing Business Plan' Visit Amazon.com to purchase these or other books related to business planning.
There are multiple reasons for a business plan, including but not limited to: 1. A business plan provides the direction for the company (direction defined as the goals/objectives and the strategies/tactics to achieve these goals/objectives), 2. A business plan will help the entrepreneur identify the risks associated with the business (market risks, economic risks, competitive risks, management risks). 3. A business plan will form the foundation for the development of required capitalization documents.
AnswerA business plan is a formal statement of a set of business goals. the reasons why they are attainable and the plan for reaching those goals also contain background information about the organisation or team in attempt to reach those goalsBusiness plans may also target changes in perception and branding by the customer, client , tax payer or large community....when the existing business plan is to assume a major change or when planning a new venture
Time it takes to write a business planThe time it takes to research and write a business plan is contingent upon a number of factors including the concept, the intended audience, status of business (start-up or existing) and number of people on the planning team. If you're flying solo and it's an entirely new concept, it will take considerably longer than if it was an existing business with three or four team people tackling the plan. On average, a start-up plan will take anywhere from 160 to 640 hours to research and write. Established businesses should allow between 40 and 160 hours.
The requirements to purchase a McDonald's fast food restaurant franchise are that a franchisee will need at least a forty percent down payment on the property, as it will likely be an existing location that is being purchased. There must also be the potential for the franchisee to have a very sound business plan, and that they have had previous experience in the operation of a restaurant.
There are different business plans for different purposes. I am going to assume you're asking about the more common 'start-up' business plan. This is a business plan someone creates so they can get approval to start a business from banks, city councils, investors etc.There are other types of business plans as well:Internal Business Plans - an existing business can write a plan to improve performance, cut costs, expand services, etc.Strategic Business Plans - A business can create a strategic business plan to layout the timeline for rolling out different products or services to attract new business.Feasibility Plan - A feasibility plan is used so a company or potential company can think through the business process to see if an idea or product has the ability to turn a profit. Sometimes a solid feasibility plan will keep you from making major business mistakes.If you're looking for more information about a 'start-up' business plan or want to look at some samples and templates visit ecommercebusinessplan.net.
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