2. The Market

Who are your customers? Why are they customers? What motivates your customers? What need are you filling for these customers? How will you motivate them to buy from you? How will you find and attract these customers? Who is your competition? What advantage do you have over your competition? How will you position yourself to win market share? Do you have technical data, surveys, or information sources to back up your claims?

3. Finances

How much money are you bringing to your business? What are your start-up costs? How will money be used? When will your business become profitable? What are your financial projections for next five years?

ELEMENTS OF A BUSINESS PLAN

Here are key elements to include in your business plan. Keep in mind that your business plan is unique to your business, so don't be afraid to beef things up as needed.

Executive Summary - This is a summation of important points within your business plan. It should not be over three pages long. This summary is of particular interest to potential investors in your business, and allows them decide if you are a worthy investment vehicle.

Company Summary - Describes your business, customer focus, and your goals. Includes things such as your business structure, start-up projections, and business location.

Products and Services - Describes what you have to offer, its advantage to customer, your reasoning for need of your product or service, and a look into your place among competition.

Market Analysis - Details who, what, where, why, and how of your market. Includes analysis of your industry and your strengths therein.

Marketing and Sales Strategies - Key to this section is your plan to operate in a competitive environment. Sales forecasts and marketing details give an in-depth look at actual customer acquisition.

Operations and Management - Fully details structure and operation of your organization.

Financial Plan - Provides a comprehensive look at business cash flow, profit and loss, break-even analysis, and other financial indicators.

In conclusion, your business is less likely to fail if you are able to predict outcomes. Your business plan sets realistic goals for success. The above information serves as a general map. You fill in details - as many as are needed. Most assuredly, your efforts will be rewarded for years to come.

Compile a database of business owners and executives who might be interested in your research and developments (R&D).

Follow that old cliche, 'If you got it...flaunt it!'

Publicize long range goals and profit forecasts.

- Create sponsorship programs.

- Support community goodwill functions and invite news reporters.

- Join business association and network.

There`s always companies out there looking to acquire other profitable enterprises. One or more may be interest in buying your business long before you put out 'Business For Sell' sign.