6-4 Preparing a Business Plan: The Content and Format Like writing a term paper or report, getting started in writing a business plan is usually the hardest part. Recall that in Chapter 3, we emphasized the importance of first conducting a feasibility analysis and writing a business plan only if your idea seems viable. Three elements must be evident from the feasibility analysis before you move on to the business plan:
1. strong market potential,
2. an attractive industry, and
3. the right individual or team to execute the plan.
Once the business model has been established and the feasibility analysis is completed, it’s time to begin the process of writing a business plan. For this, two issues are of primary concern: (1) the content and format of the plan and (2) the effectiveness of the written presentation.
When considering the content of a business plan, continue to think first and foremost about
the opportunity, as identified by your feasibility analysis. Strategies and financial plans will
follow naturally if the opportunity is a good one. The business plan should give thorough
consideration to the following basic factors (presented graphically in Exhibit 6.3):