A business plan usually includes the following elements, although there is nothing sacred about the order in which they are listed:  cover page, executive summary/overview, management and organizational outline, product/service plan, marketing plan, financial plan, operating and control system, growth plan and an appendix of supporting materials.

There are numerous resources to help you through this process—books, online resources, software packages and expert counsel offered at no charge from any number of organizations.  (See Section VII for a comprehensive Resource & Information List).

I want to talk to my lawyer
Business must be conducted within some sort of legal framework.  If you fail to establish your business as a separate legal entity, then the law will assume that your business is a sole proprietorship, meaning that you and your business are one in the same, and that your business uses your legal name as its name.

Sometimes a sole proprietor structure is just fine.  But depending on your business and your own situation, you may be advised to incorporate or to enter into a partnership of some sort.  This would be a good time to consult an attorney or experienced small business advisor, as there are many important factors to consider when choosing the best legal structure for your business. 

Show me the money
When it comes to financing your new business, you would be well advised to consult a professional once again—either a banker or a small business consultant.  You may choose to fund your start-up through traditional funding sources, or you may choose to pursue alternative sources of funding for your business.

Traditional sources of financing include self-financing, banks, government agencies, venture capitalists, investment bankers, money-finders and other lending institutions.

Possible sources of alternative financing include private investors, credit cards, family and friends, customers, suppliers, employees, joint ventures/strategic partnerships, professional advisors and business acquaintances—to name just a few.

Again, there are many factors to consider when seeking financing, so be sure to seek counsel before proceeding.

Human “Capital”
One more aspect of your business for which professional counsel is recommended concerns your business’s human resources.  A myriad of issues need to be anticipated and planned for in order to minimize your risk and maximize your business’s chances for success. 

Your human resources plan needs to address issues of ownership, compensation, hiring and firing, employee contracts, organizational structure, personnel policies and procedures, benefits such as insurance or retirement accounts, employee stock options and other performance incentives.