There are two main purposes for writing a business plan. The first, and most important, is to serve as a guide during the life of your business. It is the blueprint of your business and will serve to keep you on the right track.

To be of value, your plan must be kept current. If you spend the time to plan ahead, many pitfalls will be avoided and needless frustrations will be eliminated. Second, the business plan is a requirement if you are planning to seek loan funds.

It will provide potential lenders with detailed information on all aspects of the company's past and current operations and provide future projections.

What you will learn in this topic:

1. Writing a business plan

2. Section One: The business

3. Section Two: Financial data