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Creating a business plan is much like drawing a blueprint for the success of your business. It is an exercise that helps the entrepreneur get all of his thoughts in the proper place, and determine what you need to do for success and how to get there, much the way a road map takes you from one town to another.

Parts of the plan usually include: an introduction – defining the purpose of the plan; overview of company – defining what the company is and will be; product description – describing the product the company will sell; marketing and sales-outlining the venues which will be used to selling product such as TV advertising, personal selling, public relations, newspaper advertising, etc; market comparison-describing the current market for the product; stage of development-showing exactly where the company and products fit in the big picture; market trends—how the market is changing, for instance in the world of fast food the trend today is towards multi-concepts at one location; competition—showing who the company is competing against, their strengths and weaknesses, the way a general views his opponent during wartime; management—bios or resumes of managers and key personnel, showing their qualifications and how they can symbiotically interact with each other for the good of the company; and financial information, especially current financial statements and sales forecasting—predictions of future sales.

Your business plan is a living document in that it can be changed as the market and other conditions change, but gives a guide to adhere to. Creating the plan requires the entrepreneur and his key associates to look at each section, pool their knowledge and take and honest inventory of all of the factors involved. They need to discover the strengths and the weaknesses of their business model, and where they are weak determine ways to either de-emphasize that aspect, or find key personnel who have skills in that area. While it may seem to some like a mundane chore, writing and creating a business plan is the first step to success.

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Financing a business is always an important decision, and one subject to many myths and misunderstandings. Many people think that grants and venture capitalists are flowing like rivers. The truth is, while grants for starting a business do exist for some specialized categories, they are hard to get and there are relatively few of them. And while there are venture capitalists out there who will invest in an idea, they are very particular and usually want a large percentage of the new business venture for putting their money at risk.

The most likely place to acquire business capital is through a loan. The easiest loans to get, and those with the lowest interest are those secured by real estate or some other property you may own. If you have a lot of equity in your home, consider refinancing it to raise the money you need. If you own other property of some sort, you have collateral for a loan, and may have good luck with a local banker you know and who knows you.

If you have money invested in a 401K or IRA retirement account, that can be used as collateral for a business loan. The downside is that you are putting your retirement savings at risk, and usually only about 50% if the value can be borrowed due to early withdrawal penalties if the loan had to be called.

Other possibilities are the Small Business Administration, or SBA wing of the federal government. They rarely make loans themselves, but if convinced that you have a reasonable chance of success they will guarantee a loan with a local lending institution. As a general rule, they will want to see a business plan and financial statement and be assured that you have a chance of success.

If buying an existing business, they will probably want to see that you have 20% of the purchase price in your own money. Part of their reasoning is that if you have $20,000 invested in a $100,000 business and the business has problems, you have a large enough investment to work hard for success and not just walk away.

Some lenders specialize in loans for entrepreneurs who can’t quite make the grade with the SBA or the local bank. They charge higher rates of interest, but are more willing to make the loan. If buying a franchised business, many franchisors have their own financing plans. They are willing to risk money because they have a strong success rate, and they very carefully scrutinize the applicants.

One national radio talk show host often says that when needing business capital the best source is people who love you. Relatives, friends and others who know you and believe in you are often the best source of capital.

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