{"id":10838,"date":"2022-07-13T13:48:51","date_gmt":"2022-07-13T17:48:51","guid":{"rendered":"https:\/\/www.franchisegator.com\/articles\/?p=10838"},"modified":"2022-08-04T17:13:31","modified_gmt":"2022-08-04T21:13:31","slug":"5-basic-elements-business-plan","status":"publish","type":"post","link":"https:\/\/www.franchisegator.com\/articles\/5-basic-elements-business-plan\/","title":{"rendered":"What Are the 5 Basic Elements of a Business Plan?"},"content":{"rendered":"

Starting a business<\/span><\/a> takes time. It takes dedication. It also takes a solid plan. The planning phase can seem intimidating when you\u2019re new to the business community. But <\/span>making a business plan<\/span><\/a> is surprisingly easy, especially when you\u2019re creating one as the owner of a business franchise.\u00a0<\/span><\/p>\n

This guide will walk you through the five basic elements of a business plan, so you stay focused and share your vision with others.<\/span><\/p>\n

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  1. Executive Summary<\/b><\/li>\n<\/ol>\n

    When you\u2019re starting a business, you\u2019ll need funding to thrive. But many lending institutions will expect to see a business plan before they approve you for a loan. Make it easier for lenders to learn more about your business by creating an executive summary.\u00a0<\/span><\/p>\n

    An executive summary highlights the key points of your business plan. It should be 250 to 500 words long and offer a high-level view of your core business processes and goals. Don\u2019t worry about a lot of data. You can include specific numbers in other sections of your plan.\u00a0<\/span><\/p>\n

    Even though this is the first part of your business plan, save this step for last. You\u2019ll have an easier time crafting a summary once the other portions of your business plan are complete.<\/span><\/p>\n

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    1. Company Summary<\/b><\/li>\n<\/ol>\n

      Next, you\u2019ll provide an overview of the company itself. If you\u2019re a franchise owner, you\u2019re not starting a business from scratch, so it\u2019s more than okay to simply describe the company you work for and provide a description of their products or services.\u00a0<\/span><\/p>\n

      Beyond this initial summary, you\u2019ll also want to include:\u00a0<\/span><\/p>\n