Questions to Answer in Your Business Plan

Next you need to show how you will be able to carry out this business model by answering a couple of additional questions.

Who are the key members of your management team? You should

include biographies, which highlight accomplishments and the relevance of expertise and past work experience in this business. Don’t just stick in a few resumes and assume they will do for the biographical section. They won’t. A bio, unlike a resume, shows how the skill sets and experience of everyone on your team will support the execution of your business plan. While a resume can show off a star, a bio will demonstrate how this player fits into your business team. It’s like the difference between golf and baseball. In anything other than the smallest business, you can’t be a jack of all trades. You need to show you have a well-rounded management team that can cover all the bases.

What are the financial requirements of the business and how will you fulfill them? Here you need to develop a financial projection for the business that shows at a minimum the sources and uses of funds. Be sure to explain any jargon specific to your field, including spelling out acronyms.