 TITLE: What Is a Business Plan? CONTENT: What Is Included in a Business Plan?\n------------------------------------\nA business plan typically includes the following sections.\n1.  Executive summary: Designed to get attention from a lender or investor, this brief introductory section concisely sums up key points from the rest of the business plan. Explaining what your business does and what makes it different from the competition, it should pique the reader's attention and make them want to learn more.\n2.  Company description: This section explains what your company does and includes your company's mission statement, vision and goals. It also explains the legal structure of your business (corporation, sole proprietorship or other structure), the history of the business, and who your competition is.\n3.  Product or service description: Here, you explain what you'll be selling, including pricing, the problems it solves for your target market and why it's superior to the competition.\n4.  Market analysis\/marketing plan: This section reviews the potential market for your product or service based on market research into your target customers and your competitors. You'll also explain your product or service in more detail, as well as your plans for marketing, distributing and selling it.\n5.  Operations plan: How will you set up and run your business? Explain your plans for choosing a location, the kinds of employees you'll need and what equipment you'll require. This section should give readers a clear idea of how your business will operate day-to-day.\n6.  Management plan: Essentially, this section fleshes out your organizational chart. Which key roles do you need to fill and what will each position be responsible for? If you already have key people in place, share details on their background and experience to show why they'll help your business succeed.\n7.  Financial plan: Depending on your stage in business, this may include a section for startup costs that details how much money you need and how it will be spent. You'll also include financial projections for sales, cash flow and profits and losses, and estimate when your business will start to break even. If you're seeking financing, specify how much money you need and exactly what you'll use it for, and include sales and financial projections showing how the money will help your business grow.\nThe U.S. Small Business Administration (SBA) provides detailed guidance on writing a business plan, including sample business plans and a link to business counselors who can help you with the process.  \nUsing a Business Plan to Get a Loan\n-----------------------------------\nWill you be using your business plan to apply for a loan? In addition to polishing your business plan, take some time to buff up your credit scores. Lenders may consider your personal credit score when evaluating your loan application, particularly if you're a startup. How well you manage money in your personal life is generally a good indicator of how you'll manage a business loan.\nYou can check your personal credit report and credit score for free. If your score needs some improvement, bring your accounts current, pay down debt and take other steps to increase your credit score before you apply for a business loan. If your business is established, it most likely has a business credit score; check that, too, and take steps to boost that score if necessary.\nJust starting out in business? It's never too soon to begin establishing business credit by incorporating or forming an LLC, getting a federal Employer Identification Number (EIN), and opening bank accounts in the name of your business. Building a good business credit score can help you get credit in the future—and finance even bigger business dreams. END