GRAND RAPIDS – You want to start a business or expand your existing business. You have a great idea, super attitude and entrepreneurial spirit. So when you head down to your local bank and sit in front of the credit manager and explain this brilliant idea ? he or she responds with “that’s a great idea, but do you have a business plan?”

A business plan is vital whether you have already secured financing or are trying to obtain financing from your local bank, venture capitalists or angel investors.

Once you have completed a cover page and executive summary you are ready to proceed with the introduction. The introduction should introduce and describe your company including: How was your company formed? How long has your company been in operation? What is the current legal structure? Does your company hold any patents?

You may want to highlight the following elements within this section:

Overview of company history/capabilities

Product description, present state of development

Past customers and performance (if any)

Intellectual property status (if applicable)

Commercialization strategies (brief summary, if appropriate)

Sample Text:

Fast ‘n Fresh Premium Ice Cream Parlor will be a new venture ice cream parlor

located in leased space at 858 Success Avenue in the new Riverside Faire shopping Center, Valley City, CA 93XXX. A ninety-day option has been taken on this location. The estimated opening date is March 20XX.

J. B. Entrepreneur, who has founded three highly successful food service businesses in the Valley City area in the last ten years, will own the business as a sole proprietorship. Each of the businesses started by J. B. Entrepreneur has broken even after only six months and was sold for a minimum of three times the owner’s investment. Fast ‘n Fresh Premium Ice Cream Parlor will be an upscale business selling healthy and premium ice cream, yogurt, sandwiches, and hot and cold nonalcoholic beverages.

Initially, subcontractors, owned by J. B. Entrepreneur, will supply the ice cream and sandwiches, prepared to very high quality standards. As the business develops, sandwich preparation and then ice cream manufacture will be moved in house.

Fast ‘n Fresh Premium Ice Cream Parlor will be successful because it is based on solid market research demonstrating that there is a demand for an ice cream shop selling premium products, it will be located in the most desirable retail space in Valley City, and the owner has a ten-year track record of proven success.

The Michigan Small Business Development Center provides counsel, training, research, and advocacy for Michigan?s new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators. The MI-SBDC is housed at the Grand Valley State University Seidman School of Business in Grand Rapids, Michigan. As host of the MI-SBDC State Headquarters, the Seidman School of Business oversees the 12 region MI-SBDC network and over 60 satellite and affiliate offices.

Entrepreneurs and small business owners may access the services of their nearest MI-SBDC by calling (616) 336.7480 or clicking on MI-SBDC.Org