Every individual should have a Financial Plan. Similarly, every corporation should have a business plan.
You would most likely need a business plan if you plan to raise capital. It acts as a blueprint for your business. It sets out your current situation (financial, marketplace, competition); your short-term and long-term goals and how you plan to achieve these goals.
A Business Plan must have following:
1. Executive Summary
2. Company Summary
3. Product or Service
4. Market Analysis Summary
5. Marketing and Sales Strategy
6. Financial Plan
7. Projected Corporate Financials (Income Statement, Balance Sheet and Cash Flow Statement)
