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Word Count: 967
Financing a business is a process that requires much planning A business plan should be made mapping the future business A business plan is a lengthy plan but when done properly will make the actual process of setting up a business much simpler The business plan includes many steps that will be explainedThe first step in a business plan is deciding the nature of the business A detailed description of products and services is the first part of a business plan For the bike shop which is the business that is being setup the products would be all the bikes and parts In addition to a detailed description of products a detailed description of services must also be made The owners must decide where or not there will be a service department with the bike shop The next part in figuring the nature of the business is to decided the estimated risk The risk of the business is based on the analysis of the industry To analyze the industry one should take several considerations into thought For example how much demand for the business there will be in the area as well as how other businesses of the same nature have done in the area Size and location of the business are also required to figure the nature of the business The size of the business can be based on the capital available the demand in the location as well as any other factor that might affect the business Location is based on many of the same factorsThe second step of a business plan is to plan the goals and objectives of the business This step requires thinking about what the short-term and long-term goals will be In addition to the short-term and long-term goals the owners must express the expected results in sales volume and profits These goals and objectives should be based on the amount of capital invested and the amount of the
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