Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
Starting a woodworking business can be a highly profitable enterprise with a lot of flexibility however it is important that you plan it carefully. Having a woodworking business plan will allow you to borrow funds from investors or the bank in order to get you started. In this guide you will learn what you need to have in your woodworking business plan.
Financial Plan- This is the most important part of the business plan where you need to show the three year projection of the projected financial statements, including income statements, pro-forma balance sheets, and monthly cash flow and annual cash flow statements which will help in forecasting your revenues and expenses.
Executive summary- The executive summary is the backbone of the business plan and it should include a brief background of the business concept, company's objective's or your plan, ownership structure, management team, service offering, target market(s), competitive advantages, marketing strategy and high-level financial details like expected profit, required funding etc. It helps the bank or finance executives to get an idea of your business.
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