GSB-27: All About Business Plan- How to Write a Great Business Plan For Gas Station Business

    In this episode I discuss the most important part of buying a business which is how to write a business plan. If you are looking to obtain financing from a bank, this is one document you cannot do without. This is truly the blue print of your business. A great business not only helps you to get the bank to finance your business but it also gives you a clear outline of what and how your business need to function and operate. It should also outline how you will be able to improve the business in the near future and generate more profit from it.  A great business plan should have these following items and I will touch on every one of them, so let's go through the list first: A well written cover page and a cover letter where you outline your objectives such as what business you are looking to buy, how much money are you needing as form of loan and what if any you are offering as collateral to secure the loan. Address that letter to the person in charge of lending. 1. A mission Statement2. Executive summery Who you are Start Up summery Objectives 3. Company Overview Name and location of Business Owners Legal Structure Experience and History of the company Management team Products and services  4. Operation Plan Location Competition Target Market Market Needs   5. Marketing Plan Competitive position Pricing Strategy Promotion Strategy Sales Forecast   6. Labor Plan Management team Labor budget and forecast  7. 3 year Store Budget8. Profit and Loss statement for 3 years9. End Summery and conclusion  You can find my own business plan that I have used for my businesses under the resource tab on the top of my site at http://GasStationBusiness101.com. You can also see a business plan done by Angelo State University in Texas on Gas station business under the show note for this episode on my blog.  The book this week is Zero to One: Notes on Startups, or How to Build the Future by Peter Thiel and Blake Masters  If you enjoy listening my show, I would love to see a review on iTunes from you. Lastly don't forget to sign up for my Newsletter by clicking below.   Cheers!