BUSINESS PLAN BASICS • The Business Plan - A

SUPPORTED VISION Statement Mission/Vision 1 paragraph
30 Elevator Speech seconds Executive 2-5 pages Summary PowerPoint Presentation 10-15 minutes

Full Business Plan
20-30 pages

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January 2005

SOURCE: The Nuts and Bolts of Business Plans

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Detailed Support/Foun dation

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BUSINESS PLAN BASICS
What We Will Discuss Today:
– Why Write A Business Plan? – What Should Be In A Business Plan? – The Business Plan As A Financing Document

January 2005

SOURCE: The Nuts and Bolts of Business Plans

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BUSINESS PLAN BASICS
Why Write a Business Plan?
– Because I have to...
– Needed for financing – Strategic partnering – To explain business customers/suppliers – To attract key people to

January 2005

SOURCE: The Nuts and Bolts of Business Plans

3

technology) will you need? Can you make money/create value? January 2005 SOURCE: The Nuts and Bolts of Business Plans 4 .BUSINESS PLAN BASICS Why Write a Business Plan? – Because I Need to Understand My Business • • – – – – – – The Business Plan is a result of a PLANNING PROCESS People don’t Plan to Fail. money. they Fail to Plan Who are your customers? Why will the buy your service or product? What will they pay? How will you make and deliver the service/product What resources (people.

BUSINESS PLAN BASICS • Types of Plans • Operational plans • External plans – Summary Plan – Full Business Plan • Who should write the Plan? • CEO alone? • The team? • A hired writer/consultant? You need to OWN the Plan January 2005 SOURCE: The Nuts and Bolts of Business Plans 5 .

BUSINESS PLAN BASICS • • • – – – – • What Should Be In A Business Plan? • Size/Packaging Of The Plan Avoid the 3" thick binder Separate binding of Executive Summary? How to bind? staple spiral Velabind Accubinder • Appearance should be professional but not overly slick January 2005 SOURCE: The Nuts and Bolts of Business Plans 6 .

BUSINESS PLAN BASICS • What Should Be In A Business Plan? – The Plan DOCUMENT is a SELLING – Don't lose sight of the vision – The excitement must come through – The Plan should project your image – BUT: The Plan Must Be Defensible January 2005 SOURCE: The Nuts and Bolts of Business Plans 7 .

BUSINESS PLAN BASICS • What Should Be In A Business Plan? – Elements of a Plan – Executive Summary – The Opportunity and the Company and its Services/Products – Market Research/Analysis – Economics of the Business – Marketing Plan – Design and Development Plan – Manufacturing and Operations Plan – Management Team – Schedule – Critical Risks. Problems and Assumptions – The Financial Plan – Appendices Notice That “Technology” Is NOT A Section January 2005 SOURCE: The Nuts and Bolts of Business Plans 8 .

Problems and Assumptions – The Financial Plan – Appendices January 2005 SOURCE: The Nuts and Bolts of Business Plans its 9 .BUSINESS PLAN BASICS • What Should Be In A Business Plan? • Elements of a Plan – Executive Summary – The Opportunity and the Company and Services/Products – Market Research/Analysis – Economics of the Business – Marketing Plan – Design and Development Plan – Manufacturing and Operations Plan – Management Team – Schedule – Critical Risks.

BUSINESS PLAN BASICS • What Should Be In A Business Plan? – Cover Page • Name of Company • Address • Telephone/fax/email • Confidentiality legend • Securities law legend • Control numbering of copies January 2005 SOURCE: The Nuts and Bolts of Business Plans 10 .

SESSION 1: BASICS BUSINESS PLAN January 2005 SOURCE: The Nuts and Bolts of Business Plans 11 .

distributed or used for any other purpose. This confidential Business Plan does not constitute an offer of securities for any purpose. ___________ ___________________ For: January 2005 SOURCE: The Nuts and Bolts of Business Plans 12 . It is submitted for the sole and confidential use of the person named below.SESSION 1: BASICS BUSINESS PLAN CONFIDENTIAL This confidential Business Plan is the property of Virtual Ink Corporation and contains proprietary information belonging to Virtual Ink. This copy must be returned to Virtual Ink upon request. Copy No. No part hereof may be reproduced.

or for omission from. While Virtual Ink Corporation believes that the financial and other information contained herein is accurate. It 13 . a Delaware Corporation. and Bolts of Business January 2005 reproduced or distributed to others at any time Plans without prior consent of Virtual Ink Corporation. or any other written or oral representations and warranties which may be made to the investor in a Stock Purchase Agreement when. SOURCE: The Nuts This Business Plan shall not be photocopied. The sole purpose of this Business Plan is to assist the recipient in deciding whether to proceed with a further investigation of Virtual Ink. this Business Plan. shall have any legal effect. as and if one is executed. It is being delivered. subject to prior execution of a Confidential Disclosure Agreement. Corporation. and subject to such limitations and restrictions as may be specified in such Stock Purchase Agreement. to a limited number of parties who may be interested in investing in Virtual Ink Corporation. Virtual Ink Corporation expressly disclaims any and all liability for express or implied representations or warranties contained in.SESSION 1: BASICS BUSINESS PLAN CONFIDENTIAL This Business Plan has been prepared by Virtual Ink.

BUSINESS PLAN BASICS • What Should Business Plan? – Table of Contents • Put one in • Include page numbers Be In A January 2005 SOURCE: The Nuts and Bolts of Business Plans 14 .

BUSINESS PLAN BASICS • What Should Be In A Business Plan? – Executive Summary • An Executive Summary is – NOT an introduction – NOT a preface – NOT a random collection highlights of • An Executive Summary IS the Business Plan in miniature January 2005 SOURCE: The Nuts and Bolts of Business Plans 15 .

the rest gets read – The Elevator Speech is to the Exec Summary as the Exec Summary is to the Full Plan – – – • The Executive Summary is like a RESUME January 2005 SOURCE: The Nuts and Bolts of Business Plans 16 .BUSINESS PLAN BASICS • What Should Be In A Business Plan? Size • -Executive Summary Two pages – (continued) (preferable) to five pages (max) • The Executive Summary must be Logical Clear Interesting/Exciting – If it gets the reader’s attention.

SOURCE: The Nuts and Bolts of Business Plans 17 January 2005 .BUSINESS PLAN BASICS • What Should Be In A Business Plan? -Executive Summary tells • The Executive Summary – Who you (continued) are – What your strategy/vision is – What you are doing and/or propose to do – What is the market – How many $$$$ do you need and what will you do with them – What your SUSTAINABLE COMPETITIVE ADVANTAGE is • When the reader is finished he or she should be able to tell someone what you are up to.

BUSINESS PLAN BASICS • What Should Be In A Business Plan? -Executive Summary • The Executive Summary Should (continued) Contain: – Description of the Business Concept and the Business – The Opportunity and Strategy – The Target Market and Projections – The Competitive Advantages – The Economics. Profitability and Harvest Potential – The Team January 2005 SOURCE: The Nuts and Bolts of Business Plans 18 .

ors has an opportunity to capitalize on a major technological change by getting off to a quick start and expanding quickly. Lynch. and regulatory climate is ideal for the proposal herein envisioned. Already. Chief among these are: • • • Frequent jet commuter service between major cities Prices competitive with private automobiles Fulfillment of the congressional goals in enacting the Airline Deregu lation Act of 1978 to have better service at lower fares. low -cost air carrier to provide quick. Inc. INC. Electronic Components. demand exceeds supply in the capacitor area as well in other related areas. The electronic component field offers attractive opportunities for fast sales and profit growth. • Begin exporting. This proposal pertains to two additional phases of required financing. management intends to spend between 10% and 20% of revenues research and development of new on products. from the personal funds of the principals. economic. coupled with excessive demand capacitor devices. who has i been involved in designing capacitors for 11 years. Electronic Components. • Hiring and training production personne • Purchasing additional equipment necessary productivity. Such an entity would bring to the Northeast the me benefits that sa have accrued to other areas of the United States. Technical expertise is provided by James F. Other new carriers such as Southwest or Air Florida have shown a consistent ability to compete on a price basis andarn extraordinary e returns The current political. The founders are dedicated and determined to make the venture a successful and profitable entty. He obtained a Bachelor of Science degree in electronic engineering from the Massachusetts Institute of Technology. will for provide us with an ample share of the capacitor market and numerous opportunities for expansion into related electronic components. innovative management that has been tested in the field and been on the leading edge of innovation in air transportation marketing and systems Equipment and facilities designed specifically for the low -cost production of air transportation Manpower selected. • Develop the market. superefficient. Phase Three: Increase Production and Sales in • Computerize manufacturing to triple output with minimal crease in labor. How to Really Create A Successful Business Plan ert. beginning with a new type of aluminum -based capacitor. • • • • • 40 years of regulation have created an industry heavily union with ized tremendous inefficiencies The economics of a new entity should be at least 30% -40% better per seat mile than the current trunks. The first phase. Excerpted from: Gump David E. is a start up company that will make a variety of electronic components.000 for pilot plant start has been completed -up. 1990 . INC Publishing. EXECUTIVE SUMMARY: PEOPLE EXPRESS The Eastern seaboard of the United States is ripe for the entry of a new. Inc. and motivated to be efficient and profit oriented New systems to be applied to the entire bus iness of air transportation to minimize investment in manpower and machines for appropriate All of these. and develop new markets. reliable inter -city air transportation.. The new company will be able to achieve these goals for the following reasons: • • • • Aggressive. Technology for capacit is changing rapidly. The Northeast is waiting for someone to bring it what the rest of the nation already has: low air fares. This unique product. consisting of about $150. The remaining financing is for the following: Phase Two: Obtain $750.000 capital for: l. . • Complete the sales rep network. will result in considerable economies vis-à-vis existing air carriers. when applied to the new entity. In addition.EXECUTIVE SUMMARY: ELECTRONIC COMPONENTS. • Expand new marketing activity. Financing will be used to purchase manufacturing equipment. trained. • Explore new markets. hire the necessary employees.

superefficient. The new company will be able to achieve these goals for the following reasons: • • • • Aggressive. reliable inter -city air transportation. Chief among these are: • • • Frequent jet commuter service between major cities Prices competitive with private automobiles Fulfillment of the congressional goals in enacting the Airline Deregu lation Act of 1978 to have better service at lower fares. . and motivated to be efficient and profit oriented New systems to be applied to the entire bus iness of air transportation to minimize investment in manpower and machines All of these. Such an entity would bring to the Northeast the me benefits that sa have accrued to other areas of the United States. when applied to the new entity. will result in considerable economies vis-à-vis existing air carriers. trained. innovative management that has been tested in the field and been on the leading edge of innovation in air transportation marketing and systems Equipment and facilities designed specifically for the low -cost production of air transportation Manpower selected.EXECUTIVE SUMMARY: PEOPLE EXPRESS The Eastern seaboard of the United States is ripe for the entry of a new. low -cost air carrier to provide quick.

is a start up company that will make a variety of electronic components. The founders are dedicated and determined to make the venture a successful and profitable entty. • Develop the market. coupled with excessive demand capacitor devices. who has i been involved in designing capacitors for 11 years.000 capital for: l. This unique product.EXECUTIVE SUMMARY: ELECTRONIC COMPONENTS. He obtained a Bachelor of Science degree in electronic engineering from the Massachusetts Institute of Technology. has an opportunity to capitalize on a major technological change by getting off to a quick start and expanding quickly. The remaining financing is for the following: Phase Two: Obtain $750.000 for pilot plant start has been completed -up. . The first phase. from the personal funds of the principals. consisting of about $150. INC. Inc. Electronic Components. will for provide us with an ample share of the capacitor market and numerous opportunities for expansion into related electronic components. Lynch. Technical expertise is provided by James F. This proposal pertains to two additional phases of required financing. beginning with a new type of aluminum -based capacitor. Electronic Components. Inc. • Explore new markets. • Hiring and training production personne • Purchasing additional equipment necessary productivity. • Complete the sales rep network. Technology for capacit ors is changing rapidly. for appropriate Phase Three: Increase Production and Sales in • Computerize manufacturing to triple output with minimal crease in labor.

1990 . from the personal funds of the principals. consisting of about $150. Electronic Components. when applied to the new entity. Phase Three: Increase Production and Sales in • Computerize manufacturing to triple output with minimal crease in labor. Already.000 capital for: l. hire the necessary employees. demand exceeds supply in the capacitor area as well in other related areas. coupled with excessive demand capacitor devices. ors has an opportunity to capitalize on a major technological change by getting off to a quick start and expanding quickly. The Northeast is waiting for someone to bring it what the rest of the nation already has: low air fares. management intends to spend between 10% and 20% of revenues research and development of new on products. Other new carriers such as Southwest or Air Florida have shown a consistent ability to compete on a price basis andarn extraordinary e returns The current political. • Hiring and training production personne • Purchasing additional equipment necessary productivity. The new company will be able to achieve these goals for the following reasons: • • • • Aggressive. low -cost air carrier to provide quick. trained. • Explore new markets.EXECUTIVE SUMMARY: ELECTRONIC COMPONENTS. INC. The founders are dedicated and determined to make the venture a successful and profitable entty. beginning with a new type of aluminum -based capacitor. will result in considerable economies vis-à-vis existing air carriers. Financing will be used to purchase manufacturing equipment. • Complete the sales rep network. How to Really Create A Successful Business Plan ert.000 for pilot plant start has been completed -up. reliable inter -city air transportation. Chief among these are: • • • Frequent jet commuter service between major cities Prices competitive with private automobiles Fulfillment of the congressional goals in enacting the Airline Deregu lation Act of 1978 to have better service at lower fares. and develop new markets. is a start up company that will make a variety of electronic components. Such an entity would bring to the Northeast the me benefits that sa have accrued to other areas of the United States. EXECUTIVE SUMMARY: PEOPLE EXPRESS The Eastern seaboard of the United States is ripe for the entry of a new. • Develop the market. Excerpted from: Gump David E. • • • • • 40 years of regulation have created an industry heavily union with ized tremendous inefficiencies The economics of a new entity should be at least 30% -40% better per seat mile than the current trunks. economic. He obtained a Bachelor of Science degree in electronic engineering from the Massachusetts Institute of Technology. The remaining financing is for the following: Phase Two: Obtain $750. This proposal pertains to two additional phases of required financing. superefficient. • Expand new marketing activity. Electronic Components. This unique product. will for provide us with an ample share of the capacitor market and numerous opportunities for expansion into related electronic components. Technical expertise is provided by James F. and regulatory climate is ideal for the proposal herein envisioned. . and motivated to be efficient and profit oriented New systems to be applied to the entire bus iness of air transportation to minimize investment in manpower and machines for appropriate All of these. innovative management that has been tested in the field and been on the leading edge of innovation in air transportation marketing and systems Equipment and facilities designed specifically for the low -cost production of air transportation Manpower selected. • Begin exporting. The electronic component field offers attractive opportunities for fast sales and profit growth. Technology for capacit is changing rapidly. The first phase.. who has i been involved in designing capacitors for 11 years. In addition. Inc. Lynch. Inc. INC Publishing.

To finance start -up we intend to seek initial capital from venture capitalists and corporate partners.0 million is needed for finalizing the product. Over time. design engineers. and industrial designers. Within 3 to 5 years. landing significant corporate accounts. rapidly. Virtual Ink was the first place runner -up in the 1997 MIT Entrepreneurship and Business Plan Competition for its primary product. provide for legal and infrastructu re expenses related to startup and to cultivate potential customers. *What are the startup costs ? Virtual Ink anticipates initially requiring $320. *What is the market size ? The estimated 50 million white -collar offices world -wide with both a personal computer and either a chalk or whiteboard are potential e•pen ™sales candidates.000 to complete the beta prototype of the e•pen ™. we expect royalty revenue from licensing our position sensing and software technology. The business component of the management team currently consists of MIT Sloan -trained finance and marketing members: Michael Dixon (Chief Financial Officer) and Rosaline Gulati (Marketing Director). In addition to our product sales. Further investment of $2. productivity and communication enhancement tool that could enable the automatic capture of valuable shared thoughts communicated daily between millions of office and academic users. and Matthew Verminski (Hardware Development Lead). William Moyne (Software Development Lead). . inexpensive. the direct electronic capture of written group mee ting notes will be as indispensable as a common conference call or document photocopying. further s etting up company infrastructure. academics. We anticipate initial adoption by several hundred thousand team -oriented professionals such as management consultants. real -time transcription of handwriting and sketching . error -free. We are currently recruiting a chief executive officer and directors for our corporate board. *What is the payoff ? Virtual Ink anticipates break -even within 2 years. and accelerating global marketing efforts. Andrew Kelley (Manufacturing Development Lead). Virtual Ink anticipates an IPO or sale of the company to fuel further growth and to offer liquidity to investors.The Virtual Ink Executive Summary Virtual Ink Corporation is a computer peripherals company whose lead product automatically transcribes what users write on existing chalk or whiteboards. thus enabling automatic. Hand sketches and notes can be captured accurately. the e•pen ™. EXECUTIVE SUMMARY *What is the product ? e•pen ™ is a patentable human -computer interface tool that converts any common writing surface as large as 10 meters x 16 meters into an electronic transcription device. e•pen ™links the writing instrument wirelessly to a personal computer replacing the n eed for subsequent manual transcription. * Management T eam The technology component of the management team consists of MIT -trained engineers: Yonald Chery (product conceiver and Chief Technology Officer). lining up lead vendor -channel relationships. and automatically during brainstorming sessions and incorporated directly into documents. e•pen ™is a labor -saving.

provide for legal and infrastructu re expenses related to startup and to cultivate potential customers. error -free. *What are the startup costs ? Virtual Ink anticipates initially requiring $320. To finance start -up we intend to seek initial capital from venture capitalists and corporate partners.000 to complete the beta prototype of the e•pen ™. e•pen ™is a labor -saving. Virtual Ink was the first place runner -up in the 1997 MIT Entrepreneurship and Business Plan Competition for its primary product. and automatically during brainstorming sessions and incorporated directly into documents. Further investment of $2. Over time. further s etting up company infrastructure. academics.0 million is needed for finalizing the product. landing significant corporate accounts. lining up lead vendor -channel relationships. e•pen ™links the writing instrument wirelessly to a personal computer replacing the n eed for subsequent manual transcription. . rapidly.The Virtual Ink Executive Summary Virtual Ink Corporation is a computer peripherals company whose lead product automatically transcribes what users write on existing chalk or whiteboards. thus enabling automatic. the e•pen ™. We anticipate initial adoption by several hundred thousand team -oriented professionals such as management consultants. *What is the market size ? The estimated 50 million white -collar offices world -wide with both a personal computer and either a chalk or whiteboard are potential e•pen ™sales candidates. the direct electronic capture of written group mee ting notes will be as indispensable as a common conference call or document photocopying. productivity and communication enhancement tool that could enable the automatic capture of valuable shared thoughts communicated daily between millions of office and academic users. and accelerating global marketing efforts. Hand sketches and notes can be captured accurately. design engineers. inexpensive. EXECUTIVE SUMMARY *What is the product ? e•pen ™ is a patentable human -computer interface tool that converts any common writing surface as large as 10 meters x 16 meters into an electronic transcription device. real -time transcription of handwriting and sketching . and industrial designers.

how fast is it or will it grow? – Why Is This Time The Right Time For Your Product/Service? » Convergence of Opportunity and Solution January 2005 SOURCE: The Nuts and Bolts of Business Plans 25 .BUSINESS PLAN BASICS • What Should Be In A Business – The Plan? Body of the Plan• The Opportunity – What is the Market / Opportunity? » How big is it now? » What are the trends.

BUSINESS PLAN BASICS • What Should Be In A Business Plan? -The Body of the Plan • Market Analysis – Existing and planned products in marketplace – Market segments – Market players/competition » Competitive Advantages – Estimated Market Shares » Current Players » You January 2005 SOURCE: The Nuts and Bolts of Business Plans 26 .

BUSINESS PLAN BASICS • What Should Be In A Business Plan? • Marketing Plan -The Body of the Plan – What is your Marketing Strategy? – Pricing and Distribution » Pricing and margin erosion » Distribution must match strategy/pricing – Sales Tactics » Who will be the first customer. second customer etc.? » How will you reach the customer? – Advertising and Promotion January 2005 SOURCE: The Nuts and Bolts of Business Plans 27 .

BUSINESS PLAN BASICS • What Should Be In A Business Plan? • Development Plan -The Body of the Plan – Where is development todayproduct status – What development is needed? » Time and resources needed for development » Do you have to produce a complete product to get going? Avoid “Nuclear Fusion” – Difficulty and Risks – Product Pipeline Plans January 2005 SOURCE: The Nuts and Bolts of Business Plans 28 .

Value Recognition Events and Financing Requirements January 2005 SOURCE: The Nuts and Bolts of Business Plans 29 .BUSINESS PLAN BASICS • What Should Be In A Business Plan? • Action Plan -The Body of the Plan – What Will You Do and When? » Identification of “Credibility Testers” » Sequencing to build VALUE » Eliminate or Reduce Dependencies » Coordination of Schedule.

BUSINESS PLAN BASICS • What Should Be In A Business Plan? – Appendices – – – – – – – – – Separately Bound Volume Resumes of Principals Product Literature Trade Press/Business Press Patents (front page) Testimonials Letters Technical Information Confidentiality Technical person to technical person discussion January 2005 SOURCE: The Nuts and Bolts of Business Plans 30 .

yes definitely » Lawyer.yes definitely January 2005 SOURCE: The Nuts and Bolts of Business Plans 31 .BUSINESS PLAN BASICS • Fine Tuning/Targeting the Plan • Have an Independent Review the Plan Reader – One or more independent readers for feedback: » Retired industry pro? » Customer(?) » Consultant? » Professor? » Accountant.

January 2005 SOURCE: The Nuts and Bolts of Business Plans 32 . Second Reading: Investment • C. Third Reading: Commit To A Plan – That You And The Investors Can Live With. B and C never happen. If you don’t make the • REMEMBER: FIRST CUT. First Reading: Like a Resume – Make The Cut. Director of MIT Technology Licensing Office) • A.BUSINESS PLAN BASICS The Business Plan As A Financing Document (Excerpts From Materials Prepared By Lita Nelsen. So That You Opportunity To Tell Your Story Get An Justify The • B.

BUSINESS PLAN BASICS The Business Plan As A Financing DocumentTHE FIRST CUT – MAKING – An Idea Too Good To Ignore – A Financial Promise Too Good To Turn Down – A Team Good Enough To Believe In – An Action Plan That’s » Credible » Focused – Details That Give Assurance of Insight. Commitment and Follow Through – Format and Style That Show » Passion » Sanity January 2005 SOURCE: The Nuts and Bolts of Business Plans 33 .

WHY PLANS FAIL THE FIRST CUT January 2005 SOURCE: The Nuts and Bolts of Business Plans 34 .BUSINESS PLAN BASICS The Business Plan As A Financing Document – Insufficient Market – Non-Credible Technology » Too Wild » Too Blue-Sky (Unproven) » Not Protectible » Too Mundane – Investment Too Large For The Promise – Failure to Understand The Market • .

BUSINESS PLAN BASICS The Business Plan As A Financing Document • . WHY PLANS FAIL THE FIRST CUT (cont.) – Action Plan Not Credible » Too Optimistic » Naïve About The Hurdles » Runs Off In All Directions » Not Ambitious Enough » Regulatory Barriers Insufficiently Addressed » Gaps Filled By Handwaving » No Promises At All – Team Not Credible January 2005 SOURCE: The Nuts and Bolts of Business Plans 35 .

BUSINESS PLAN BASICS The Business Plan As A Financing • COSMETIC” REASONS FOR FAILING THE Document FIRST CUT – I Can’t Understand It. – Filled With Market Or Technology-Specific Jargon » i.e. WHAT IS THE BUSINESS? – Naïve Projections – Sloppy: Misspellings. My Technology Is Best” – Naïve (or Terrible) Writing January 2005 SOURCE: The Nuts and Bolts of Business Plans 36 .. Poor Grammar. Poor Quality Printing – Too Damn Long – Ignores The Basics – “Forget Marketing.

BUSINESS PLAN BASICS • SUMMARY – We Have Covered • Why Write A Business Plan? • What Should Be In A Business Plan? • The Business Plan As A Financing Document January 2005 SOURCE: The Nuts and Bolts of Business Plans 37 .

A SUPPORTED VISIONStatement Mission 1 paragraph 30 Elevator Speech seconds Executive 2-5 pages Summary PowerPoint Presentation 10-15 minutes Full Business Plan 20-30 pages t ekr a M s s y an A i l l a c na n F i i o t c e or P i j t c el et n l I ytr epor P t ep m C o s s y an A i l January 2005 SOURCE: The Nuts and Bolts of Business Plans dna s e a S l ub rt s D i i l onhc eT m eT a Detailed Support/Foun dation 38 .BUSINESS PLAN BASICS • The Business Plan .