I am assuming by resources you mean capital since you posted this is the finance section. This depends on what stage your business is in i.e.- Did you just start up, do you have a prototype (service model), do you have a working product (service), do you have order or advance orders (POs or andor invoices), do you currently have income (tax returns or just bank statements). All these questions are going to dictate what kind of and how detailed your plan needs to be.
For example, if you are just starting out and you are financing yourself based on credit, banks don't typically care about business plans. They care about numbers and whether they make sense. That changes if you are seeking an SBA or other business loans and it changes again if you are seeking investment from a VC.
Are you going after a bank loan, Angel Investor or VC funds?
In any case you need a strong business plan outlining your idea, your market research and assumptions among other items Your executive summary must be no longer than 2 pages and be VERY strong as that is what most will read. The financial section should detail your complete financial picture for at least the first 3 years in detail. It must be reasonable.
This is a bit vague for a correct response. There are many facets to business plan financials that we need to know more. Are you talking about 12 month, 1 year and 5 year projections? These are always recommended in a business plan as investors want to see the potential short term and long term financial stability of a venture.
I am making this a comment because it is not an answer. You are an MBA student and I hope you are learning that clarity and specificity are very important. There is some great information here but non of it addresses that you are probably looking to for a business plan for a startup non-profit that will do charitable work (helping young women .... (tell us what you want to help them with and be specific). The financial resources you may be seeking could be angel and crowd financing, grants, government support (still grants) and perhaps food so you can eat while you get this running.
If we can see what you are looking at then we also can be much more clear and helpful. Also, maybe you can attract a person with a similar passion (have faith) who can mentor you. Please get involved with this converastion and people will continue to help.
Attracting funding depends on the "business situation": profitability, creditworthiness, brand equity, cost efficiencies, etc. Funding also depends on the type of products and services you offer and industrial competitiveness.
As others have stated, without further clarification your question is a bit vague for a customized answer, but if you are looking to raise money from outside sources, despite what some might say you most certainly do need a compelling and coherent business plan along with well-thought out financial projections.
Even if it is a given that the plan will change over time, and that many people won't bother to read the narrative cover to cover, if you engage in this process properly it will force you to conduct a lot of important research and to potentially challenge some of your initial thinking. It also is helpful to articulate ideas in written form to help make them more tangible and see how they evolve over time.
As for the financials, a financial model is only as good as the underlying assumptions and logic, and should always be built from the "bottom up" rather than "top down." In other words, if you take shortcuts and arbitrarily assume capturing a certain market share by a certain point, but don't tie this into real world costs to achieve this, it isn't credible and will set you up for failure. Typically most models will have a 5-year outlook; in today's environment, it's easy to discount anything beyond 18-24 months since in a fast-changing world this is highly speculative, but it's still useful to have.
As a general practice, the financial models that I build for clients break down Years 1-2 into quarters and monthly increments, with aggregate projections for Years 3-5.
As a final note, for consistency sake, make sure that the narrative in the written business plan reflects the financial projections and vice-versa to avoid this coming up as a red flag during any serious due diligence by prospective investors.
EDIT: I'll also caution that most people are far too optimistic when it comes to projecting revenues and the speed with which these are generated, and underestimate the costs to operate and grow the business.
It depends whether you are trying to market your company to an angel or a VC but here's what you need:
- Executive Summary: 1-2 pages with at least a strong summary of the problem you are trying to solve, your product or service itself, define your market, and how you will deliver it to the market. If you have proof of concept, write about the cost of providing your product/service, etc.
- Then dig more deeper into your market, and discussing your product/service.
-Financials: Project out at least 3 years and explain a good portion of your numbers. At minimum, provide a condensed pro-forma income statement, but you may want to provide more detailed financials.
-Marketing Plan: Detailed description of how you will market this service.
-Exit Plan: Mention where you want to go with this
You will want to have some type of BOE insurance, Key person Insurance etc...
You need a completely comprehensive business plan. There are many books available with sample business plans. The Dummy and Idiot books are very useful. Also, check with the Small Business Administration website for suggestions and your state small business resource center. There are innumerable resources for you and they all have websites and recommended books. Good luck.
First, if your management / board, market size, etc. aren't solid, you'll have a tough time attracting capital, period. You need to hire / retain an experienced startup veteran and advisors, with extensive early stage, angel, VC, private capital connections. If you're business plan and projections fall short, you'll have wasted a lot of your time. Dave Cochran, Seattle
KISS and pay a Professional with experience in the field you are choosing. Details belong in the commitment.
business model generation is NECESSARY