A business plan is a written summary of your business idea including the product, people, equipment, financing, competition, sales and marketing, cash flow and operations that are required. You will want to prepare a business plan not only for your new venture but also for new products or business models. If you need financing for your venture you will need a Business Plan to present the plan to venture capitalist, investors or your bank. Even if you are self financing the venture you should prepare a business plan as if you were going to present it to your bank. There is no one easier to lie to than yourself and no one easier to fool.

There is no magic formula for a Business Plan although I always found when presenting a plan to a bank the heavier and longer it was the easier it was to get the banks approval. You plan should at a minimum include the following.

A detailed description of the product or line of products or services including target consumer and features and benefits of the product. A statement of qualifications and experience of the person or persons who will lead and manage the venture. A detailed plan of where and how the product will be manufactured or purchased. If it requires manufacturing where will you get the equipment, factory space, raw materials and skilled labor? If you are purchasing the product what are your supply lines? Do you have a purchasing agreement in place? How reliable is the source? Can you get alternate sources if necessary? A marketing plan that details you unique selling propositions, market area, method of reaching your customer such as advertising or online marketing. How will you attract the right sales people? If you are planning on using a marketing firm provide details. If you are out sourcing sales such as to a real estate agent if you are building homes include information on the individual or firm you intend to use. If they provide a marketing plan include that in your business plan. A cash flow plan detailing required cash resources and how long the cash will be required before the venture becomes cash positive. A statement of required resources not listed above such as licenses, permits, insurance, testing and research, office space and associated equipment and furniture. An organizational chart showing a plan for operating the business at inception and as it grows. A list of your key advisors; accountant, attorney, insurance professional Include a break even and profit analysis. How many units or dollars do you need to sell to break even and how many do you need to sell to provide a return to your investors? A bank will want to make sure they are going to get repaid. Investors will expect a return which well exceeds return they could get from safer investments such as saving accounts, money markets or bonds.

Even if you do not need to reach out to investors and a bank and are going to be self financed prepare a business plan and present it to a bank or group of investors who do not have fallen in love with the idea like you have. If you cannot convince them to provide funding then you likely need to reexamine the plan.

Friends and relatives are not a good audience as they will either be too easily swayed by your enthusiasm or afraid to tell you what they really think. I once had a relative who I looked up to all my life. He was buying a franchise when he retired and he showed me the business plan. When I looked at the return on investment and the work required to produce that income I thought “this plan will never work.” Because I had looked up to him so long I kept my opinion to myself. He spent almost ten years working too many hours trying to keep from losing his retirement savings. In the end only the long hours and a lot of resourcefulness helped him recoup his original investment.

Original Content copyright 2010 Thomas Robinson

Business Administration is a very popular major for undergraduate students and graduate students alike. Because of the various specializations that one can study within that major, the degree has many uses upon graduation, and opportunities are numerous. Business Administration degrees can be earned online and in a traditional classroom setting and can be found in all degree levels. If you have ever considered earning a BA degree you want to make sure you are getting a top-notch education from a fantastic school. Here are the top 5 schools that offer undergraduate BA degrees according to US News & World Report.

1. University of Pennsylvania

2. Massachusetts Institute of Technology

3. University of California – Berkeley

4. University of Michigan – Ann Arbor

5. New York University & University of Virginia (tied for 5th)

If you are seeking a graduate Business Administration Degree, like a MBA or DBA, here are the top 5 schools for those programs:

1. Harvard University & Stanford University (tied for first)

2. Massachusetts Institute of Technology

3. Northwestern University (Kellogg School of Business)

4. University of Chicago (Booth campus)

Many of these schools offer traditional on-campus degree programs for their masters degree programs however some of the top 5 undergraduate programs may offer online programs for their degrees.

A business degree can find you work in small and large companies and even prepare you for starting your own business. If you had a concentration in accounting or marketing, you can also find a career within those fields without that having been your actual major but more of a focus within the business administration. It’s because of the structure of the business administration degree program that shows how versatile the degree can be and why so many people choose to major in business administration.

How is the small business owner supposed to cope in today’s tough economy? Entrepreneurs and small business owners talk about this topic frequently. The gist of discussion is that the companies that need assistance are unable to get it, while large companies that are more secure to begin with are able to get the financial and practical assistance easily.

The number of firms with and without employees is a telling measure. In 2006, according to the Office of Advocacy, there were 6 million firms with employees on payroll. By 2007, the number of firms without employees had climbed to more than 21 million.

How, then, is there not a solution for the small business owner? When small businesses make up the majority of employers, why is there not a better way to ensure that their businesses survive, and thrive in a changing and difficult economy?

Consider that the average small business has a host of administrative and paperwork tasks that can fill an eight-hour workday easily. A business owner could do nothing but bookkeeping, paperwork, email, correspondence, customer service, data entry and so on, and not have any time left over for expanding the business.

But expanding the business is the critical task of the business owner. Unless the business owner is able to pursue opportunities to grow their client base and increase revenue, the business will not thrive.

The easy answer is ‘hire help.’ But hiring help is very expensive. In addition to salaries, an employer must provide training, equipment, and office space, if they are to hire additional personnel.

Instead, outsourcing work with the use of virtual assistants can be a viable alternative. To save money and maximize value, outsource administrative tasks through a virtual outsourcing firm.

By using a virtual assistant, you can have help with administrative tasks that can be done via telephone or Internet. Most of the tasks that take up so much of a workday can be outsourced virtually in this manner, leaving the business owner needed time to improve the business.

Don’t suffer another day with juggling business chores and struggling to increase revenue. Hire a virtual assistant, and free up your valuable time!