Documentation-The basic format of business plan includes listing all the layout of planning and strategies in the form of proper documentation. This is very necessary as it helps in revising the business plans and to make change sin the business plan when needed.

Goals and objectives -is an integral part of the business plan. The business plan usually analyzes its capability to run a successful business and its resources and assets to support the business.

 Financial resources-The economical stability of the business is then analyzed. This is an important part the business plan format as the resources of the business and its capability in launching and maintaining a business is analyzed. If this format is built in accordance with the business strength then it helps the business to propel by making careful and proper investments.

Managerial assessment-Building management is also an essential feature of the business plan. Almost all business plan format clearly list down the managerial capabilities and the support for the business. What are the expertises of the staff to implement the managerial strategy and what impact the business would have with proper management and administration is analyzed and put in context.

Target market analysis-The target market and audience for the business is analyzed. This part of the plan specifically focuses on those areas where the business would sell and achieve the desire results. The plan also focuses on ways in which the business would be launched in the market.

Partnerships are much like marriages.  You really have to work hard to make them successful.  Unfortunately, most end in business divorce.  Especially partnerships formed with relatives. If you live in a community property state, you are automatically a partner with your spouse.  Therefore, a partnership agreement with your spouse is not required. 

          Should a partnership be required, make sure a partnership agreement is drawn up and every aspect of the business is covered as to partnership responsibilities, ownership, business continuation, etc.

You will be required to back the full amount of the loan proceeds with collateral plus an equity injection equal to 20% to 50% of the total project. Capital assets purchased with the proceeds from the loan and any other assets contributed to the business (cash-in-kind) will serve as the collateral.  You may also be asked to pledge additional personal assets or a co-signer as well, in the event the capital injection is too small or the credit history is weak.

To hire a Professional Business Broker could be good move

Confidentiality-  Professional Business Brokers are skilled and trained at protecting your confidentiality, and will only provide information about your business to prospective buyers who have been screened and pre-qualified- and in most cases have signed a confidentiality agreement. Experienced Professionals- Professional Business Brokers have the training and experience to bring the sale of your business to a successful conclusion. A Business Broker can also be instrumental in saving the seller invaluable time and aggravation by confidentially managing the sales process while the Seller continues to run his or her business.  Negotiation- A professional Business Broker can provide invaluable assistance to the Seller in the process of negotiating the best possible price, terms, and conditions of a sale. This also includes the preparation of contracts and related documents. Confidential & Professional Marketing- A professional Business Broker can help prepare a confidential business summary profile, and also provide valuable information and guidance on preparing your business for sale. They can also provide maximum confidential exposure for your business using a variety of time tested and proven marketing tools. including the Internet.  

Get the legal and tax issues right the first time is important. It's much more difficult and expensive to unsnarl a mess afterwards. The following needs to be considered at he start itself. Does your business need to be registered? Will you have to have insurance for employees or deal with payroll taxes? How will the form of business you choose affect your income tax situation? Learn what your legal and tax responsibilities are before you start your business and operate accordingly.

Advertising: The paid, public, non-personal announcement of a persuasive message by an identified sponsor; the non-personal presentation or promotion by a firm of its products to its existing and potential customers.

Marketing: The systematic planning, implementation and control of a mix of business activities intended to bring together buyers and sellers for the mutually advantageous exchange or transfer of products.