Chintan @ IIML

I have very little to say in this regard :

1. Just have couple of pages - what you want to do, how will you do it. Then add a section about finances. How much money you will need and from where will you get it. Most of the times - thats enough. Unless until Business Plan is for third parties, this is sufficient for you. I consider Business Plan as a tool for myself. I should be able to put on paper what I am going to do. Business idea should not be abstract.

2. Prepare an excel - for 6 months. Show starting money. Then show, for each of next 6 months, whats the planned outgo (Salary, rent, day to expense, commutation, phone, stationary). Also show, whats the expected income. It may be in negative - Dont worry. Most of the business do not start making profit from first month.

3. Be very careful about finances if you are shifting from job to business. In job, typically you dont care - where money is going. When its your business, you can be asked question - from where did you get money, how much you invested etc

4. Some people will do cash transactions. If cash transactions involve large amounts, you would need some help to maintain your books.

5. get some accounting software. in india - may be tally. take someones help to maintain the account. you should also learn it.