(Per month)
Beautiful AI is an AI-powered presentation software that helps individuals create exquisite business presentations in no time—with no design skills.
All you need to do is add text, and your content will transform into elegant presentation slides—no image resizing, no content placement, nothing. You may click here and log in to access the business plan template. Then, you’ll be prompted to fill out a few key details about your business. Here is why beautiful AI is a top pick for stunning presentations and business plans:
The best part about Beautiful AI is you never need to start a presentation or business plan from scratch. Ask Designerbot about the type of presentation you need, and it will create a first draft.
Here’s the list of pros and cons of Beautiful AI you should consider before purchasing.
Beautiful AI doesn’t have a free plan, but a free trial is available. Check out its pricing plans.
Plan | Pro | Team | Enterprise |
---|---|---|---|
Price (If billed Annually) | $12 per month | $40 per month | Custom |
Wordkraft is an AI-powered writing tool that helps users create well-written and optimized content while saving time, money, and resources.
It uses GPT-3, one of the most sophisticated autoregressive language models available in the market, to generate AI content.
You can use Wordkraft’s free business plan template to create the first draft of your business plan.
Then, you’ll be prompted to fill out a few key details about your business. This information may include details, such as business name, goals, strategies, products and services you offer, financial projections, etc.
It also has a few advanced options that include—language, tone of voice, creativity level, and the number of variants needed.
Wordkraft AI has a free plan but comes with a 1,000-word limit, so you will definitely need a subscription moving forward.
Specifications | Free Plan | Pro Unlimited | Enterprise |
---|---|---|---|
Number of Credits (Per month) | 1000 words | Unlimited | Unlimited |
Image generator | No | Yes | Yes |
Access to a pre-built template | Yes | Yes | Yes |
24/7 Support | No | Yes | Yes |
Pricing/month | $0 | $29 (If billed annually) | Customized Plans |
You may visit Beautiful AI’s pricing page for detailed information.
A Bit AI is a cloud-document collaboration document and management platform that helps users create, share, and track digital documents.
The AI-powered tool allows users to add images text videos, cloud, and music files to their documents.
You can use Bit AI’s free business plan template to get started. Key benefits of using Bit AI to create a business plan:
Furthermore, you can embed Bit documents onto any website; you can interact with these documents and see them in their entirety.
Here’s the list of pros and cons of Bit AI you should consider before purchasing.
Check out the pricing plans for Bit AI. You may visit their pricing page for detailed information.
Specifications | Free Plan | Pro Unlimited | Enterprise |
---|---|---|---|
Number of Members | 5 Members | Unlimited | Unlimited |
Documents | 50 documents | Unlimited | Unlimited |
Storage | 1 GB | 500 GB | Unlimited |
Trackable Documents | No | No | Yes |
Pricing/month (If billed annually) | $0 | $8 Per Month | $15 Per Month |
Simplified is an AI platform that uses artificial intelligence to help users generate and publish content quickly.
It’s not primarily an AI business plan generator, but it provides AI business plan templates that can be used to draft a business plan.
Besides business plan writing assistance, Simplified specializes in generating instant copies, creating long-form content, and developing visually appealing images and videos.
Here’s the list of pros and cons of Simplified you should consider before purchasing.
Check out the pricing plans for Simplified AI. You may visit their pricing page for detailed information.
Specifications | Free Forever | Small Team | Business | Growth |
---|---|---|---|---|
Members | 1 | Up to 5 member | Up to 5 member | Up to 5 member |
Storage | 1 GB | 100 GB | 200 GB | 500 GB |
Pricing/Month (If billed annually) | Free | $20 | $33 | $81 |
Like Wordkraft and Copy AI, Writecream is an AI-powered writing assistant that uses NLP algorithms to generate text-based responses to your query.
You can use Writecream’s free business plan generator to write the initial draft of your business plan. You may log in and select ChatGenie from the dashboard to kickstart the writing process.
Apart from business plan writing, you can use ChatGenie to generate textual content like cold emails, long-form blog posts, marketing copies, and digital ads.
Let’s have a look at the pros and cons of using Writecream for business plan writing.
Check out the pricing plans for Writecream. You may visit their pricing page for detailed information.
Specifications | Free Forever | Unlimited (Limited Time Offer) | Standard | Extended |
---|---|---|---|---|
Credits | 20 | Unlimited | 200 | 750 |
Pricing/Month (If billed annually) | Free | $29 | $49 | $69 |
Cookup AI is an ongoing database of AI tools where people can create and submit ChatGPT prompts for others to use. The platform has many AI tools for various tasks including SEO, programming, social media marketing, blogging, business planning, and more.
While it can help you create a decent business plan, you must provide a detailed description of your business and other pertinent information.
Remember, just like ChatGPT, this tool will only help you write a business plan. You will still need a business plan software or designing tool to structure this information and create a business plan.
While CookUp is 100% free to use, it may not be an ideal choice for detailed business planning & financial forecasting.
Here’s a list of the pros and cons of Cookup AI you should consider before purchasing.
ChatGPT is the most efficient and reliable yet free AI chatbot online. It is an AI language model trained by OpenAI, using deep learning algorithms to generate human-like responses to text-based prompts.
Technically, ChatGPT is not a business plan generator, nor does it offer any business plan templates.
Still, it’s on the list because writing a business plan is one of many things; you can do using ChatGPT—that too for free.
We have created a detailed guide on using ChatGPT to write a business plan to help you get started.
While ChatGPT is entirely free to use, there is a $20 monthly fee for ChatGPT Plus.
You don’t have to go for a paid version; ChatGPT is just fine for you to get started. We have created a detailed guide on using ChatGPT to write a business plan to help you get started.
Learn more Use ChatGPT to write your business plan
Here’s the list of pros and cons of ChatGPT you should consider before purchasing.
That’s it. That was the list of the 10 best AI business plan generators. Let’s discuss how to take the final call—choose a business plan generator.
Still, trying to figure out how to choose an AI business plan generator? You should consider a few crucial factors before making the final call.
That’s it for today. Keep these factors checked before choosing an AI business plan generator, and you will be alright.
In a nutshell, these AI-based business plan generators can create a foolproof business plan in a few hours that used to take days—maybe even weeks.
AI has its limitations, so make sure you don’t rely heavily on it. Therefore, combining AI and human expertise in a holistic approach to planning would be a smart move.
Pick one of these tools, create a business plan, and take your business to new heights.
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Which ai can write a business plan.
There are only a few certain AI writing tools that can help you write a business plan. Here are some of the most trusted AI business plan writing assistants.
The benefits of using AI-based business plan generators are enormous. The following are just a few of the major ones.
Some of the other benefits of using AI-based business plan generators may include increased efficiency, customization, and user friendliness.
AI Business plan generators usually use natural language processing (NLP) algorithms to generate text-based responses to prompts or instructions. Some of the most popular AI writing tools, such as Copy AI, Wordkraft AI, and Writesonic, use the GPT-3 module for AI writing.
AI-based business plan generator tools like Copy AI and Wordkraft AI have free plans but with limited functionalities. If using these tools, you will definitely need a subscription moving forward.
However, you can use ChatGPT; it is free and the most reliable AI language model to help you write a business plan.
Yes, AI business plan generators like Upmetrics will soon be able to guide your market research to help you create a comprehensive and well-organized market research section.
Upmetrics is developing an AI business planning chatbot; you can ask it for feedback, suggestions, or guidance about your plan. Learn more about Upmetrics AI Assistant .
No. If you are using an AI tool like Upmetrics, you don’t need any technical knowledge to be able to efficiently use the tool and create a detailed plan.
About the Author
Ajay is a SaaS writer and personal finance blogger who has been active in the space for over three years, writing about startups, business planning, budgeting, credit cards, and other topics related to personal finance. If not writing, he’s probably having a power nap. Read more
Business.govt.nz, in association with, how to write a business plan.
There isn’t a one-size-fits-all formula to write a business plan. But there are some key things to consider. Check out our free templates — one for start-ups and a quick-focus template for growing businesses.
Data for Business (external link) — Stats NZ
Call Stats NZ toll-free on 0508 525 525
Use this free template to help you write a great plan for launching your new business.
A business plan helps you set goals for your business, and plan how you’re going to reach them. When you’re starting out it’s a good idea to do a full and thorough business plan.
Quick-focus planning to make sure you work on the right things for your growing business - every day.
It’s important to take time to reflect on your business strategies and plan. It doesn’t have to be a difficult or time-consuming task.
Learn how to create a business plan that clearly sets out where you and your business are going and how you’ll get there.
A SWOT analysis is a great way to assess what your business does well, and where you’ll need to improve. It can also help you identify ways you can exploit opportunities, and to identify and prepare for potential threats to your business success.
Strengths and weaknesses are typically inside your business — what are you good at, what are you not so good at — while opportunities and threats are external factors.
It can be as simple as drawing a large square, and dividing it into four quadrants – one for each element of the SWOT analysis.
Think about what you, your team, and your business are good at – all the attributes that will help you achieve your goals, for example, what you (and your team) do well, any unique skills or expert knowledge, what you/your business do better than your competitors, good processes and systems, and where your business is most profitable.
Think about the things that could stop you from achieving your objectives. This might include what costs you time and/or money, the areas you or your company need to improve in, what resources you lack, which parts of the business aren’t profitable, poor brand awareness, disorganised processes, or a poor online presence. Think about what you can do to minimise your weaknesses.
Think about the external conditions that will help you achieve your goals. How can you do more for your existing customers, or reach new markets? Are there related products and services that could provide opportunities for your business, and how could you use technology to enhance your business?
Consider the external conditions that could damage your business's performance – things like what’s going on in your industry, and in the economy, the obstacles you face, the strengths of your biggest competitors, and things your competitors are doing that you're not. Think about how you could try to minimise or manage the threats.
Repeat the exercise for your competition too – it’ll help you identify areas where you can beat them, to fine-tune your niche market, and make sure you’re prepared to address the challenge they pose.
Craig Jackson has dabbled in business planning before. But when he set up his ice pop business Dr Feelgood, he decided to work with a mentor.
“She was instrumental to pushing us to a very healthy product. Our first business plan was 47 pages long. It came down to four pages, which distilled down what we were doing and how we look at it,” says Jackson.
“It’s really important to ask ‘do people want your product’ and then ‘are there enough of them to buy it’? Our market validation was me going around gas stations, cafes, dairies and looking in freezers and talking to freezer managers and talking to our friends.”
Jackson regularly reviews progress against his business plan. “We’ve hit all our targets, but have learnt a lot in the first six months of operating. Places I thought we’d really sell, we don’t, and places I thought we’d never go is where we’re going.”
Tips on when business planning is right for your business
Tips on types of advice you’ll need
Not being able to clearly articulate your business and the value it offers to customers.
Making assumptions about your customers rather than speaking with them.
Not reviewing and monitoring your business plan.
Setting unrealistic or uninformed targets.
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This free online course will introduce you to business and management plan development, as well as other relevant aspects of business management for start-ups. It begins with a module on the concept of business plans; the recommended things to do when writing, organizing and formatting one, as well as what not to do. You will learn how to present it to an audience as one of the first steps of materializing a business plan is the process of attracting investors. This course will break down some types of investors, such as ‘angel investors’ and venture capitalists.
The course goes on to discuss contingency and due diligence in developing a proper business plan. Because nothing is given in the business world, it is only proper that a margin of error is provided when planning your business. This allowance in business planning is explained in the lesson on contingency planning. Next, you will learn about due diligence for professional investors and the legal aspects to consider. Study business operations and the types of legal business entities that exist. You will be taught the importance of the executive summary and the mission statement sections of your business plan, and how to write them as persuasively as possible. The last section takes you through lessons on management model types. You will learn about set-up costs for new start-ups and how to manage the financial requirements when starting a business venture. Lastly, you will be introduced to the concept of franchising, and its many aspects, as well as how to invest wisely in a franchise.
Like many endeavours in life, a business idea is nothing but wishful thinking if it has no plan to back it. The business plan is the framework upon which a business is built. It serves the purpose of guiding the entrepreneur in their decision making and also in selling the business idea to potential investors, partners or other stakeholders. As an entrepreneur looking to enter the business space, you must understand how to articulate your business plan succinctly, clearly and carefully, and this free online course will help you do just that.
All Alison courses are free to enrol study and complete. To successfully complete this course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this course, you have the option to acquire an official Diploma, which is a great way to share your achievement with the world.
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Download free business plan templates and find help and advice on how to write your business plan.
Download a free business plan template on The Prince’s Trust website.
You can also download a free cash flow forecast template or a business plan template on the Start Up Loans website to help you manage your finances.
Read example business plans on the Bplans website.
Get detailed information about how to write a business plan on the Start Up Donut website.
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts.
A business plan helps you to:
You’ll need a business plan if you want to secure investment or a loan from a bank. Read about the finance options available for businesses on the Business Finance Guide website.
It can also help to convince customers, suppliers and potential employees to support you.
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If you need funding to start, expand, or acquire a business, you’ll need to know how to write a business plan for a loan . Yes, lenders will look at the standard factors required of all loan applicants, such as your credit history, credit score, and assets — But business loan lenders will also require a business plan.
Why do you need to know how to write a business plan for a bank loan? Because banks want to know your business idea will be viable and sustainable. To assess its viability, they look at all aspects, including financial statements, sales strategies, and your overall financial plan. Your financial projections are key — a good business plan will include several years’ worth of past revenue and profits (if available). It will also forecast sales and profits three to five years into the future. Lenders also want to know what the business is, what products you offer, what the competitive landscape looks like, and who your key personnel are. This information (and more) is used to gauge your business’s chances of success, which will ultimately allow you to succeed and to make loan payments to the lender.
While a business plan for a loan should be clear and comprehensible to loan officers, writing a business plan for a loan also benefits you as the owner. A well-executed business plan serves as a guide to your business. You can use the past financials and the forecasts as blueprints to determine whether you are on track for success, for example.
Tip : When you create a business plan to get a loan, remember you are also writing a document that can be used as a forecast and guide for yourself and your business.
A strong business plan for a loan application will include the following elements:
Many lenders may still be looking critically at how your business will operate during the COVID-19 pandemic. Lenders are primarily looking at two criteria:
We recommend adding a “COVID-19” section to your business plan. It doesn’t need to be very lengthy, but it should cover how you plan to keep a safe and sanity working environment for your staff and customers. Place it in or after your Organization and Management section. The information to include is:
To address concerns about revenue, include information such as:
If you’re looking to open a franchise, make sure to check with your franchisor to learn what protocols for their franchisees they’ve put in place. Lots of franchises have been adding mandatory safety steps for franchisees to put in place.
Your business plan for a loan application is a professional document, so be sure it looks professional. The cover page should contain the name of your business and your contact information. If you have a logo, it should go on the cover.
Both lenders and you will appreciate a table of contents and page numbers in the business plan for a loan application, so they can quickly find specific sections. If you are delivering your plan digitally and not physically, be sure your table of content is clickable and links readers to the correct sections.
It’s common for business documents to carry executive summaries at the beginning so that busy people have the key takeaways from a larger document immediately at hand. Your reader shouldn’t feel they have to wade through a large document for crucial information.
Briefly summarize the entire business plan on a page. Describe the company, your product, and why you started the company. Include your chief competitors and why your product will succeed against them. If relevant, discuss the economic climate vis-à-vis your customers and products.
Tip : The executive summary shouldn’t include a great deal of financial information. If you have a particularly relevant or striking financial result, it can be included.
Example of an executive summary.
The company description should include a mission statement, the company principles, any strategic partners, and your corporate structure. It will be relatively short.
After you’ve told the lender what your company does and who does it, you’ll want to provide a competitive analysis of your market. Let’s be clear: the market analysis is not a full marketing plan. That will come later. The market analysis focuses on the qualities of the market, not a detailed plan of how you’ll capture it. Identify the existing gaps that your business will fill. A business plan’s market analysis should include:
The market analysis should also specify the effect of outside sources on your company. For example, if the industry is subject to regulation, include information indicating your knowledge of the regulation and your past compliance with it (if your business is already up and running). Will you require raw materials? If so, how do you guarantee you’ll have them at costs that support your financials? Are there any risks to price points changing?
What about your competitors? How do they differentiate themselves? What is their pricing strategy?
While your market analysis will include information on your competitors, the real focus should be on your target customers. Where do they currently shop? Why? How old are they? What are their beliefs? What’s their current average income? Perhaps there is more than one type of customer, in which case you should include details about both customer segments. Showing investors you have mastery over your ideal customer adds confidence in your ability to succeed.
If your company is engaged in ongoing market research or research and development for competitive new products and services, indicate it in this section. Does your research include customer interviews? How are you ensuring that your research is credible?
The market analysis should be based on reputable sources. When describing your competitors and their products, for example, it should be clear to readers where the information comes from.
Tip : Many business owners engage third-party companies to perform an analysis. If you have, be sure to cite them. If your information comes from published research or a survey, be sure to cite those as well.
The organization and management section should itemize your company’s management structure. Many business plans provide an organizational chart, a structure description, and salary forecasts.
The description should include each management position, the person in the position, their responsibilities, and their qualifications. If you have a Board of Directors, list them on a separate page, along with any experience relevant to your business’s success.
The principals of the firm, such as the owner and co-owners, are included in the business description section. If your company is small and currently contains only the principals, it isn’t necessary to include a separate organization and management section.
Now it’s time to describe your company’s product or service in detail. What do you sell, and who do you sell to? What exactly is your business model? What need are you fulfilling for the customer base? Business plans often itemize their entire product line with the planned or current pricing structure.
The service or product section should also include your product/service’s estimated lifecycle, and any research and development completed, in progress, or planned. Naturally, this section will vary greatly depending on your type of business. It should also include a description of any trademarks, patents, or other intellectual property rights, if applicable.
See an example of a service and product section here .
The marketing and sales section includes three vital pieces of information:
If you plan for customers to discover your products or services through informational methods like industry meetings, specify what your plan for that method is. If you plan to advertise or develop a public relations campaign, specify what your efforts will be. Will you be on social media channels? Which ones, and why? Are these efforts designed to appeal to specific demographics or types of customers? Which ones, and why? Will sales be accomplished via a targeted sales team? Will management call upon relevant prospective clients or stores? Will you have an online presence?
If you have a growth strategy, outline it. If you plan expansions to other geographic areas or other types of potential customers, discuss it in this section.
See an example of a marketing and sales section here .
The financial analysis section is key for lenders. The financial analysis must include financial projections for three to five years out. The further out into the future forecasts run, of course, the more difficult it is to predict with certainty. One solution is to prepare a business plan with three-year forecasts, but have a five-year forecast ready if the investors want them.
Tip : If you are already in business, you should also include historical results for the past three to five years (or for as long as the business has been operating, if it’s less).
The financial projections must include:
They may also include profit and loss statements, sales forecasts, and financial metrics relevant to your industry. Lenders may ask you for more granular data, such as cost of sales or cost per product (or service).
You need to provide the projections by month, quarter, and year. Potential investors want to see the financials in both the short and long term. Why? Because businesses that aren’t meeting their monthly and quarterly projections can be risky. If they are falling behind in sales or profit, for example, they can fail rapidly.
On the other hand, if sales are much greater than projected, the company can find it challenging to keep up with production and other efforts. To counterbalance the risk, lenders always want a clear picture of what’s likely to happen.
See an example of a financial analysis section here .
A break-even analysis is the calculation and study of the margin of safety of a company, based on revenue and associated costs.
Learn how to calculate break-even analysis in Excel here .
Also known as a P&L forecast, this section will cover the projection of how much money your company will bring in and how much profit you’ll make from those sales.
Tip : Most accounting software, like QuickBooks or Peachtree, can create a P&L forecast for you after you enter sales and expenses.
A cash flow forecast documents your estimate of how much money will come in and out of your business within a specific amount of time (usually 12 months). The forecast includes your projected income and expenses.
Learn more about how to model your cash flow forecast here .
Tip : Looking at your past cash flow through accounting software can help you determine your future cash flow and forecast it.
A projected balance sheet is also known as a “pro forma” balance sheet. It lists out account balances on a company’s assets, equity, liabilities, and other spending and income that the P&L doesn’t cover – like cash from a loan or outstanding customer invoices.
Learn more about how to create a pro forma balance sheet here .
Learn how to create a company balance sheet and download a template here .
Ratios in a business plan are used to assess and analyze the performance of a business. In this case, projected ratios are another good look for banks to understand your business’s potential and also serve as a goalpost for your planning.
Common Business Ratios (and Their Formulas)
Net Profit Margin Formula: Net Profit After Taxes / Net Sales Gross Profit Margin Ratio Formula: Gross Profit = (Revenue – Cost of Goods Sold) / Revenue Profit Margin Ratio Formula: Profit Margin = (Revenue – Expenses) / Revenue Quick Ratio (also known as “The Acid Test”) Formula: Quick Ratio = (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities OR Formula: Quick Ratio = (Current Assets – Inventory) / Current Liabilities ROI (Return on Investment) Ratio Formula: ROI Ratio = (Gain from Investment – Cost of Investment) / Cost of Investment Current Ratio Formula: Current Ratio = Current Assets / Current Liabilities Common Size Formula: Common Size Ratio = Line Item / Total
Now it’s time for your funding request! You need to clearly itemize why you need business financing, what amount you’re requesting (both current and prospective for the next five years), and what you will use the amounts for.
Tip : Describe how funding will contribute to the overall success of your company (and its strategic plan). Will it allow strategic R&D? Provide funds to acquire a smaller competitor? Create an opportunity for media buys and other marketing?
Here’s one way you can structure your funding request:
Appropriate appendix materials include:
Navigating the business loan process on your own can be overwhelming. That’s why many current and aspiring small business owners work with a company like Guidant Financial that can guide you through the process.
Here’s what working with a consulting company like Guidant can offer:
Guidant supports you throughout the entire loan application process. And with our comprehensive loan package analysis, we ensure you’re matched with the lenders who provide the best loan rates and the greatest chances of approval. Call us at 888.472.4455 or pre-qualify in under five minutes .
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Our step-by-step Guide to Rollovers for Business Startups is a complete handbook of everything you need to know about using ROBS to start or buy a small business or franchise.
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Does your company have a written business plan? It’s never too late to write one, and it’s a worthwhile exercise because it can reveal opportunities and challenges you might not otherwise see.
But writing a business plan is especially important if you’re going to be pitching it to potential lenders, investors, or partners. They all want to know One Big Thing about your business: how it’s going to succeed. Your business plan should make this One Big Thing very, very clear.
You can find lots of great resources online for how to write a business plan, including templates and sample plans. Most sources give you a structure to follow that looks something like this:
We recommend adding one more section that is often overlooked: Technology. We’ll get to this in detail a little later, but you should plan to add it right after Financials.
This is a good order for presenting your small business plan. But it’s not the best order for actually writing it. Instead, try going from macro to micro. Start with the big picture—the market—and then zero in on your specific business, leaving its nitty gritty details for last.
The reason to write it in this order is to help keep your plan focused on the One Big Thing—how your business will succeed. Everything in your plan should ladder up to this. We’ll show you what we mean.
For this part, do your research. Go online to examine your best competitors and see what they’re doing that’s making them successful. If you have a retail business, visit your competitors’ brick-and-mortar stores.
What customers are your competitors targeting? How are they reaching these customers? What problems are they solving for them?
Look for the common trends in your industry, but also look at how the really good competitors are differentiating themselves from each other in ways their customers care about. Describe all of this in the Market section of your plan.
Now that you’ve painted the big picture, start to home in on your own business. Explain what customers you’re targeting and what problem or need you’re addressing for them. Clearly describe how you’re doing this differently from your competitors, and why that difference matters to your customers.
Two things should be very clear in this section of your business plan: the reason for your business to exist and your advantage over the competition. They should add up to the One Big Thing you need to prove: how your business will succeed.
What are you selling, exactly? Describe it in detail. Where does it come from? Are you developing it yourself? How is it created? Is there intellectual property you need to protect? Do you need to do research and development?
The product or service you’re describing should ladder up to the problem or need you identified in the previous section. Be sure to “connect the dots” to make it very clear how the product or service you’re selling solves the need that exists in the market.
How are you going to sell your product or service? What channels will you use to communicate its benefits to your target customers? Are you going to take market share from a competitor—if so, from whom? And how? Or maybe you’re going to grow the category and get new customers to engage in it for the first time. How will you do that?
Remember the competitive advantage you laid out in the Description section? Be sure to echo that advantage here, but also use this section of your business plan to explain how you’re going to communicate it to the people you need to reach.
Next, talk about who is going to make it all happen. Describe how your business is structured, including the legal structure—is it incorporated, or a partnership, an LLC, or some other structure?
You can include an org chart in this section. Explain who is in each role and why they are qualified to perform that role successfully. You can include résumés or CVs of team members in here, or you can add them to an appendix at the end of the plan.
If you’ll need to hire employees, include those positions in your org chart. Make sure it’s clear why this is the group of people and job functions who can make your One Big Thing a reality.
Use this section of your small business plan to explain how all of this works financially. Account for the expenses and income associated with selling your product or service, the cost of activities in your Marketing section and the value of the sales they will drive, and the salaries of the folks in your Organization section.
Include a five-year projection of revenue and expenses. When will your business start to turn a profit?
If you’re writing a business plan for an existing business, include financial statements for the past five years.
Explain all the numbers and where they’re coming from. It all has to make sense—and the One Big Thing in your Description section should support your projections.
Why include a Technology section in your business plan? Because it’s an important part of how your business will succeed. We see technology as the connective tissue that holds a business together. And it helps enable all the players in the market to compete.
At a minimum you’ll likely need wireless connectivity and mobile devices like smartphones, tablets, and laptops. But think about other technologies that can help keep your business efficient and agile.
For example, a mobile POS system can enable your business to take credit card payments in the field or right on the sales floor. A mobile forms solution can help streamline your business processes, reduce errors, or even improve cash flow. Vehicle tracking technology can help you route service or delivery vehicles in the most efficient way.
How will your business use technology to work smarter, compete better, or respond faster? What role will it play in bringing your One Big Thing to life?
We saved the first part of your business plan for last: the executive summary. If you write it at the end, it will pretty much write itself. Start this section with your One Big Thing, which by now should be easy to articulate. This statement should be simple and direct. Try to be as specific and precise as you can while using as few words as possible.
After that, sum up each of the previously written sections. Think one sentence per section. When you’re finished, you should have a cohesive paragraph that summarizes your whole plan. Read it out loud to make sure it flows; you may need to add some transitional words where needed.
You can finish your plan with an appendix that includes résumés, as we mentioned earlier, along with examples of marketing creative, copies of legal filings, detailed financial charts, or any other relevant supporting documents.
Now all you need to do is re-order the sections like this:
Follow these guidelines and you should end up with a business plan that is focused, convincing and compelling.
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BUSINESS PLAN EXECUTIVE SUMMARY
Give your audience concise, engaging information about how your business is going to succeed.
The executive summary of a business plan is the first thing a potential investor (such as friends and family or your general network) or lender (such as a traditional bank) is going to read about your business. Get it right, and you could be on your way to securing financing. If you miss the mark, you could portray the wrong message about your business and how you’ll reach your goals.
In two pages or fewer, you need to summarize your plan, including why the market needs your business, a snapshot of growth potential and an overview of your financial requirements and projections.
Engage your audience
Communicate clearly why your business idea is a winning one. Save the details for the rest of your business plan. The goal here is to win the reader’s attention by showing how you’ll be able to repay any money you borrow.
Implementation schedule
Outline how you’re going to take your business from plan to profit. Describe your product or service and its appeal to the target market. Share an overview of your marketing and sales strategies.
Write it last
It’s often easiest to write your executive summary after you’ve written the rest of your business plan. That way you can pull only the most important information from each section of your plan to form your summary.
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You can’t create a business plan without first understanding what goes into it. Check out our resources to jump-start your draft. Learn more about Writing a Business Plan .
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Thursday, Jul 18, 2024 • Jeremiah Valentine : [email protected]
What is Chat GPT?
ChatGPT is a popular emerging technology using Artificial Intelligence. GPT stands for Generative Pre-trained Transformer, which describes an AI program that looks for patterns in language and data learning to predict the next word in a sentence or the next paragraph in an essay. The website has a friendly interface that allows users to interact with AI in a n efficient conversational tone . ChatGPT provides another opportunity for students, instructors, researchers, workers, and others to find practical solutions to everyday and complicated problems.
At the root of this conversation is Artificial Intelligence. I plan to explore applicable uses of AI and ChatGPT in the classroom , entrepreneurial potential uses, and applications in industry .
Everyday Uses of Artificial Intelligence
The use of Artificial I ntelligence varies based on the user and their end goal. While many individuals will use certain programs or websites to meet specific objectives , many companies and apps have begun to utilize this emerging technology to better meet their customer's needs.
Duolingo is a popular foreign language learning application that I use to supplement my Spanish studies . The app uses Artificial Intelligence to assess users' knowledge and understanding as they interact with the program , thus streamlining users learning outcomes.
As another example, Khan Academy is a free online resource that helps teachers and students learn any level of math or other grade school topics for free. They have created Khanmigo , using AI. The model acts as a tutor that helps work through a problem while not directly providing the answer. It can assist in writing an essay or solving a complex math problem step by step.
These everyday applications continue a trend of companies implementing this new technolog y into students and teachers' lives . . This new AI technology also allows business professionals to enhance aspects of their processes.
Entrepreneurs, A.I. and the Advantages
While AI already provides companies and organizations with new ways to interact with and better support their customers, AI could also provide emerging industries and entrepreneurs with new paths to business success.
According to Entrpreneur.com, most businesses currently use AI for customer service purposes , however , AI could also help entrepreneurs create effective spreadsheets cataloging useful data with accuracy that can be incredibly specific or broad. Specifically with customer service, AI can quickly find what a customer needs and solve their problems efficiently. It could also analyze how effective marketing campaigns are influencing customers’ purchases.
As I researched for more information about this topic, I found an article in The Journal of Business Venturing Insights published in March 2023, sharing different techniques business students can use ChatGPT as an asset to generate entrepreneurial business pitches. The article titled “ The Artificially Intelligent Entrepreneur” written by Cole Short, an Assistant Professor of Strategy at Pepperdine University, and Jeremy C. Short, a UTA alumni and Professor at the University of North Texas at Denton, showcased different elevator pitch scenarios.
Students and entrepreneurs study CEOs who have impacted an industry dynamically; the CEO's mentality is an asset . I had the opportunity to question Dr. Jeremy Short on how he arrived at the initial question of using AI as a CEO archetype business consultant. An archetype is a symbol, term, or pattern of behavior which others have replicated or emulated.
He responded, “ We used this existing framework and selected a CEO from each archetype and used ChatGPT to create elevator pitches, social media pitches, and crowdfunding pitches. The strength of ChatGPT is based largely on the creativity of the prompt, which is where we aim as authors.”
CEO Archetypes and Prompt Engineering
ChatGPT allows the user to understand the archetypes of successful CEOs and collaborate with entrepreneurial styles. These archetypes are accessible options to consult with AI. Let ’ s break down different CEO archetypes students used during this study:
Creator CEOs are typically serial entrepreneurs and serve during the growth stages of developing new businesses. These individuals are risk takers recognizing opportunities that others don ’ t see. Elon Musk, CEO of Tesla, SpaceX, and Twitter is the creator archetype.
Transformer CEOs are created by climbing the ladder of a successful business and adding new ideas . They have a firm understanding of the company's culture and work to dramatically change the company, separating it from missteps in the past. Indra Nooyi CEO of PepsiCo is the transformer archetype.
Savior CEOs rescue businesses on the verge of failure with disciplined actions, unique experience and insights they forge a successful path forward for declining businesses. Lisa Su, CEO of AMD is the savior archetype.
ChatGPT was prompted to write an elevator pitch in the style of the previously listed CEOs.
The response for Elon Musk included language about “ building” a product with “ cutting-edge technology.”
Indra Nooyi ’s response included phrases like “ the world is changing” and making “ a positive impact in the world.”
Lisa Su's response produced a pitch speaking about being “ accountable, tough and disciplined” with an emphasis on “ a strong focus on efficiency and performance.”
However, I believe these positions can help entrepreneurs develop their own successful business practices; creating a product your former employer could use to gain an advantage over the competition is disruptive. B uying a company on the brink of bankruptcy that has been mismanaged is a scenario entrepreneurs have explored and practiced .
Prompt engineering is the description of a task AI can accomplish , with instructions embedded in the input. Using prompt engineering, users can fine-tune their input to achieve a desired output incorporating a task description to guide the AI model.
Conversation around ChatGPT and Artificial Intelligence
I asked Dr. Short about how students could use this technology as an asset that guides their learning and, additionally, how instructors can use this as well. He spoke about an assignment he is currently using in his classes. “ Chat GPT might be valuable in helping create a recipe for material that students can then refine. For example, in my social entrepreneurship class students create crowdfunding campaigns for either DonorsChoose , a platform that caters to public school teachers or GoFundMe , a service which allows a variety of project types to a larger userbase . I plan on students using ChatGPT to create a ‘rough draft’ to show me so I can see how they refine their responses for their particular campaigns this upcoming fall.” Th is approach allows students to take advantage of popular technology in a constructive way.
The journal article provided some notable conclusions about ChatGPT , i ncluding “ quality control is essential when using automated tools; a hallmark of success for large language models is their vast associative memory, this strength can also be a weakness. Specifically, models such as OpenAI’s GPT-3.5 and GPT-4 are capable of confidently generating “ hallucinated” output that appears correct but, it is incorrect or completely fabricated. ChatGPT serves as an emerging tool that can efficiently and flexibly produce a range of narrative content for entrepreneurs and serve to inspire future research at the intersection of entrepreneurship and AI.” ChatGPT ’s limitations and potential applications are continually being explored.
Industry Application
After researching various applications of AI, I spoke with Dr. George Benson, Professor and Department Chair of the Department of Management at The University of Texas at Arlington, about AI and ChatGPT from an industry perspective. His research focuses on Artificial Intelligence with Human Resource Management .
Dr. Benson told me that Artificial Intelligence is being invested heavily by human resource departments who are looking to automate hiring practices. Specifically, he mentioned “ HR is using this as a market opportunity. AI is a useful tool to sift through potential applicants by scanning their resumes for qualifications and experiences. Allowing professionals to hire applicants faster.”
This application allows the technology to handle low-level tasks, but the results generated are being handed to a human to review and act on. He spoke about the potential of A.I. “ There are a lot of unknowns, but the technology is new and getting better.” Looking towards the future, technology is already being applied in different ways . These applications are being explored in the classrooms of UTA as well.
Exploration of AI at UTA
The College of Business conduct ed a survey to understand the faculty’s attitude towards A I in the classroom. It was a part of the “Teaching with Chat GPT” workshop on Friday February 9 th , which focus ed on how to integrate Chat GPT and other AI platforms into teaching .
Dr. Kevin Carr, a Clinical Assistant Professor of Marketing at UTA, was a part of the workshop ; he currently teaches Advanced Business Communication . I talked to him about the purpose of the workshop and what he hopes to gain from the group's sessions.
Dr. Carr explained "The point of the workshop is designed to give faculty ideas for instruction and to develop classroom activities to work with students . Our goal for th e workshop is to introduce Artificial Intelligence as a teaching tool for faculty, including showing what AI can do potentially in the classroom. We are going to be very open to faculty’s direction, in terms of ongoing discu ssions and meetings.”
Personal Take
Artificial Intelligence or Chat GPT , in my view, is another useful tool in the toolbox of technology. It will take the air out of certain industries, and it will change jobs, yet every major technological advancement has the potential to do so. The automobile was considered radical, the use of plastic, computers in the workplace, and alternative energy have been impactful on society.
Alternative energy was headlined as the end of oil use. The automobile changed the way cities were formed and led to the creation of a national highway system. Society has always found a way to adapt and overcome major technological innovations, artificial intelligence is not any different.
AI is the technology of tomorrow. It reminds me of something Dr. George Benson said , “ It's cool software that is a sophisticated search engine.” Google, one of the most popular search engines, reshaped the internet, as you search for resources, it is a natural starting point. AI and ChatGPT are an evolution, for students it is a tremendous resource consulting a CEO archetype, creating business pitches, and most importantly shaping the future .
During retirement: withdraw funds at a sustainable rate, the bottom line, 3 steps to start building your own retirement plan.
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We all dream of a stress-free retirement as a way to enjoy our golden years. But getting there takes a lot of careful planning. And it's important to start early.
When you plan for retirement, you're setting income goals and determining the course of action needed to achieve them. That means choosing long-term investment vehicles such as 401(k) accounts, IRAs, or annuities. The sooner you begin funding them, the more money you're likely to have when it comes time to retire.
Here are the basic steps to take when doing your retirement planning.
Read our guide for the best retirement plans>>
Perhaps the biggest question in retirement planning is: How much do I need to save?"
While every situation is different, Fidelity estimates that retirees will need 10 times their salary in savings to retire in order to maintain the same lifestyle while still working.
30 | 1x your starting salary |
35 | 2x your starting salary |
40 | 3x your starting salary |
45 | 4x your starting salary |
50 | 6x your starting salary |
55 | 7x your starting salary |
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67 | 10x your starting salary |
The IRS estimates that most retirees should save enough to receive 80% of their yearly salary during retirement. Of course, everyone's situation is different. Two key factors will determine how much you need: when you want to retire and how you want to live in retirement.
For example, if you want to travel more during retirement than you did during your working years, Fidelity recommends you may want 12 times your annual salary saved. If you plan on living more modestly, you may only need eight times. Here's a helpful tool from Fidelity that allows you to compute what your likely retirement needs are.
Whatever you do, it's best to start saving as early as you can. Compound interest means that a dollar saved when you are younger can be as valuable as saving several dollars later in life.
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There are various retirement vehicles to choose from, which is a big decision that can affect how you save for retirement. From 401(k) plans to Roth IRAs, the options can be hard to parse.
Steps to take when choosing a retirement plan:
Here are the different types of types of retirement accounts to consider:
Employer-sponsored plans are retirement plans created under terms set by your employer. While the details of specific plans will vary, the two most common plan types are 401(k) and 403(b).
Two types of employer-sponsored plans are:
Since these plans are sponsored by your employer, details such as which assets are available will vary. The 2024 contribution limit for both 401(k) and 403(b) plans is $30,500 if you're 50 or older and $23,000 for everyone else. In 2023, employees can contribute up to $22,500 (up to $30,000 for folks 50 and over).
Many employers offer matching contributions for these two plans, meaning they'll match any contribution you make up to a certain amount. For example, if you make $50,000 at an employer offering a 2% match, they'll contribute $1,000 to your plan, but only if you do so too. Unless you have a Roth plan, you will pay taxes on your investment, but only when you withdraw the funds.
An IRA , short for individual retirement arrangement, is a type of retirement account that's set up by an individual, not their employer. IRAs offer a variety of investment choices, from mutual funds to bonds. Below are several different types of IRAs:
"I'm a big fan of Roth IRAs and employer-sponsored Roth retirement accounts" says Loretta Vitt Dubova , Attorney at Vitt Law Offices, PLC, who specializes in areas of estate planning, estate administration, and elder law. When someone cashes out the plan after inheriting it, "in many cases, a child or non-spouse beneficiary of a Roth retirement plan will not pay income tax," Dubova adds. This is in contrast to a traditional, non-Roth IRA where beneficiaries must pay income tax on distributions, she explains.
An annuity is an insurance product that provides a steady stream of money during retirement. You make a premium payment or series of payments and choose whether you'd like payments in a lump sum or over time. Annuities income and investment gains grow tax free, too. Lifetime annuities are a good option for those worried about outliving their retirement savings.
Once you've selected your retirement vehicle, it's time to start thinking of what to invest your contributions in. Retirement accounts allow you to invest in a wide variety of assets, such as stocks , bonds, and mutual funds. But what should you invest in?
Financial advisors usually suggest a diversified portfolio, which might include index funds that track major sectors or indices, such as the S&P 500. In general, diversification among assets is important, with most investors typically increasing the allocation of bonds, which are generally less risky than stocks, as they get older.
"The standard way of thinking is that asset allocation needs to get more conservative over time," says Javier Estrada , professor of finance at IESE Business School, who has done academic research on retirement planning strategies. However, "asset allocations need to be personalized depending on the individual's goals, portfolio holding period, and risk tolerance," he says.
If adjusting your asset allocation mix over time sounds too complicated, you can invest in a target-date fund that does it for you. You simply choose the date of your retirement, and the fund will automatically rebalance your portfolio as time passes, making it more conservative over time. Estrada calls target-date funds "a good option for people with little knowledge of how to save for retirement" but notes that sophisticated investors, or those with a good adviser, may want the flexibility of doing their own reallocations.
Regardless of the strategy you take, it's important to maximize your contributions each year that you can. It's especially crucial to take advantage of any employer match programs, because they are essentially a free way to magnify your investing impact.
No matter how much you save, if you spend too quickly you could spend your final years in trouble. And if you spend too slowly, you might not be able to enjoy the money you've saved.
One common metric is the 4% rule. You spend 4% of your retirement savings in your first year, then only increase that figure with inflation. For example, if you have $1 million saved for retirement, in the first year you'd withdraw $40,000. If the inflation rate is 2%, then next year you'd withdraw $40,800, and so on.
An influential study by finance professors at Trinity University found this worked over every 30 years from 1926 to 1994, for portfolios in their sample that had at least 25% bonds. Updated versions have also found similar results. While bond-heavy portfolios are less likely to run out of money if stocks crash, they also grow more slowly than equity-heavy portfolios do in good times.
That's one reason why many think that a 75/25 mix is far too conservative. Estrada researched this topic, finding a 90/10 allocation remarkably successful for most investors. For investors seeking to "maximize the size of the retirement portfolio, there may be better strategies to follow" than simply adjusting more and more towards bonds as retirement approaches, he says.
The Bucket Strategy is another way to plan for retirement withdrawals. It involves withdrawing the money you'll need in the next few years into low-risk buckets. This is designed to prevent you selling too many assets after a market crash.
Although it has many adherents, Professor Estrada found it underperforms static withdrawal strategies on all four metrics he tested. Instead, he recommends periodically rebalancing your retirement portfolio. "Bucketing may be behaviorally comforting but financially suboptimal," said Prof. Estrada, adding "Everything that bucketing achieves can be achieved by periodically rebalancing a portfolio, which also leads to additional benefits."
Beyond asset allocation strategies, it's important to understand the rules of your retirement plans. For example, most withdrawals from a 401(k) before age 59 ½ incur a 10% penalty.
The choices you make when retirement planning are some of the most important financial decisions you'll ever make because they will ultimately have a huge influence on your quality of life when you get older. It starts with thinking about how you want to live when you're older and then charting a path to get there, whether it's through an employer-sponsored 401(k), an IRA, or a range of other investment options.
No matter what plan you choose, it's important to make the most of tax deferrals, employer matches, and other ways to make the most of your retirement funds. And remember to adjust your portfolio over time, moving out of riskier assets in favor of a more conservative allocation as you get older.
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The annual event takes place in Rockland.
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A fresh batch of lobster at the food tent during the 2018 Maine Lobster Festival in Rockland. Ariana van den Akker/Staff Photographer
You’ll have a shell of a good time celebrating the state’s star crustacean during the annual Maine Lobster Festival, happening July 31 to Aug. 4 at Harbor Park in Rockland.
The festival’s five-day schedule features an arts and crafts show, parade and tasting event.
Other highlights of the Maine Lobster Festival include the International Great Crate Race, during which participants attempt to race across a string of lobster traps in Rockland Harbor. There’s also a seafood cooking contest, road race and plenty of kids’ activities.
Some of the musical acts performing over the five days are Paddy Mills, Rigometrics, Charlie and The Hustle and Julia Gagnon.
Don’t forget about the actual lobsters. You’ll have plenty of chances to eat your fill.
For the full schedule, head to mainelobsterfestival.com .
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The former president was holding a rally when he said he was shot in his ear. Two people, including the suspected gunman, were killed and two were critically injured.
By Michael Levenson
A man fired “multiple shots” toward the stage during former President Donald J. Trump’s rally in Butler, Pa., on the evening of July 13, killing one spectator and critically injuring two others, according to the Secret Service.
Mr. Trump was rushed off the stage, blood visible around his right ear, and was pronounced fine. The Secret Service said its agents had killed the shooter, whom federal law enforcement officials identified as Thomas Matthew Crooks, a 20-year-old from Bethel Park, Pa.
The attorney general’s office and the F.B.I. are investigating the shooting as an assassination attempt and possible domestic terrorism attack.
Here’s what we know about the shooting.
Mr. Trump ducked quickly after the shots began and as members of the crowd began to scream. Secret Service agents then rushed Mr. Trump off the stage. As he was escorted to his motorcade, Mr. Trump, whose face and right ear were bloodied, pumped his fist in a defiant gesture to the crowd.
Footage from the scene of the shooting at a rally in pennsylvania on saturday shows the suspected gunman had a clear line of sight toward the former president, despite being outside the rally’s secure perimeter..
Former President Trump was speaking at a campaign rally in Pennsylvania when shots rang out. Multiple people at the rally were filming at the time. The F.B.I. has said the shots were fired by a 20-year-old man from Bethel Park, Pennsylvania, which is about an hour’s drive from the rally. Trump was on stage speaking for just over six minutes and talking about illegal immigration when the first sound of gunfire is heard. There are two bursts of fire. First three shots and then five shots Three seconds after the first shot is fired, he is surrounded by Secret Service agents who attempt to hurry him from the stage. They’re followed by other law enforcement personnel who are more heavily armed. For a brief moment, Trump tells them to stop until he can get his shoes. Let me get my shoes. Let me get my shoes. Sir, I got you, sir. Let me get my shoes on. When he gets up, blood is visible on his right ear. He pauses again before being rushed off stage and raises his fist in the air, appearing to mouth the word fight. The former president was standing on stage at this location. Soon after the first gunfire is heard, a video captured what appears to be the suspected shooter dead on the roof of this building. The building is the closest one to the rally that wasn’t within the security perimeter and is roughly 400 feet north of where Trump is standing. The location of the body matches the likely firing position. This is because the injury to the ear of Trump, who is facing northwest, is consistent with gunfire from that location. An audio analysis of the shots by an acoustic expert at Montana State University found the gunfire reached the stage from the same approximate distance as the body’s location. A Secret Service spokesman also said the suspected shooter fired from an elevated position and was killed. A video filmed during the rally showed a law enforcement sharpshooter positioned here on a roof roughly 400 feet from that suspected gunman and aiming in the gunman’s general direction before Trump was shot. Footage recorded after the shooting shows one spectator bleeding from a head wound in the bleachers to the north of where Trump was standing. According to the Secret Service, one person at the rally was killed and two others were critically injured. The shooting is being investigated as an assassination attempt.
At the Republican National Convention in Milwaukee, in his first public speech since the assassination attempt, Mr. Trump described his personal experience of the shooting .
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A good business plan guides you through each stage of starting and managing your business. You'll use your business plan as a roadmap for how to structure, run, and grow your new business. It's a way to think through the key elements of your business. Business plans can help you get funding or bring on new business partners.
Describe Your Services or Products. The business plan should have a section that explains the services or products that you're offering. This is the part where you can also describe how they fit ...
Tips on Writing a Business Plan. 1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively. 2.
More Than A Business Plan Template Claim Your Business Plan. Plannit.ai is an AI-driven business planning platform that helps entrepreneurs, business owners, students and business consultants create professional business plans in minutes. Answer questions about your vision and generate a full professional business plan.
Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. A good business plan is much more than just a document that you write once and forget about. It's also a guide that helps you outline and achieve your goals. After completing your plan, you can ...
1. Create Your Executive Summary. The executive summary is a snapshot of your business or a high-level overview of your business purposes and plans. Although the executive summary is the first section in your business plan, most people write it last. The length of the executive summary is not more than two pages.
Step 2: Do your market research homework. The next step in writing a business plan is to conduct market research. This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to ...
Step #3: Conduct Your Market Analysis. Step #4: Research Your Competition. Step #5: Outline Your Products or Services. Step #6: Summarize Your Financial Plan. Step #7: Determine Your Marketing Strategy. Step #8: Showcase Your Organizational Chart. 14 Business Plan Templates to Help You Get Started.
Write the Executive Summary. This section is the same as in the traditional business plan — simply offer an overview of what's in the business plan, the prospect or core offering, and the short- and long-term goals of the company. Add a Company Overview. Document the larger company mission and vision.
1. Startups. Startup business plans are for proposing new business ideas. If you're planning to start a small business, preparing a business plan is crucial. The plan should include all the major factors of your business. You can check out this guide for more detailed business plan inspiration. 2.
Writing a business plan requires research and attention to detail for each section. Below, you'll find a 9-step guide for researching and defining each element in the plan. Write an executive summary. Draft a business description. Conduct market analysis. List your management and organisation structure.
4. Financials. Include a cash flow forecast, usually broken down on a monthly basis and presented as a spreadsheet. Also add your financial statements (balance sheet, income statement, cash flow statement and statement of retained earnings). And if you're a new business, list start-up costs.
Make a chart of the most expensive and least expensive sites by location and square footage. Then estimate how much space you require and how much money you'll need to allow for rent. 6. Determine your start-up cost. [5] Make a list of all the tangible and intangible resources you need to get your business going.
A business plan is a written document defining how a start-up or another business will be created or how it will operate. Entrepreneurs and small-business owners usually develop a business plan to create a roadmap pertaining to the financial, operational, and marketing elements of their operations. These components are important to business ...
Traditional business plan. This is a formal document for pitching to investors based on the outline in this article. If your business is a complicated one, the plan may exceed the typical length and stretch to as many as 50 pages. One-page business plan. This is a simplified version of a formal business plan designed to fit on one page.
6. Bit AI. A Bit AI is a cloud-document collaboration document and management platform that helps users create, share, and track digital documents. The AI-powered tool allows users to add images text videos, cloud, and music files to their documents. You can use Bit AI's free business plan template to get started.
How to write a business plan. Here is a list of steps to help you write a business plan that is unique to your business: 1. Start with the executive summary. The executive summary is the introduction that outlines the contents of your plan. This summary also defines your company and its purpose within your industry.
Call Stats NZ toll-free on 0508 525 525. Use this free template to help you write a great plan for launching your new business. A business plan helps you set goals for your business, and plan how you're going to reach them. When you're starting out it's a good idea to do a full and thorough business plan.
A well-thought-out business plan will: set a direction for the business and help you create an action plan. help you and your staff focus on what's important. show your commitment to banks, investors, colleagues and employees. help you to spot problems early on and tackle them effectively. set targets and evaluate your success.
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Get your business off the ground and secure funding by learning how to write a comprehensive business plan. This free online course will familiarize you with the process of developing business plans. For new businesses, funding is a key factor and this course will help you decide what funding options will be best for your venture. Finally, you ...
A business plan is a written document that describes your business. It covers objectives, strategies, sales, marketing and financial forecasts. A business plan helps you to: You'll need a ...
6. Be logical. Think like a banker and write what they would want to see. 7. Have a strong management team. Make sure it has good credentials and expertise.
1. Cover Page and Table of Contents. Your business plan for a loan application is a professional document, so be sure it looks professional. The cover page should contain the name of your business and your contact information. If you have a logo, it should go on the cover.
It's never too late to write a business plan. Use our guide to write a business plan for your small business find new opportunities or stay on track. ... But think about other technologies that can help keep your business efficient and agile. For example, a mobile POS system can enable your business to take credit card payments in the field or ...
A strong business plan can help you secure financing and seed investment from M&T. Book an appointment> GET FAMILIAR. ... Learn more about Writing a Business Plan. Partner with M&T Bank M&T's Business Banking Specialists are ready to offer you support at any stage of your business. Get to know the advantages of being an M&T Business Banking ...
However, I believe these positions can help entrepreneurs develop their own successful business practices; creating a product your former employer could use to gain an advantage over the competition is disruptive. B uying a company on the brink of bankruptcy that has been mismanaged is a scenario entrepreneurs have explored and practiced.
Steps to take when choosing a retirement plan: Experts generally recommend you first max out any retirement plan with employer-matching funds. Failing to do so is like leaving free money on the table.
The festival's five-day schedule features an arts and crafts show, parade and tasting event. Other highlights of the Maine Lobster Festival include the International Great Crate Race, during ...
Kimberly A. Cheatle, the director of the Secret Service, will appear before the House Oversight Committee on Monday. Ms. Cheatle took responsibility for the events but said she did not plan to resign.