Business Plan Development Software? Which is the best?

Question

Hey Gang,

I'm taking the sound advice of some really smart people from the BP community, and have decided to spend the necessary time to develop a formal Business Plan.

In an effort to do that, I've considered a few options and have landed on using a software program to assist me; mainly so it will ask me the questions I didn't know that I should have answers for in my plan.

I'm newer to RE investing, have never started a business, and did not major in Business in college; so a "Business Plan for Dummies" type program would probably be a good fit.

Can anyone recommend a program for a newbie like me?

I know Karen Rittenhouse had some opinions here that she touched on in her BP Podcast interview.

Thank you everyone!

Paul Timmins · Answer

David

No need to buy business plan software a template is available from SBA, see below. Follow the suggestions they work.

Paul

Business Plan Resources

SBA Online training free. Includes a Business Plan Template to generate your plan. Sign up for state specific SBA newsletters. Learn about funding opportunities.

Business Plan Topics 
http://www.sba.gov/smallbusinessplanner/index.html

Plan Your Business 
Get Ready	Write a Business Plan

Start Your Business 
Find a Mentor 	Finance Start-Up 	Buy a Business 	Buy a Franchise 
Name Your Business 	Choose a Structure 	Protect Your Ideas 
Get License and Permits	Pick a Location 	Lease Equipment
Manage Your Business 
Lead 	Make Decisions 	Manage Employees 	Market and Price 
Market and Sell 	Understand Fair Practice 	Pay Taxes 
Get Insurance 	Handle Legal Concerns 	Forecast 
Advocate and Stay Informed 	Use Technology 	Finance Growth
Getting Out 
Plan Your Exit 	Sell Your Business 	Transfer Ownership 
Liquidate Assets 	File Bankruptcy 	Close Officially

SCORE "Counselors to America's Small Business" 
SCORE is a nonprofit association dedicated to educating entrepreneurs and the formation, growth and success of small business nationwide.

They will have retired business executive meet monthly with you while developing your plan. SCORE is a resource partner with the U.S. Small Business Administration (SBA).

Business Plan Templates in Word, Excel and pdf. formats
http://www.score.org/template_gallery.html 
Business Plan for a Start-up Business	Business Plan for an Established Business
Business Planning Tools for Nonprofit	Balance Sheet (Projected)
Bank Loan Request for Small Business	Breakeven Analysis
Cash Flow Statement (12 Months)	Cash Flow Statement (4 Years)
Competitive Analysis 	Financial Forecast
Financial History & Ratios	Loan Amortization Schedule
Opening Day Balance Sheet	Personal Financial Statement
Profit and Loss Projection (12 Months)	Profit and Loss Projection (3 Years)
Sales Forecast (12 Months)	Start-Up Expenses

Get the Score newsletter
http://www.score.org/internet_enewsletters_subscribe.html

60 Second Business Guides
http://www.score.org/guides.html

60-Second Guide to Writing a Business Plan
No two business plans look alike—nor should they. While many small businesses launch without a plan in sight, if you are bent on seeking funding, whether from a bank, angel or venture capitalist, you’ll need a business plan. 
This task can be agonizing to some entrepreneurs—who fancy discussions about the big picture—and liberating for others—who spend too many wakeful nights counting sheep. To grow and survive, strategic thinking is essential.
In just 60-seconds, we’ll show you how to plan for your business’s future without overplanning yourself out of existence.
0:60 Think Before You Act
In the reactionary, frenetic pace of entrepreneurs, doing is usually much more important than thinking. Taking weeks or months researching and reflecting on your business idea will help you face some tough questions—ones often overlooked amid all that doing. This means gathering data, evaluating your concept, assessing the market for your product or service and studying the competition. If you’re thinking about outsourcing these tasks, stop right there. It’s best to do it yourself.
0:43 Get Help from Others
Involve your management team (if you’re an existing business owner), professional consultants, other small business owners and anyone you trust enough to take a look at your plan. And, don’t forget to Ask SCORE for help. Some of the best and most unexpected ideas come from discussing your plans with others.
0:38 Get Personal
There is no one template to follow when creating your business plan. While many entrepreneurs start with a software package or template to cover the basics, be sure the plan works for you and meets your needs. But there are a few rules you should follow—be clear, concise and brief. Your plan should not be more than 20 pages.
0:23 Present Facts & Evidence
It’s crucial that your financial projections and sales estimates are based on thoughtful research and evidence. A potential funder will see right though it if you are padding the numbers. So make sure you can back up your assertions. Avoid using jargon and don’t make unverifiable statements—they will be challenged. Disclose any bad news yourself, rather than risk an investor finding out on their own. 
0:11 Make the Plan an Oral Presentation
Be sure to structure your business plan to make it easy to present the information to potential investors or lenders. It may be helpful to consult with your intended audience as the planning process moves along. Listen carefully to their advice, so that when the time comes you’ll make an informed presentation.
Brought to you by SCORE "Counselors to America's Small Business."  Ask SCORE.

List of Top 5 Business Tips by Category
http://www.score.org/business_tips.html

5 Tips for Making the Most of Your Business Plan
?	Take the long view and do long-term planning. Map out where you want to be five years from now and how you plan to get there.
?	Write the plan yourself. You will learn more about your business by doing so.
?	Think of your plan as a living document. Review it regularly to make sure you are on track or to adjust it to market changes.
?	Share the plan with others who can help you get where you want to go—such as lenders, key employees and advisors.
?	Understand that you might pay a price in the short run to obtain long-term business growth and health.
Brought to you by SCORE "Counselors to America's Small Business." 
Ask SCORE

Top 5 Business Tips Business Planning

5 Tips for Developing Policies for Your Business 
Let SCORE help to develop policies for your small business.  
5 Tips for Effective Business Planning 
Achieve success with these small business planning tips.

5 Tips for Making the Most of Your Business Plan 
Create a plan that helps your small business succeed.

5 Tips for Using Colleges and Universities to Help Your Business
Get cheap help from business schools or your alma mater.

5 Tips on Budgeting 
Learn the keys to successful small business budgeting.

5 Tips on Building a Sound Business Plan 
Get assistance on the essentials of a sound business plan.

5 Tips on Exit Strategies 
Get these tips on preparing your exit strategy.

5 Tips on Preparing for Change 
Learn to anticipate and react to changes in the market.

5 Tips on Technology Planning 
Incorporate technology when starting or growing a business. 
5 Tips to Avert Disaster
Plan now to ensure your business is able to survive a disaster.
5 Tips to Get a Good Mentor
Who Needs a Mentor? You and anyone who owns a small business. Find out how with these great tips.
5 Tips to Help You Prepare for Growth Spurts 
Tips for preparing and managing your business’s growth.
5 Tips to Jump Start A New Business
Great tips on branding, Web sites, sales & marketing. 
5 Tips to Prepare Your Family for Entrepreneurship
Learn how to prepare your family for your new entrepreneurial venture.

Center for Business Development
Over 600 Resources for starting a business
http://www.businessplans.org/directory.html

View Sample Business Plans
BPlans.com
Construction Company http://www.bplans.com/construction_business_plan/executive_summary_fc.cfm

Real Estate Brokerage Firm
http://www.bplans.com/real_estate_brokerage_business_plan/executive_summary_fc.cfm

Real Estate Management
http://www.bplans.com/real_estate_management_business_plan/executive_summary_fc.cfm

Rick Baggenstoss · Answer

Sorry, hit post prematurely ...

You should model your financials so you can see how the cash will flow on a monthly basis.  From this you'll need to know how many houses (approx prices and total costs) you will invest in and in what intervals.  You'll find year 1 to be dismal but if stay on plan, year 3 looks pretty good.

My advice is to spend no more than 8 hours total on the plan.  Then focus on property level planning.  The first houses are each a business unto themselves since you don't have a business.  Houses 5+, you really start getting a business going with processes, team members, etc.

there are some template on BP to get you started but the goal is for you to think thru it not check the box.

Hope this helps.

Rick Baggenstoss · Answer

The best approach is to write the plan in your own words.  The real value of the plan is to help you think thru what you need to do well and avoid to succeed.  Lastly, it's an iterative process where you should write it, put it down, revisit several months later for refinement.

You should start with some basic descriptions of the business:  Who are your customers/key stakeholders and how will you serve them? (Mission Statement)
What is the un/undermet need you wll fulfill?
What are your business' strenths/weaknesses ; e.g. expertise, access to capital, 
How will you use these to your advantage and circumvent your weaknesses?
How will you run the business?  Find, Evaluate, Acquire, Plan, Fix, manage,  and sell property

Karen Margrave · Answer

Andrew Joe Welcome to BP! I see you are in Nairobi? Are you investing in real estate there or here in America? What type of property are you interested in?

I just wanted to say hello, and welcome you to the site. Thanks for jumping in and particpating. Have fun!

David Hart · Answer

Andrew,
Thanks for your contribution to this thread. Just curious, do you have any first hand experience with the Business Plan Pro software? I don't mind paying for a product that has the potential to enhance and simplify my business, and from what I saw on the website BPP appears like it could do just that!
I couldn't really make sense of where I landed wit the free software link you listed. 
Thanks,
David

David Hart · Answer

Rick,
I so appreciate your list of high level questions above as they, effectively, provided the kind of guidance that I was (originally) going to look towards a software program to provide. I still believe, however, that a well wrapped/presented business plan (that has first been well thought through of course) can go a long way towards increasing the credibility of a newbie like myself; I am, therefore, still interested in researching applicable programs that (in particular) assist with the financial reporting (graphs, calculations, etc.).

Having written all of that, I do see the wisdom of restricting my time invested to only 8 hours; thereby not getting ahead of myself. I so appreciate you detailing some of the challenges that lie ahead in the first 3 years as I don't want to be ignorant of the potential difficulties to the success of my business.

It appears, from your second post, that you might be sharing from personal experience with your own RE investments. Would you mind sharing how you got started on your first deal or two? I find the creative/unique methods of others who have walked this road before me to be inspiring.

Thanks Rick!

Andrew Joe · Answer

There is one called Business Plan Pro. It has an online plan and a desktop plan. It also has more than 500 business plan samples and financial forecast. It is available here http://www.paloalto.com/business_plan_software. However it has a price tag. If you want a free one refer to this post http://www.techyv.com/questions/open-source-business-plan-software-gpl.

David Hart · Answer

One recommendation I could find on the BP forums were for the program liveplan.com. I'm checking it out now and it looks comprehensive, and fairly plug-and-play. Anyone use this software yet?

Business Plan Development Software? Which is the best?

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