The SBDC will help organize the financial data to make sure it is neat and professional. It is important to make sure all business related expenses are investigated so the numbers presented are accurate. Planning for an insurance cost of $2000 can be problematic if the actual cost is double that. Even when leasing a building the contents have to be insured. Workers compensation is another insurance expense that must be taken into account. It is better to plan up front for an expense than to be caught by surprise. Investigate and research all possible expenses.

A. Financial History
For an existing business include the financial data from the last three years. A new business owner will have to produce tax returns for the previous two years.

B. Financial Projections
Project sales and expenses for three years. Take into account seasonality, increased competition, and consumer demand. Financial documents should include a profit and loss statement, balance sheet, cash flow chart, and any capital expenditure estimates.

C. Explanation of projections
There has to be a basis for the financial projections. It can be based on industry trends, advertising, promotions, etc..

Attachments:
Lease agreements, building permits, business licenses, and professional licenses can be attached to the business plan. They are for reference only and should be copies of the original. They are not required but it does show how serious you are about the business.