If someone has been running a business part time for extra income but the company has recently experienced rapid growth and this person has been considering taking on the business venture full-time but the current earnings are not yet enough to sustain the growth and they have come to you seeking advice.
(1) Explain the elements of a business plan.
(2) Give explanations as to why a business plan is needed exploring start-ups, expansions, relocations, and franchising elements. Provide an analysis of the financial aspects of going full-time and include what bankers, lenders, or investors want in a business plan as well as give advice on how to present the business plan to the bankers, lenders or investors.