A well thought out plan also helps you to step back and think objectively about the key elements of your business venture and informs your decision-making.
So what are the key elements of a business plan? From market analysis to your company financials, this guide walks you through the essential components of your plan, including how to develop a funding request.
1. Executive Summary
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.
2. Market Analysis
You should conduct research of your specific industry, market and competition and provide an analysis of that research in this section.
3. Company Description
In this section, you should tell exactly what your company does, what markets it serves, and what will differentiate your business.
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4. Organization & Management
All businesses are structured differently. Describe your organization and it management structure, regardless of its size.
5. Marketing & Sales Management
Include detailed information on how you plan to market your business and what sales strategy you will use.
6. Service & Product Line
Give details on what you are selling. You'll also want to include the benefits of your services or products. If you have a product, describe your product's life-cycle.
7. Funding Request
If you are seeking funding for your business, find out what information you need to include in your plan to ensure success.
8. Financial Projections
If you need funding, providing financial projections to back up your request is critical.
9. Appendix
An appendix is optional, but a useful place to include information such as resumes, permits, leases, etc.
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