Your business plan is the foundation of your business.
Do you have a business plan? A business plan should be one of the first things you put together when starting a business – it is a plan of action for your business’ future. A strong, detailed business plan guides you through each stage of starting and managing your business. It’s a way to think through the key elements of your business- your objectives, mission statement, strategies, marketing plan, projections and financial needs.
A traditional business plan is a combination of the following sections-
Executive summary – A brief description of what your company is and reasons why your business will be successful.
Company description – Detailed information about your company including the leadership team, history, and location.
Market analysis – What other businesses are doing in your market and what you will do to stand out.
Organization and Management – How your company will be structured and who is in charge.
Service or Product Line – A description of what you plan to sell or what service(s) you will offer.
Marketing and Sales – Your marketing strategy and how you plan to attract and retain customers.
Funding request – If you’re in need of funding, outline your requirements and state your goals.
Financial projections – Your financial outlook for the future, including forcasted income, cash flow and budgets. Convince the reader that your business is stable and will be a financial success.