Anyone can have a great business idea, but turning an idea into a viable business is a game changer. A business plan is a must to start your own company. Writing a formal business plan increases your chances of viability. Plan your business ideas for the future, not just for tomorrow. Excitement, when you’re ready to start your business. First, before setting up the office space, and seeking legal advice, you need to put your thoughts on paper. This will help you to identify the missing points and stay organized and focused.
In fact, there are few types of research you need to perform before you start writing a business plan to start your own company:
- Why do you need a business plan?
- Who will be the target audience for the business plan?
- Investors
- Bankers
- What are the opportunities in revenue generation?
- Do a market study
- Who is your competitor?
- What should your business plan comprise?
It’s not about the number of pages you write, your business plan should include:
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Executive Summary
What your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location.
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Company Description
This provides information about your company like the problems your business solves, and lists out the consumers, organizations, or businesses your company plans to serve.
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Market Research
Analyse what other businesses are doing and what their strengths are. Define your target market and your plans for this specific audience.
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Description of products or services
Classify in detail about the product or services, explain the lifecycle of the product, and how it benefits the customer.
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Sales and Marketing
Outline the pricing, sales information, how you’ll attract the customers, how exactly the sale will happen and also how to retain the customers
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Competitor Analysis
Strengths and weaknesses of your direct and indirect competitors are vital information that should be done simultaneously with identifying your target audience. Demonstrate how you will gain a competitive edge against your competition.
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Management Team
Explain how your company will be structured and who will run it. State whether the business is a sole proprietorship, partnership or LLC. Provide background information on all key players involved in the business as well as use an organizational chart to explain who will do what and who is responsible for what.
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Financial Plan
Complement your funding request with financial projections. Also, convince the reader that your business is stable and will be a financial success. Include income statements, balance sheets, and cash flow statements. Specify the amount needed over the next two, three and even five years. On-going business expenses, including salaries, insurance costs, promotional expenses, etc. Also, anticipate the need for additional funding. Break-Even Analysis is one important thing to mention in the financial projection plan.
9. Appendix
List your documents like licenses, permits, legal documents other contracts etc.
How to get a Business Plan?
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