Having a business plan has always been important for any business-big or small. But one must be clear why and what you are trying to achieve through it. After you’ve found that, follow these steps to create your own business plan.
• Executive Summary
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals. Read these tips about what to include.
• Company Description
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.
• Market Analysis
Before launching your business, it is essential for you to research your business industry, market and competitors.
• Organization & Management
Every business is structured differently. Find out the best organization and management structure for your business.
• Service or Product Line
What do you sell? How does it benefit your customers? What is the product lifecycle? Get tips on how to tell the story about your product or service.
• Marketing & Sales
How do you plan to market your business? What is your sales strategy? Read more about how to include this information in your plan.
• Funding Request
If you are seeking funding for your business, find out about the necessary information you should include in your plan.
• Financial Projections
If you need funding, providing financial projections to back up your request is critical. Find out what information you need to include in your financial projections for your small business.
An appendix is optional, but a useful place to include information such as resumes, permits and leases. Find additional information you should include in your appendix.
• How to Make Your Business Plan Stand Out
What makes your business unique? Determining this could help you stand out from the crowd and give you advantages over your competitors.