A business plan can be an extremely useful tool. It helps you secure funding and gives the business a framework. However, many business owners don’t actually know how to write one. Here’s what you should include in your business plan.
Executive summary
This is the most important part of your business plan. It’s where you give a quick overview of your business. List any problems, and how you will solve them. You should also include what makes your business unique – this will likely be down to the products or services you supply.
Company description
Write a section about the company itself. Include information about where you’re based, any subsidiaries, and how long the business has been running. You should also include details of your directors, employees, and shareholders.
Market analysis
It’s important to show that your business won’t be going up against big rivals. To do this, you should conduct a market analysis. This is where you look for any major trends in your industry and how they could impact the company. It will also show how the product or service being offered differs from what else is on offer.
Organization and management
This is the section where you should include a detailed description of your business and its management team. You can also explain how the company will be structured, including any subsidiaries or departments that report to each other. Describe what makes your business unique, and how you plan to grow in the next few years.
Service or product line
This is the section where you explain your product or service in detail. Explain how it works and why people would want to buy it. You should also include information about any patents, trademarks, or intellectual property that’s associated with the product or service.
Marketing and sales
This is where you can explain how your business will be marketed and sold. Explain how the product or service will reach customers, and what tactics you’re planning on using. You should also include a marketing budget to show that you have a realistic idea of your costs. If appropriate, describe any partnerships with other companies that could help market the business.
Growth projections
This is probably the hardest part of the business plan. Explain where your company will be in five years, and how it will get there. Include graphs and charts to show expected growth in sales. You should also write down any major costs that you could have five years from now. For example – if you are planning to branch out into foreign markets, you will have to show any of the costs associated with that including local agents, logistics, LSP language service provider, etc.
Funding request
This is the part of the business plan where you can explain what funding you need. If your business will impact a certain area significantly, make sure to include letters from local politicians. Explain why your company needs funding and how it will use it to grow. You should also show how much money you’ve already invested in your business so that potential investors can get an idea of the time and effort you’ve put into it so far.
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