The Essentials Of A Good Business Plan

When you are starting a business, the most important part is preparing a business plan. Financing, suppliers, and a lot more would rest on the business plan. Showing others that you are prepared, educated, and dedicated to your business is a good business plan. Defining what your business is all about, where to expect it to go in the future and how you will get there is a good business plan. To make a good business plan, here is an outline of the essentials.

Executive Summary. In this summary, everything that is the rest of the business plan is explained. It should be written to completely cover every aspect of the rest of the business plan. Try to think of it this way: it should sell your business since chances are, this may be the only part of the whole plan that gets read.

Why You Need a Table of Contents. Do not elaborate. Keeping it short and to the point is what you can do instead. You get to explain later.

Your Company Description. With this, the basics of your business should be covered. What industry and what products/services your business provides. This should also cover how you will be successful as well as what makes your business stand out from the competition.

Describing Market Analysis. Here, you get to prove that you have done your marketing research. Don’t forget to explain about the industry and include target markets. Explain your competition and compare your business to them. Don’t forget to explain your marketing strategies and plans.

What about Technology? The technology you will use and how new developments may affect your business should also be explained.

What is Involved in Business Operations or Manufacturing? Explain how you will conduct business. As far as operations go, what makes you better than the competition?

What about Management and Ownership? Naming all the key personnel is what you will do here. You need to explain not just their skills, but their education and what they bring to the company as well.

What about Organization and Personnel? Explaining your personnel needs is what you will do here. You need to state how many employees are needed and how you will pay them and what you will pay them. The personnel organizational structure should also be explain.

Facts about Capital and Usage. This should be very detailed and explained. First, determine the amount that is needed to start followed by the projection needs.

Financial. Future gains as well as losses are what you will project here. Annual reports are fine if the business breaks even but until then, you should list them quarterly.

Appendices. Any resumes, references, copies of studies done or anything else to back up information in the business plan should be included here.

Helping you put together a solid business plan are these 12 steps. Just keep in mind that you should stick to the facts and back everything up with evidence.

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