In fact, your Business Plan will be an essential tool throughout the life of your business — from starting out to cashing in. It will help you to start out on the right foot, stay focused, get financing, manage your growth, and more.
This is where you bring the vision of having your own business to life.
|Parts of a Business Plan – Business Services||This is where you bring the vision of having your own business to life. Each section of a business plan interacts with the other sections.|
|Purpose of Business Plan||Marketing plan The marketing plan describes, in general terms:|
Each section of a business plan interacts with the other sections. They must all come together, like instruments in an orchestra, to create a ballad that lures others to your dreams. The Executive Summary The executive summary is the first paragraph investors read.
In just a few sentences, describe the business concept, its products and services, the competitive advantages and why the company will be incredibly successful. This opening should intrigue readers and make them want to read more. Business Description The description fills in the details outlined in your summary.
It puts together the structure of the business and should include the following: What is the name of the business? Where is it located? What is the business structure: Why is this business unique? Why will it succeed? What factors will cause the business to grow? Description of Products and Services The descriptions should show why the products and services are innovative, unique and exciting.
Use the following as an outline: What are the products or services you plan to offer? What are their features? What makes these products and services unique? How do they meet the needs of your customers?
How do they add value to the customers? Target Market Your target market must be clearly defined. You need to show detailed thought about who your customers are and that you have identified their characteristics: Who are the likely customers?
Are they male or female? What are their ages? How many customers are in your target market? Is the market growing, shrinking, or is it stable?
What are the national and local trends that affect your industry?Feb 21, · As with most things in the business world, the size and scope of your business plan depend on your specific goals. If you’re drafting it for investors, you should make the plan more detailed. The 3 Key Elements of a Business Plan but the executive summary of your business plan should be the last part of the document that you write — even though it will appear as the first two to.
Elements of a Business Plan There are seven major sections of a business plan, and each one is a complex document. Read this selection from our business plan tutorial to fully understand these.
Whether your business plan is 5 or 30 pages, an executive summary must recap all of the material in your plan in only two pages. The reason this section gets so much attention is that it might be the only section the reader looks . For a business plan, you must be able to estimate market share for the time period the plan will cover.
In order to project market share over the time frame of the business plan, you'll need to consider two factors: Industry growth which will increase the total number of . Oct 23, · The marketing and sales plan section of your business plan details how you plan to reach your target market segments, how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success/5().