Writing a Business Plan
Writing a business plan is an important step in the process of starting your own business. By writing a business plan, you can develop a clearer idea of how you intend to make your business successful. In addition, with the help of a well-written business plan, you can secure financing to help get your business started.
There are four sections that you must include in a business plan:
- A description of the business
- How you intend to market your business
- How you will finance your business
- How your business will be managed
When describing the business that you intend to establish, you should provide detailed information regarding what your business will offer and what sets it apart from the competition. In order to accomplish this task, you will also need to research businesses that you consider to be competitors. Your business plan should include detailed information about your competitors, as well as how your business compares.
Your business plan report should also describe your marketing plans, such as whether or not you will use direct mail campaigns, radio advertisement, Internet marketing, etc. Within this section of the business plan, you should discuss your target audience and why you believe that your marketing plan will effectively help you to reach this audience.
A thorough business plan must also include a description of the business's operating procedures. This will include the management layout and who will be responsible for which aspects of the business. This section may also describe the personnel that you will need to effectively run the business, including how many employees are required and the various roles that will need to be fulfilled.
If you must still acquire financing to get your business off the ground, your business plan writing should include information regarding exactly how you intend to obtain the financing. This portion of the business plan should also detail the type of business insurance that you will cover, including the categories of coverage that your business will carry.
Your financial information should also provide a detailed forecast of your projected profits and losses over the next few years. You should include a three-year summary, month-by-month expectations, and what you anticipate from your business after the first year.
Along with the written portion of the business plan, you should include a variety of different supporting documents. For example, you should include any tax returns for principles over the last three years, as well as any letters of intent that you have received from suppliers or other important business contacts. You should also include any legal documents, including copies of your licenses and lease agreements. Finally, if you are getting involved with a franchised business, you will need to include a copy of the franchise contract and any documents that you have received from the franchiser.
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