A business plan is an essential roadmap for business success. This living document generally projects 3-5 years ahead and outlines the route a company intends to take to grow revenues.
Creating a business plan will help you achieve your entrepreneurial goals. A clear and compelling business plan provides you with a guide for building a successful enterprise focused on achieving certain goals within defined periods; it is also a document that can persuade others, including banks, to invest in what you’re creating and running. While there are many types of businesses out there, the basics of a business plan are fairly standard and widely applicable. This article sets forth these basics, which you can tailor to your business as needed.
Components of a Business Plan
Your executive summary is a snapshot of your business plan as a whole and touches on your company profile and goals.
Your company description provides information on what you do, what differentiates your business from others, and the markets your business serves.
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.
If you are seeking funding for your business, find out about the necessary information you should include in your plan.
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.