Now that you understand why you need a business plan and you've spent
some time doing your homework gathering the information you need to
create one, it's time to roll up your sleeves and get everything down on
paper. The following pages will describe in detail the seven essential
sections of a business plan: what you should include, what you shouldn't
include, how to work the numbers and additional resources you can turn
to for help. With that in mind, jump right in.
EXECUTIVE SUMMARY
Within the overall outline of the business plan, the executive summary
will follow the title page. The summary should tell the reader what you
want. This is very important. All too often, what the business owner
desires is buried on page eight. Clearly state what you're asking for in
the summary.
BUSINESS DESCRIPTION
The business description usually begins with a short
description of the industry. When describing the industry, discuss the
present outlook as well as future possibilities. You should also provide
information on all the various markets within the industry, including
any new products or developments that will benefit or adversely affect
your business.
MARKET STRATEGIES
Market strategies are the result of a meticulous market analysis. A
market analysis forces the entrepreneur to become familiar with all
aspects of the market so that the target market can be defined and the
company can be positioned in order to garner its share of sales.
COMPETITIVE ANALYSIS
The purpose of the competitive analysis is to determine
the strengths and weaknesses of the competitors within your market,
strategies that will provide you with a distinct advantage, the barriers
that can be developed in order to prevent competition from entering
your market, and any weaknesses that can be exploited within the product
development cycle.
Design & Development Plan
The purpose of the design and development plan section is to provide
investors with a description of the product's design, chart its
development within the context of production, marketing and the company
itself, and create a development budget that will enable the company to
reach its goals.
Operations & Management Plan
The operations and management plan is designed to describe just how
the business functions on a continuing basis. The operations plan will
highlight the logistics of the organization such as the various
responsibilities of the management team, the tasks assigned to each
division within the company, and capital and expense requirements
related to the operations of the business.
Financial Factors
Financial data is always at the back of the business plan, but that
doesn't mean it's any less important than up-front material such as the
business concept and the management team.
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