BUSINESS PLAN

WHAT AND WHY DO YOU NEED A BUSINESS PLAN

A business plan is a written description of how your business will evolve from when it starts to finish the product.

You WILL NEED a business plan because:

  • It will help you to understand your business and how it will operate

  • BANKS and Investors will look at it to determine if they will fund your business

STRUCTURE OF A BUSINESS PLAN

Business plans are all different and they can change as time goes on. However, they all should include the following:

  1. Title page. Start with name the name of your business.

  2. Executive summary. This is a high-level summary of what the plan includes, the company description, the problem the business is solving, the solution and why now. 

  3. Business description. What kind of business do you want to start? What does your industry look like? What will it look like in the future?

  4. Market strategies. What is your target market, and how can you best sell to that market?

  5. Competitive analysis. What are the strengths and weaknesses of your competitors? How will you beat them?

  6. Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.

  7. Operations and management plan. How does the business function on a daily basis?

  8. Finance factors. Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?

RESOURCES

Take a look at these templates as a guide to get you started but don't copy these as bank lenders will be able to spot them out.

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