The Business Plan
Updated: Jan 28
A business plan is a written description of how your business will evolve from when it starts to the finish 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. Here's what you should include.
Title page. Start with name the name of your business, which is harder than it sounds. This article can help you avoid common mistakes when picking.
Executive summary. This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now. (Here’s what you should include in the summary and how you can make it appeal to investors.)
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?
Market strategies. What is your target market, and how can you best sell to that market?
Competitive analysis. What are the strengths and weakness of your competitors? How will you beat them?
Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.
Operations and management plan. How does the business function on a daily basis?
Finance factors. Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?