How to Develop a Successful Business Plan!
A business plan is a statement of your business objectives and plan of achieving them. Planning ahead for your new business can mean the difference between success and failure. Ask yourself which type of business plan you want or is most appropriate for your business before you start. You can create an informal plan which less than 10 pages or more formal up to 40 pages.
Executive Summary- A two-page succinct explanation of your business and its activities, with an overview of your key objectives and business goals.
Business Description- Describes your perception of the company. Exactly how the business will grow and profit.
The Market and Competition- This is the largest section which acknowledges competition and describes how your company will differ from the others.
The Product or Service- Describes the core of your business.
Marketing/Selling- This section explains how you will access the market, will it be through advertise or attend trade shows and conference etc or establish a website.
Financial Data- Contains the balance sheet, profit and loss statement, break-even chart and cash flow analysis.
Investment- Based on cash flow, it includes what the investors will receive as return.
Appendices-Include testimonials from potential customers, research clips, charts and graph relevant to your business.