The Critical Parts of WinningBusiness Plan


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You want to start a small business, but where do you start? Well, writing a business plan is a good place. Why? Because if you need funding for your venture, either from a bank or from a venture capitalist or angel investor, you are going to requirea document that explains your company. But you should also writea business plan so that you yourself understand everything that is required to start your business.

Here is a quick overview of the different parts of a business plan.

Executive Summary: The sad truth is that most funderswho read your business plan will only read the executive summary. That’s why this is in many ways the most importantpart of your business plan. The Executive Summary summarizes everything in your plan in a simple, intuitiveformat. It tells the reader exactly what they need to know about your venture, and ends with the basics.

Company Overview: This is the critical understanding chapterof your business plan. You describe your industry, your products and/or services, your places of business, your company’s history, and ownership. This is like a schematicof your operation, describing the location of its vital parts.

Target Market: Who are you selling to? Are your consumers people, or other companies? Are the located in a specific geographic area, or all over the country? Or the globe? What unmet needis your company meeting? What trends are influencingyour market? Bascially, anything related to your operation’s customers can be outlined in this section. It will requirethat you do some importantmarket research to write this chapter properly.

Marketing Plan: How are you going to nurture consumers? Will you advertise? Will you have a salesforce? An online web store? Different types of companies require different marketingplans.

Competition: For many businesspeople, this is a difficultpart of the business plan. You need to take a really no-holds-barredlook at who and what your competition is. Is it another venturedown the corner? Is it a chain of stores? Don’t overlook substitutes for your product or service. A bakery might have grocery stores as its competition, as well as other bakeries.

Operations: How are you going to get the job done? What equipmentwill you need? Will you deliver? Will you take orders online? What challengesmight you confrontin the future? Are you dependent upon a partnerin your manufacturing process? Just like with the sectionon Competition, the Operations areaof your business plan requires an honestassessment of your strengths and weaknesses.

Management and Personnel: In many cases, the peoplewho run your venture, including yourself, are as criticalas the product itself. Your experience, your industry connections, your operational know-how will convince investors that you have a goodchance for growth. As we know, things change in the world, so bankers will want to know that the people running the show have the capabilityto move quicklyas needed.

Financial Statements: You will have toto developa basic outlineof your cash flow, revenue and expenses.

Growth Plan: Any lenderwill want an idea ofwhat will happen once you get beyondthe startup phase. They will want to know the risks, milestonesand opportunitiesfor growth.

Conclusion: Like the executive summary, the conclusion of your business plan will bring together everything in your plan. It should provide confidencethat your company will succeed

In summary, a business plan is a complexdocument. But you don’t need to buildit alone. There are numerousbusiness plan writing services out thereto help you with this criticapart of your venture. With the help of a business plan writing service, you can construct a plan that will help you grow now and in the future.

Business Plan Writing Services