Monday, April 16, 2012

How to Write a Business Plan

Every business should have a business plan. It is your road map to the future and is usually essential if you want to get financing


    • Organize the information for your business plan. Include information on your company, product or service, customers, market, competition and potential risk.
    • Write an executive summary. This is the first section of the plan–a 2-page description of all the elements covered in more detail later.
    • Describe your company. Spell out the purpose of your business. Talk about the skills you and your management team have.
    • Explain your product or service. Detail how you will make or provide it. Analyze the costs associated with this process. List your supply sources.
    • Talk about the market you’re entering. Discuss general trends in the industry. Include details about the market segment you are pursuing, the niche you are targeting and your target customer; provide demographics on your potential customers and explain their buying habits. Analyze your competition.
    • Describe your marketing plan. Explain how you will generate sales through advertising, promotion and public relations. Estimate all costs conservatively.
    • Detail your yearly revenue projections and your expenses.

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