Business Plan 101

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Please find our template for a business plan and a financial plan.

Again, you might structure your plan differently or include aspects that are more relevant to your organization.

There are many reasons to write a business plan—it’s not solely the domain of entrepreneurs who want to secure funding to start or grow their business.

A business plan can help you clarify your strategy, identify potential roadblocks, decide what you’ll need in the way of resources, and evaluate the viability of your idea or your growth plans before you start a business.

Whatever your reason for writing a business plan, the task will probably still feel like a homework assignment.

When you’re starting a business, your to-do list is a mile long and filled with more immediately rewarding tasks, like taking product photos, creating ad campaigns, and opening social media accounts.The products or services section of your business plan should clearly describe what products and/or services you're selling with an emphasis on the value you're providing to your customers or clients.This section will also include pricing information, a comparison to similar products or services in the market and an outline of future offerings.The market analysis section of your business plan comes after the products and services section and should provide a detailed overview of the industry you intend to sell your product or service in, including statistics to support your claims.This section also includes information about the industry, target market, and competition.This section highlights at least one important statement from each of the other sections in your business plan, while also including basic information about your business such as your business name and location, description of your business and its products and/or services, your management team and mission statement.The company description section of your business plan is typically the second section, coming after the executive summary.Whether or not you are starting your business from scratch or empowering it to grow – a business plan (continued to be called a BP) is a necessity, in particular if you want to attract investors.A BP also helps you to define or improve your strategy.The company description outlines vital details about your company, such as where you are located, how large the company is, what you do and what you hope to accomplish.This section also describes the vision and direction of the company so potential lenders and partners can develop an accurate impression of who you are.

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