Every aspiring business owner should have a business plan to focus the direction, outline operations, and help secure investors. A business plan is a blueprint of every facet of your business. Sales, Marketing, Advertising, Promotion and Location are some of the elements aspects of creating a plan. If you’re seeking outside funding for your business, a business plan will be required. Even if you have your own resources to fund your business, a basic business plan can improve the chances that your business will succeed. They also provide a map for growing your business.
Here are some key elements of a strong business plan:
- Cover page-short identification and description of your business.
- Table of contents-allows readers to reference a specific section.
- Executive summary-overview of your total plan, outlining the steps you will take for success.
- Business background-highlights your skills and experience in the field.
- Marketing plan-details the products and services you’re offering, your market, pricing strategy, and plans for marketing and advertising your business.
- Action plan-details the specific action-items you will utilize to create and deliver your products and services.
- Financial management, statements, and projections-source of start-up capital, monthly budgets, projected expenditures, expected return on investment, projected balance sheets, accounting strategy, and more.
- Operations-hiring procedures, insurance, leasing, equipment and other expected operational costs.
- Closing statement-confirmation of goals and objectives for a successful business.
- Appendix- statistical analyses, sample marketing materials, and resumes.