No matter what type of business you plan on starting, you need to make a plan to determine what makes your business unique. Business plans are typically asked to be presented in front of investors since they want to know as much as possible before putting up the money. For new entrepreneurs, business plans can help guide you while structuring your goals and understanding finances. Let’s take a look at key elements of a solid business plan.


Executive Summary

Your executive summary should be the first thing someone reads when presented with your business plan. This summary needs to include everything you want your business to accomplish and what else you plan to touch base on throughout the project. The strongest summaries include the business’s mission and why you are interested in the business industry.


Business Description

This is where vital information about your business, target audience and goals will be placed. Now is the time to dive into what makes your business different from your soon-to-be competitors. Point out what strengths you can bring to the table and how you will deal with bumps along the way.


Market Research and Analysis

Now is the time to show that you can fully understand your specific business market’s ins and outs. The strengths from your business description can be paired with data to show trends in the business industry. Share how other businesses are operating and highlight what works and doesn’t for them. Above all, this marketing analysis should help anyone reading it visualize your target market, their monthly income, and their wants and needs. 


Company Leadership

In business, leadership can be defined by how the company’s management team plans to set and achieve goals in every size. This section focuses on how your business plans to make decisions and who will have the final say. It’s also important to mention what your leadership team stands for and how they plan to inspire those that they lead. Leaders can make or break a business, so be sure to bring the most vital individuals onto your team.


Products and Services 

Although you explain a bit of your business in the description, you need to include a detailed description of your services and products. Share how long your product or service will last and why you believe there is a need for it. This is also your opportunity to mention the suppliers you plan on working with and how much of a profit you wish to make.


Marketing Plan

In this section, you should describe how you plan on getting your product or service in the hands of your target customers. Describe your process of promoting your business and give a breakdown of the budget you plan to spend on marketing.


Sales Strategy and Financial Projections

Now is the time to explain how you plan on selling your products of how you will roll out the services. You must be very specific in your sales strategy. If you plan on having sales reps, you should break down how you will recruit them.


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