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Writing A Solid Business Plan

Business plans are formal statements of business goals - namely, evidence that they are attainable & a plan for reaching them. Additionally, the plan may contain information about the individual or individuals who are starting the business.

At a minimum, a business plan should contain the following elements:

  • A formal statement of a group of company objectives
  • The reasons why the above are supposedly achievable
  • The scheme for accomplishing the objectives
  • The arrangement might additionally consist of background details concerning the company or group trying to achieve the goals
  • The plan might additionally target fluctuations in insight and branding by consumers, clientele, bigger communities, or taxpaying individuals

While the existing organization is to undertake a vast modification or while planning a new project, a three to five year business plan is necessary because each investor will watch for his or her yearly ROR (Rate of Return) on any investment in a three to five year period.

Typical Business Plan Structure for a Start Up

  • cover page and table of contents
  • executive summary
  • mission statement
  • business description
  • business environment analysis
  • SWOT analysis
  • industry background
  • competitor analysis
  • market analysis
  • marketing plan
  • operations plan
  • management summary
  • financial plan
  • attachments and milestones

Typical Questions Answered by a Start Up Business Plan

  • What problem does the company's product or service solve? What niche will it fill?
  • What is the company's solution to the problem?
  • Who are the company's customers, and how will the company market and sell its products to them?
  • What is the size of the market for this solution?
  • What is the business model for the business (how will it make money)?
  • Who are the competitors and how will the company maintain a competitive advantage?
  • How does the company plan to manage its operations as it grows?
  • Who will run the company and what makes them qualified to do so?
  • What are the risks and threats confronting the business, and what can be done to mitigate them?
  • What are the company's capital and resource requirements?
  • What are the company's historical and projected financial statements?
Related:  10 of the World's Most Dangerous Jobs

You should also read the following: http://nutsandbolts.mit.edu/resources/Guidebook.pdf

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