Include a discussion about its growth or decline, how your product and/or service addresses a need in the market, describe your barriers for entry into the market, competitors that may enter the market down the road, etc.ģ. An analysis of your industry and how it is changing. Explain why they want to buy from you and not your competitor and what value-added services you plan to offer to differentiate yourself in the marketplace (delivery, warranty, customer support, special offers, etc.).Ģ. Describe the product or service from the customer’s point of view, including what they will and will not like about your product and/or service as well as the company itself. Your products and/or services described in more detail, including price points, distribution strategies, an overview of your major competitors and how your products and/or services stack up to theirs.ġ. You can run various scenarios and tweak the numbers until your business makes sense financially and operationally. Our SizeUp tool can give you a good head start in building your business plan. It’s a lot easier to summarize your plan once you’ve finished it.Ī brief history about your company, its products and services, target customers, location, key strengths, the state of the industry you’re in, who the owners are and what the business structure will be. Basically, this is an extended elevator speech every key piece of information someone would want to know about your business in three minutes or less.Ĭoach’s Tip: Write your Executive Summary last. If you’re looking for a loan, state the amount. Include the goals of the business and your objectives. Put some sell into it, be passionate and enthusiastic, yet professional and concise. Summarize what your business is all about. Here’s an outline of the elements needed in a business plan: Even if you did a Business Model Canvas, you may want to do a final business plan – even a brief one – since it will serve as your playbook going forward. If you’re planning on seeking funding, it is essential. Regardless of your financial situation, a business plan is a good idea. These take a much deeper dive into your business idea and includes things like opening balance sheets, income projections, cash flow analysis, target audience, competition, etc. The more traditional approach is to do a complete business plan. It helps you quickly assess an idea and its market potential and is ideal for those who aren’t planning to seek traditional financing through a bank or financial institution. This covers the same bases as a full-blown business plan but in an abbreviated form. The quickest way to prototype a business, even multiple business ideas, is to do a Business Model Canvas, which is covered in Lesson 3 in our Entrepreneur Academy. There is no right or wrong in this regard. Make them as long or as brief as you need them to be. Business and marketing plans can be very simple or very complex. The first thing you want to do for your business is to create a solid game plan.
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