Establishing a business involves a lot of work from the ground up. First, one must come up with an idea or product, and then they have to figure out a way to make it stand out. The next step in the process can be just as complicated as it involves planning out the whole business.
Creating a business plan is a crucial step in building a business. It allows entrepreneurs to get their ideas onto paper, look to the future, and plan. A properly laid out business plan will have everything from a business description to backup plans should an emergency occur. Read more on how to write the perfect business plan.
The executive summary should be the first page of any business plan. This page describes the company, its mission statement, and a general overview of the goals and products/services the company will provide. The executive summary should be concise, as it will be available for investors to read. You want to write something to draw them in, not bore them away. You can go into more detail in the following sections.
Next up is the company description. As the title implies, this is where you should put all the basic company information, such as the name, location, company ownership, etc. Don’t forget to include any key employees (should there be any) and the company structure. In other words, lay out all the details that are currently in place.
The goals section of a business plan allows one to describe what a company hopes to achieve. For example, experts suggest that all new entrepreneurs start by trying to answer a question or problem (and create a product or service as the solution). Include all of that here.
Additionally, the business goals section serves another purpose. Business owners seeking additional funds or loans should explain what they plan to do with the money in this section. Be clear but passionate, making your case for why the money would help your business.
Now comes the time to develop an operational plan for the business. This should include management plans, facilities & equipment, and how the company will stay on track financially. Any part of the business that requires planning and monitoring should go here.
Products and Services
Here comes the fun part, explaining the company’s products or services. This section should include as much detail as possible, such as how the product/service works, the expected cost of production, the target audience, and what sort of price range will be charged.
Market research is another significant part of establishing a business. This is especially true for companies seeking additional funding. Include all the research results in this section, keeping in mind what questions investors may ask.
Sales and Marketing
Take the time to explain your marketing strategy in this section, including what advertising methods will be used. You should also consider including any customer service plans in this section, including loyalty programs.