Provide a brief background of your business if existing but if not then give a brief explanation as to why you intend to start up the proposed business. Make sure you mention some of your qualifications for running such a business.
Potential lenders and investors are always interested in how you propose to manage your business. As such, your plan must include specific points regarding your management goals and strategies.
You need to indicate, for instance, whether you wish to set up a business as a sole proprietor or using a partnership or corporation. You also need to create an organizational chart in order to let investors or lenders know how many employees are going to work for you as well as what their job specifications and descriptions are.
This is one of the most important parts of the business plan because it’s here you’ll have to prove the strengths and weaknesses of your business. This is where you’ll have to submit proof that your business will be profitable and able to match, if not surpass, competition.
In this part of your business plan, you’ll have to give a list of your company’s products and services. You need to compare it with those offered by your competition in terms of attractiveness, affordability, and value.
You need to do extensive research as well to indicate the size and nature of your competition in your business plan. Who are your competitors and where do you currently stand against them?
Naturally, the marketing aspect of your business plan will also include details regarding your industry and market. What industry barriers do you expect to be a problem for your business and how do you propose to overcome them? Can you create a profile for your target market? What strategies will you use in order to attract the attention of your target market?
This is where you have to indicate the pre-operational and startup costs of your proposed business. Pre-operational costs include but aren’t limited to legal expenses, down payment for rent and acquisition of the required equipment, supplies, and inventory for doing business.
If you cannot supply the necessary funds for your business, your business plan must establish the amount of money you will have to borrow as well as possible sources of external financing. You also need to list the requirements you’ll have to comply with in order to become eligible for financing.
The final part of your business plan will provide the necessary figures for your proposed business’s liquidity and profitability. Return on investment or ROI is one of the most important financial ratios that your potential investors will look for; it lets them know how soon they’ll be able to recoup their investment. Finally, you need to include projected income statements, balance sheets, and cash flow statements for your proposed business.
If you feel less confident about writing your business plan, consider availing the services of a professional business plan writer.
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