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A business plan is a map that will help guide your business from the initial phase to formulation to profit and growth. Basically, a business plan describes how your new business will grow from start to finish. However, there is a business plan template suited for the type of business you want to open, if you’re looking for a simple business plan template, then we have the best business plan free template to get you started.
What is the benefit of using a business plan template? Well, the best business plan template helps organize your thoughts. Instead of thinking endlessly, a business plan template offers you a guideline of where to get started, how to go from there and makes sure you don’t miss a step.
Add all of your business information, from the name to the address and so on. If you a business logo, be sure to add it to the bottom or top of the title page.
Write your executive summary last, even though it starts off the business plan. This is because the executive summary is a short and concise overview of what your business plan will outline. Make sure the executive summary is not longer than two pages.
Outline the following in your mission statement:
The business description includes a short description of the industry. Be sure to discuss the current outlook and future opportunities your industry faces. Include the following details:
This is when you prove you have thoroughly analyzed the target market and that your business is in demand. You need to show that your product/service is in demand and include an estimate of the market size and how many units of your product/service you expect to sell. Based on your estimate, compare that to your competition and summarize the results in a table or chart.
Describe the strengths and weaknesses of the competition in your market, your strategies that will give you an advantage, what your pricing strategy is, how you will prevent competition from entering your market, how you plan to advertise, and what weaknesses can be exploited.
Describe the product’s design, its development in terms of production, marketing, and create a budget that ensures you’ll reach your goal(s).
Cover the following in this section:
Include the plan for the physical requirements your business requires, such as the office, equipment, supplies, etc.
The final section, the financial plan, is key because it highlights if you are financing or intend to attract investors. It outlines how your business will grow and how it will be profitable. You need to include projected income statements, cash flow statements, and balance sheets. The financial plan answers: where the money comes from, when and how the money arrives, what projections you have, and what you need to consider.
(NOTE: Underestimate revenue and overestimate expenses).
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