Today, we’re going to to look at the basic structure business plans. Welcome to the quick guide to a business plan.
Why Have a Business Plan?
A business plan is a written document which identifies your objectives and outlines your strategy for achieving those objectives. A completed business plan is a summary and evaluation of your business concept. It is a blueprint for your business operations. It will help you to assess whether the business is viable and will allow you to anticipate and plan for potential weaknesses within it. A business plan can also be used to raise finance from lenders or other investors. Keep in mind that although you need a comprehensive business plan, don’t waste too much time over-analyzing every detail – at some point you must decide to stop planning and research and start to action your plan.
An Overview of a Business Plan
- Executive Summary – An overview, one to two pages that quickly summarizes your business.
- Industry Description – About your industry: e.g. size, trends.
- Business Description – Description of your planned or current business
- Products and Services
- Niche Market Identification
- Competitors – the in-depth analysis of your competitors – their SWOT analysis and how you plan to differentiate your business
- Business Objectives
- Marketing Plan – your Marketing strategy for your business
- Business structure and Employees – What legal structure is your business? Who are the key employees?
- SWOT analysis: Strengths, Weaknesses, Opportunities, Threats
- Financial Forecasts and Statements
We will examine how to write these sections of your business plan in the coming articles.