No matter what business you have, you need a business plan. It is important for you to keep your business on track, to obtain funding, and to have success. It can seem overwhelming to write a business plan, but you can break it down to make it easier. Take a look at the sections that you should include when writing out your business plan.
This should be a brief overview that says what your company is and how it will be successful. You should include a general outline of your mission statement, what you offer, and basic information about your leadership, employees, and location. You can also include basic financial information.
In this section, you will include detailed information about your company. You should say what problems your products and services will solve, identify who your target customers are, and explain what sets you apart from other companies.
For this section, you should research your industry. Look up who your competitors are, what your industry outlook is, and your target market. State what successful competitors are doing and how you can do it better. This section should show insight into your industry and why your company will stand apart from the competition.
Organization and Management
Next, you will discuss the legal structure of your company. Then write out the people who are in charge of different departments. Make sure that you show their experience and how they will help to make your company successful.
Products and Services
This section should cover what products and services your company offers. You should explain what problems they seek to solve for customers and make sure that you include any plans for copyright or patent filings. This section should convince a reader that you have something to offer that will be in demand.
Marketing and Sales
Now you can describe your strategy for marketing and securing customers. Describe how you will turn prospects into loyal customers who continue to come back. You should be thorough here and include digital marketing plans along with any traditional or print advertising and offers that you plan to use.
You will include this section if you are looking for funding. You should state what your requirements are and show how much funding you need for the next five years. In addition, you should show what you plan to use the funding for. This could include buying equipment or materials, covering bills, paying salaries and more. You should also state how you plan to pay off the debt down the road.
If you are asking for funding, you will also want to have financial projections on your business plan. If you are already in business, include income statements, balance sheets, and cash flow statements for the last three to five years. You can also list any potential collateral that you have to guarantee a loan. You should provide your outlook for the next five years and forecast the same information.