So, you want to start a business?
Well, all you need is a persuasive business plan that your future source of funding will find irresistible. In this article, we look at nine crucial sections that you need in your plan so you can get that funding. Let’s look at them.
What to include in your business plan
1. Executive summary
This summary usually appears last in your written plan. This is the summary of your business and includes the mission statement. It should be straight to the point especially when presenting to prospective investors.
2. Description of the business
Here, you describe the nature of the business you want to start. You should include the problem you’ll solve and your ideal target audience. It should also contain an industry overview, your competitive edge, expertise, and estimated sales, among others.
3. Analysis of target market
This is the most crucial part of your business plan as it clearly shows you understand your target customers. You should include not limited to demographics, geographical location, and the pain points of your target customers. Here, you ought to show an in-depth understanding of people who’ll buy your products or services.
4. Analysis of competition
In this section, you analyze the competitive edge of your competitors. You’ll also outline what will set you apart from them and how you’ll overcome entry-level barriers. Most investors will look at how unique you’ll be in the marketplace.
5. Sales and marketing plan
How will you market your products? What about the pricing? You outline such details in this section plus your unique selling proposition, sales strategy, and more. it is a description of how you’ll sell products/services to the target customers.
6. Management plan
In this section, you describe the management structure of your business. It should include the internal and external management teams.
Also, outline the skills that each member will bring to your business.
7. Operational plan
In this section, you give an in-depth analysis of how you’ll run the business. It includes the physical location, suppliers, equipment, and others that’ll be used in your day to day activities.
8. Financial plan
Here, you’ll outline your current financial state, the amount you are looking for, and the projected income once you start the business.
Finally, your business plan ought to have the exhibits and appendices section. You can include permits, resumes, patents, and more.
Ensure that your business plan has all the above sections. Also, include a table of content so that future investors can scan it seamlessly.
Remember: the look of the plan also matters. Let it have ideal margins, white spaces, and ensure there are no grammatical errors.