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A good business plan will present a clear comparison of your business to your direct and indirect competitors.
That’s the most important question you’ll answer when you discuss your sales strategy. It’s a good idea to throw in the number of sales reps you’re planning to hire and how you’ll go about finding them and bringing them on board. If you need funding, you can devote an entire section to talking about the amount of money you need and how you plan to use the capital you’re trying to raise.
If you’ll need extra cash in a year or two to complete a certain project, that’s something that’s important to disclose.
Your executive summary should appear first in your business plan.
It should summarize what you expect your business to accomplish.
Whether you’re planning to open a shop that makes the best coffee around or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. It provides investors, lenders and potential partners with an understanding of your company’s structure and its goals.
If you’re trying to create one, check out 10 key components of a business plan.
Whether you’re a founder, a new owner, or just beginning to think about starting a business … Especially for small or growing companies: In this post, we’ll cover everything you need to write a successful business plan and turn your idea into a reality.
Amidst that rush, the idea of writing a business plan—much less following a business plan template—often feels time-consuming and intimidating. It’s more than the old cliche, “A failure to plan is a plan to fail.” In fact, a wealth of data now exists on the difference a written business plan makes.
Your company description should also discuss how your business will stand out from others in the industry and how the products and services you’re providing will be helpful to your target audience.
Ideally, your market analysis will show that you know the ins and outs of the industry and the specific market you’re planning to enter.