7 Components Of A Business Plan

7 Components Of A Business Plan-54
Starting your own business is not for the faint of heart. With a 50% chance of failure, individuals starting a small ...

Starting your own business is not for the faint of heart. With a 50% chance of failure, individuals starting a small ...Establishing a franchise business gives you the advantage of working for yourself and at the same time, having access to the resources and know-how of the franchisor.Nevertheless, it is vital to the success of your business.

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A crucial part of the business plan, the summary will basically tell readers the history of your company, where it is today and what direction it is headed; this is where you sell other on the potential success of your business idea.

Include in this section a description of the industry, information on your target market, evaluation of your competition and market test results.

Include current and future funding requirements, how that funding will be used and long range strategies that impact funding request.

Any factors which directly impact your ability to repay your loan should be included, such as acquisitions, sale of the business in future or a buyout.

Both past financial data as well as prospective financial data will be required by potential lenders.

Include the following financial statements for the past three to five years; cash flow statements, balance sheets and income statements.Brief description of your company including the nature of your business and factors that will make your business a success.Include a description of how your product or service will meet a need and any potential clients identified as having that need.This doesn't mean your business plan must be as thick as that of a Fortune 500 company, but it should include the same elements found in the business plans of business giants such as GM, Apple, and CBS.An executive summary of your business plan provides the reader with a snapshot of your company profile and goals.A formal business plan is an important document for any business.Entrepreneurs just starting out may find putting their thoughts, goals and in some cases dreams to paper an intimidating process.A crucial document in securing funding from creditors and investors, the business plan should be well organized with a focus on specific strengths that set your business apart from the competition. In the simplest of terms, that is how you start a business and then run like crazy to not only cross the finish line, but win the race.Starting your own business could be a life-long dream, a family endeavor, or even a ... Small Business Administration, half of all small businesses will fail before reaching their fifth anniversary.Provide evidence that your company offers a product or service that serves as a solution to a problem identified by your target market.Information regarding service or product costs, suppliers and any new services which may be added should be included in this part.

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