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A business plan must be grounded in solid research that is verifiable by the lenders and investors who will read it.
Larger businesses seeking major funding will often have miniplans as well, but the full business plan will be waiting in the wings.
It’s to your advantage to run long when creating your plan, then narrow it down for presentation purposes.
But there are some generally accepted conventions about what a full-blown business plan should include and how it should be presented. This is where you discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.2. Here's your chance to dazzle the readers with good, solid information about your products or services and why customers will want to purchase your products and services and not those of your competitors.4. Having information about key personnel is an important but often misrepresented portion of a business plan.
A plan should cover all the important matters that will contribute to making your business a success. Your strategy and the specific actions you plan to take to implement it. It’s not a long and detailed biography of each person involved but an accurate account of what they've done and what they bring to the table for this specific business opportunity.6. These will be based on your projected financial statements.
This is why the executive summary is often called the most important part of the business plan.
If it doesn’t capture the reader's attention, the plan will be set aside unread - a disaster if you've written your business plan as part of an attempt to get money to start your new business.
She holds a Master of Business Adminstration from Thunderbird School of Global Management.
, the staff of Entrepreneur Media offer an in-depth understanding of what’s essential to any business plan, what’s appropriate for your venture, and what it takes to ensure success.
It's a document that tells the story of what you plan to do and how you plan to do it. What methods will you use to capture your audience?
If you jot down a paragraph on the back of an envelope describing your business strategy, you’ve written a plan, or at least the germ of a plan. Your products and services and their competitive advantages. What sets your business apart from the competition? The background of your management team and key employees.