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its legal form of operation, when the company was formed, principals and key personnel) and any major achievements in the company that are relevant to its success, including patents, prototypes or results from test marketing.2.Business description: This section typically begins with a brief description of your industry and its outlook.
Your approach depends on your industry, who is reading your plan and what the plan is intended for. Sara Sutton Fell, founder of Flex Jobs, a job site for flexible telecommuting jobs, says her business plan was an initiator for more in-depth conversation with potential investors.
“A plan does help to see if investors and entrepreneurs are on the same page with general expectations for the business,” she says.
The financial data can include your personal financial statement, startup expenses and capital, your projected cash flow statement and 12-month profit-and-loss statement.
Palo Alto’s Berry stresses that if you’re going after investors, you’ll need to show a cash flow statement and a break-even analysis -- or the breakdown to see where your business breaks even.
Also provide a description of your business operation’s structure (i.e.
wholesale, retail or service-oriented), who you will sell to, how you will distribute your products/services, the products/services itself (what gives you the competitive edge), your business’s legal structure, your principals and what they bring to the organization.A business plan serves many purposes, but there is universal consensus on the following when it comes to your business plan: Writing your business plan isn’t busy work or a luxury; it’s a vital part of the process of starting a business and arms you with information you need to know.So, let’s get into what information goes into your business plan.Get into the various markets within the industry, including any new products that will benefit or hurt your business.For those seeking funding, reinforce your data with reliable sources and footnote when possible.To get you moving in the right direction, here’s a guide on how to write a business plan.There’s a lot of advice in the infosphere about how to write a business plan, but there’s no single correct way. Eisenhower once said, “In preparing for battle I have always found that plans are useless, but planning is indispensable.” If you’re starting a business, you should have a business plan regardless of whether you’re bootstrapping it or looking for outside funding.The best sorts of business plans tell a clear story of what the company plans to do and how it will do it.Most business plans include these seven sections:1.Executive summary: The executive summary follows the title page and explains the fundamentals of your business.