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Who are the founders of your business and how are their skills and experience going to benefit the company?Go into some detail on the day to day running of the business and where specific responsibilities lie within your team. The Marketing Plan This area of your business plan will allow you to build on the market research that you’ve performed by explaining the strategy that will be actioned in order to compete in your market.Your business plan should provide certain details about your idea, including your intended market and the industry in general.
But, there's no reason why you can't start crafting your business plan today.
It’s really important that potential investors can understand what your business is all about from a quick glance at your plan.
While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
We often ask business owners to include a business plan when they apply for bank finance.
Make sure you include a summary of your business, and how it will make money right from the start, and use simple language throughout.
Being specific is just as important as being concise.Other information to include here is: Often start-up entrepreneurs make the mistake of trading from their personal bank account.This makes it harder to differentiate between your personal expenses and business expenses.Complete this part of your business plan last so that you can pick out key points from each of your more detailed sections. Company Description When completing this section of your business plan, include details on the name of the company as well as the type of ownership and registration.Here is where you should list your objectives and take the time to create a punchy mission statement that truly speaks to what your business stands for.Make sure your plan is clear about your target market – who will you be selling to and how many other companies are already selling similar products?The other essential part of a business plan is the finance section.This is also where you would include details on your business model.Below is a video on the components of a business model and how you can develop your own. Management and Operations Summary This sections provides some insights into how your business will be run.How much money are you going to need to get started and why?If you want to include any useful graphs or detailed calculations, add it to the appendix and refer readers to it from this section.