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The next section that should appear in your business plan is a company description.It’s best to include key information about your business, your goals and the customers you plan to serve.
Related Article: 15 Ways Startups Can Raise Capital Following your market analysis, your business plan will outline the way that your organization will be set up.
You’ll introduce your company managers and summarize their skills and primary job responsibilities.
If you’re trying to apply for a personal loan or a small business loan, you can always add an appendix or another section that provides additional financial or background information.
Every company is different so your business plan might look nothing like another entrepreneur’s.
Your executive summary should appear first in your business plan.
It should summarize what you expect your business to accomplish.In that section, you’ll need to use data and statistics to talk about where the market has been, where it’s expected to go and how your company will fit into it.In addition, you’ll have to provide details about the consumers you’ll be marketing to, such as their income levels. The purpose of writing a business plan is to actually research and find out more about the business venture that you have in mind.It also allows you to stress test all of your business assumptions to ensure they hold up to real market conditions.Whoever’s reading this portion of your business plan should know exactly what you’re planning to create and sell, how long your products are supposed to last and how they’ll meet an existing need. If you know how much it’ll cost to make your products and how much money you’re hoping to bring in, those are great details to add.You’ll need to list anything related to patents and copyright concerns as well.If you want to, you can create a diagram that maps out your chain of command.Don’t forget to indicate whether your business will operate as a partnership, a sole proprietorship or a business with a different ownership structure.In the final section of your business plan, you’ll reveal the financial goals and expectations that you’ve set based on market research.You’ll report your anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business.