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6 Key Elements of Your Business Plan

Starting a business may be a fascinating idea, but in this case, you need to come up with a business plan. A well-crafted business plan should include details about your organizationu2019s objectives, products, services, and finances.

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6 Key Elements of Your Business Plan

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  1. 6 KEY ELEMENTS OF YOUR BUSINESS PLAN

  2. WELCOME Starting a business may be a fascinating idea, but in this case, you need to come up with a business plan. A well-crafted business plan should include details about your organization’s objectives, products, services, and finances.

  3. CRAFT AN EXECUTIVE SUMMARY This is the first thing you should do while writing a business plan. You can think of the executive summary as an elevator pitch. It should include a mission statement, a short description of the products or services offered, and a broad analysis of your financial growth plans. Always remember the executive summary is the first thing your investors will read.

  4. DESCRIBE YOUR ORGANIZATION Your next task is to give the company description which should include information like the registered name of your business, address, and names of key individuals in the business. The description of your organization should be in line with your business structure. Your catering business plan must also include the percent ownership that each owner has.

  5. CONVEY YOUR BUSINESS GOALS Now, you have to write the objective statement in your business plan. This section will clearly highlight what you would like to accomplish both in the short and long-term. You can use this section to explain why you need the funds. It will be of great help if you are looking for an outside investment or a business loan. You also need to state how this financing will help your business grow.

  6. DESCRIBE YOUR PRODUCTS/SERVICES In this section, go into detail about the products/services you provide or plan to offer. You should include an explanation of how your product/service works, the pricing model for your product/service, typical customers you serve, supply chain strategy, sales strategy, and distribution strategy. If you face any difficulties while giving explanations, hire an agency offering top-notch business plan services.

  7. CONDUCT MARKET RESEARCH Investors and lenders will be eager to learn what sets your product apart from competitors. You have to explain who your competitors are in the market analysis section. Discuss what they are specialized in, and figure out how you can do better. When you are serving a different market, explain the same.

  8. MAKE FINANCIAL PROJECTIONS It is an important part of your business plan, especially when you are seeking investors. It defines how your business will generate adequate profit to repay the loan. It also outlines how you will earn a decent return for investors. Here, you need to provide your business’s monthly or quarterly sales, expenses, and profit estimates over a certain period. Evaluate your past financial statements before giving projections since accuracy is the key. Your objectives may be aggressive, but they also need to be realistic.

  9. LOOKING FORWARD WORKING WITH YOU!

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