The following sections must be in your business plan to get the best from it:
1. Executive Summary
The executive summary section comes after the business plan title page. You are meant to tell the reader or potential investor what you want. It is a critical section that must be well detailed and comprehensive.
2. Business Description
The business description often starts with a short description of your business. When you are writing this section, make sure to describe the current outlook of your company and what the future possibilities would look like too.
You should make every piece of information on all the different markets inside the industry. List out the new products here too. Finally, the positive and negative developments that will affect your business positively and negatively should be stated here.
3. Market Strategies
Market strategies are gotten from carrying out a detailed market analysis. An entrepreneur is forced to become familiar with every market sector through market analysis. With familiarity, the entrepreneur can define the target market clearly. Thus, the company could be well-positioned to generate optimal sales and patronage.
4. Competitive Analysis
You are not the only business rendering a product or service to the public. Many companies out there have similar products and services as you do. This is why we have this section on the business plan. This section is meant to ascertain the strengths and weaknesses of your business competitors or alternatives.
Through the analysis, you are intended to develop a plan that will give you a competitive advantage. This sector is vital to potential investors as they want to invest in a business that is a leader among substitutes.
5. Design and Development Plan
The section provides your investors with your product’s design description. It describes the marketing plans and development budget to help the business reach its goals. With this, the investors reading your business plan will know how to generate sales.
6. Operations & Management Plan
This section explains how the business will operate, the management team, and their roles. Make use of an organizational chart to describe your team. You should show the experience of your team members and how it’d lead to the company’s success.
7. Financial Factors
This section comes last. It describes the financial factors and requirements of your business. Your goal with this section is to convince the investors about the stability of your business also, that your business will be successful financially. This includes detailed financial projections with explicit assumptions of the business.