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Whenever you plan of starting a new business, you'll need a good business plan. A business plan is written to structure your business concepts and ideas into paper in order that it becomes easy for investors or banks to understand and finance your requirements. A business plan may be the utmost requirement for securing your financial needs. There is a pattern for writing a great business plan which should follow to obtain success. The main components of a business plan are as follows:
1) Executive summary- The chief summary may be the backbone of the business plan and it should include a brief background from the business concept, company's objective's or perhaps your plan, ownership structure, management team, service offering, target audience(s), competitive advantages, marketing strategy and high-level financial details like expected profit, required funding etc. It helps the bank or finance executives to obtain an idea of your company.
2) A brief account of how the company began- You need to mention inside your business plan a brief history behind the formation of you company and also the background from the founders and directors.
3) Business Overview- This will cover the objectives, mission and vision of the business. The goals of the business ought to be properly outlined within this section.
4) Products and services-You should jot down all your products or service offerings and highlight how it's different from your competition, its basic features and advantages and in what way it will benefit your visitors.
5) Industry overview-This section will include description about which industry for your niche, its growth and size, competitive analysis, business strategy and key players.
6) Marketing strategy- The right direction to offer the goals of the business is to adopt the right marketing strategy. You have to define your target market segments properly and highlight the initial selling proposition of the services or products and just how you are different from your customers about your services or products. You need to talk about the pricing or promotional strategies which you will adopt such as tradeshows, press-magnet events, social media marketing (e.g. Facebook, Twitter, etc.), networking, and print, media or internet marketing. You need to specify in the business plan which selling strategy you will adopt, online, wholesalers, storefront and also describe the target markets buying cycle.
7) The marketplace potential for your merchandise or product-You need to convince your customers and employees for your products and services you're offering and therefore you have to find out the market which needs that product or service.
8) Operations plan- This will include details of execution during the day to day operations of your business, location of the business and how it will benefit your company, HR policies of the company and the production plan if you are offering products.
9) Financial Plan- This is actually the most important part of the business plan where you need to show the three year projection from the projected financial statements, including income statements, pro-forma balance sheets, and monthly income and annual cash flow statements which will help in forecasting your revenues and expenses.
10) An exit strategy- A business plan becomes perfect only if you write a good exit technique for the investor. You should note that investors generally have a 3 year horizon within that they want to exit.