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When you start a business, whether it’s the first or fifteenth time, it often feels daunting. In order to drum up support and capital, you need to have an impressive business plan package that shows investors that you are on the mark. There are very distinct parts of a business plan that you will need, so let’s run through these aspects.

Overview or Summary

You’ll want to start by creating an executive overview of the items contained within your business plan; it’s okay to do this after other sections. Consider this as an elevator pitch for your business.

Overall Business Strategy

In this section, you will want to lay out your business idea, growth plan and potential, current stage of growth, industry research and position and your business model. Be sure to put effort into understanding and explaining the competitive advantage you have over others in the field and offer a complete and realistic timeline of expectations. You may also want to break down your long and short term goals in this section.

Overall Marketing and E-Commerce Strategy

This is where you will lay out any and all aspects of marketing that you have thought out. Marketing is an extremely important part of business, especially in a competitive market. What are you going to do that will set you apart? Who is your ideal client? How can you appeal to that client directly?

Strengths and Weaknesses

A business plan must be realistic, above all. It’s important to assess the situation and identify any risk factors. This allows you the opportunity to create a backup plan.

Environmental Impact Plan

More and more in the business world, entrepreneurs are taking inventory based on how socially and environmentally responsible their company is able to be. Including a social responsibility and environmental impact plan within your business plan is a good business practice and will allow investors to feel confident in your company.

Financial Forecast

Financial forecasting is very important for any business owner. This gives your investors and lenders an idea of how much capital you’re looking to gain, how you will pay funds back and what your sources of income are going to be. It also lays out your plan clearly to determine their expectations in your business.

It’s important that you have a business plan both for yourself and for any potential investors; but don’t be afraid to revisit and change things as time goes on. Flexibility is as important as planning when it comes to owning a business.

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