Every business owner understands that running a business without a plan is akin to riding a motorbike through a mountain without a helmet. But, according studies, more than half of all businesses do not have a formal plan in place.
It takes time and effort to develop a business plan. It is also important to consider the needs of your prospective customers when drafting the plan (for instance, you’ll require more care if you are looking for investors versus the case if you simply want to use it as a guide for yourself). While no plan can predict the future, a well-crafted plan can help you avoid common mistakes and makes it easier for you to make the most of opportunities, and provides a basis for success, even if you do not follow it precisely.
A solid business plan begins with a brief overview of your company’s background and the reasons you are starting this venture and how it will meet a need in the market. It should also outline any special intellectual property you have that gives your business an advantage. This section can also include an objective statement, a list with the key team members’ roles and responsibilities and your company’s objectives.
The next section explains the services and products you plan to offer, the method by which you plan to deliver them and your pricing strategy. You should include a detailed financial analysis in this section that details the cost of starting and the method you will use to generate revenue, and your estimated timeframe to profitability.
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