What Does a Successful Business Plan Contain:
The foundation of any good business starts with the business plan. It allows the venturer to put their ideas on paper in an organized fashion, and work out the logistics of their operation before investing large amounts of money. Any Successful business plan starts with this list:
- Cover Page and Table of Contents
- Executive Summary
- Company Description
- Market Plan and Analysis
- Service or Product
- Marketing and Sales
- Financing Analysis
- Funding Request
Cover Page and Table of Contents:
The cover page should be used to give an overview of all the key information of your business. Information such as company name, logo, and address.
This section should include your business objective, market analysis, overview of product and service, competitive analysis, financials, and implementation details.
The company description provides an overview of key company aspects and the uniqueness you add to the market. This should provide the lender with a clear understanding of the scope of your business.
Market Plan and Analysis:
This section provides a quantitative and qualitative description of your market competition. It examines the size of the market in terms of industry size, competition, and relative buying patterns and luls.
Service or Product:
The service or product section of your business plan outlines your service or product and why it is needed in the market. Additionally, how your product or service will compete in the market factoring in your competition and industry.
Marketing and Sales:
This section of your business plan outlines the target range of customers that your business will be marketing to and your strategy on how you will successfully connect with that market.
This section will estimate projected sales usually over the first 3 to 5 years of business and identify a target breakeven point. You should develop an expenses budget, cash flow projections, and income projections. A lot of this will be speculative and based on educated guesses, as you never know how a market will react to your venture but it is necessary to include for the process of seeking funding.
This section outlines your projected startup costs and request for funding. It is important here to be specific and not beat around the bush. If you leave any amount of ambiguity your request will be denied. Be specific and ask for your full amount. You should be confident in your research and the rest of your plan to the point where asking for the correct amount of funding is easy.
This final section of your plan. All you should have here is an accurate outline of your sections and titles with their corresponding pages.