Introducing Business Plan Prepration
Who Needs a Business Plan?
About the only person who doesn't need a business plan is one who's not going into business. But anybody beginning or extending a venture that will consume significant resources of money, energy or time is expected to return a profit, should take the time to draft some kind of plan.
What is a Business Plan?
A business plan is a written description of your business's future.It is a document that desribes what you plan to do and how you plan to do it.They're used by investment-seeking entrepreneurs to convey their vision to potential investors.
There are three primary parts to a business plan:
- The first is the business concept, where we discuss the industry, your business structure, your particular product or service, and how you plan to make your business a success.
- The second is the marketplace section, in which you describe and analyze potential customers: who and where they are, what makes them buy and so on
- Finally, the financial section contains your income and cash flow statement, balance sheet and other financial ratios, such as break-even analyses
A business plan consists of seven key components:
- Executive summary
- Business description
- Market strategies
- Competitive analysis
- Design and development plan
- Operations and management plan
- Financial factors