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Writing a Business Plan: Your Step by Step Guide

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Learn how to write a solid business plan is an essential first step to create a successful business. Your business plan will not only design your strategy, but will serve as a powerful communication tool for potential investors and lenders.

In addition, a business plan can help clarify what you want to achieve and evaluate how exactly you achieve these goals. While no two business plans are identical, each plan should address the following aspects:

Define your business

The executive summary of your plan is your chance to introduce the business to others - so it must be concise and mandatory. The summary should give a brief discrimination of history and the background of your company in a way in which the reader wants to know the reader about the nuts and bolts of their plan. Sometimes it is helpful to write this - after spending some time to consider all the details of your company and articulate.

Enter in the details of your product or service

Explain exactly what your product or service is and why people or companies want to buy it. Make sure you highlight areas where your product or service has a clear advantage over the competition. These include details on upcoming or established copyrights or trademarks and current or future research and development plans (R & D).

outline your strategy

A market analysis centers on the marketability of your company, which are your competitors and how they fit into the competitive landscape. Identify and describe your industry in the analysis, your target market and how you reach these customers. Include information about the market tests you have carried out and determine your direct and indirect competition. Also immerse yourself in your marketing plan and the sales strategy.

Introduction of your leaders

It is also important to describe how your company is organized in terms of structure and leadership. Let your reader know who does what's in your company, and what qualifications they offer by offering relevant CVs.This will complement the sales and growth strategies that you describe by highlighting your human capital.

Develop your financial plan

Financing and financial analysis, generally in the second half of your plan, are the most important areas to increase. Explain the amount of financing your business needs and support the support of financial data on its past and projected financial activities in the form of income statements, budgets and cash flow statements, including documents.

Differently differentiate yourself

Do your research and find a business plan format that works for your business. There can be different types of plans for different reader types, d. H. Investors vs. Employees, so you can change your plan according to your audience.

Here is a sample decline:

• cover page and table of contents
• Executive Summary: A high-ranking overview of your company
• Business background: Business-specific information and detailed information about the product or service
• marketing plan: Competitive analysis, marketing and sales support, sales and price information.
• Action plans: Operating and management questions, right, compliance, regulations, etc.
• Financial plan: Financial summary and prognosis, as the company can be expected to manage cash flow and achieve a profit, and if necessary service debts
• Appendix: Support of financial documents, statistical analyzes, product marketing materials, CVs of key employees / managers, detailed support, etc.

Your business plan should reflect changes in your company, industry or market. Making changes as needed to integrate the changing needs of customers, or changing economic conditions to keep their plan currently.

Who can help?

There are several resources that you can start with your business and business plan. Here are a few:

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