Belarus, Minsk, pr. Masherova 1The executive summary section is the first section in all business plans. Those business plans with a good executive summary will have greater chances to be successful.
All business plans should include in this section the nature of your new venture and the need you want to satisfy. Also, describe your potential market and why is your product or service needed. Don't forget to describe how is your business organized, your management team, and include a briefly summary of your marketing plan. Also, remember that the audience wants to see the amount of capital that you need, your sales expectations and how are you expecting to pay back the debt.
The business section of business plans should include the legal name, physical address and full description of the nature of the business. Firstly, keep in mind that business plans should contain a general terminology. Those that read the plan don't necessarily have the same level of knowledge like those that write the plan. Also, you should try to explain why your idea is better than that of your competitors.
The market analysis section helps you understand better the market on which you want to enter. This section is more like a marketing plan description. All business plans should include in the market analysis section the estimated demand of the product or service, the market target, the industry's trends, the pricing plan that you will follow and the description of the company's policies.
In the financing section you should prove to the audience that you really want to make your business work. Explain exactly how much money from the personal funds do you have and their sources. Also, mention the amount that you need to borrow and how are you going to repay it. Any relevant financial worksheets like annual income projections, a break-even worksheet, predictable cash flow statements and a balance sheet are important and should be included in all business plans.
Good business plans contain in the management section information about the organizational structure of the business and about the management team. Also, it contains resumes and biographies of key members of the management team.
There are some persons that might consider that business plans require a lot of time and effort. But, they don't realize that the time spent writing the plan is well spent. Also, there is a business plan building software that helps people make their business plans. This software is easy to use and at an affordable price and will help you obtain some great business plans.
Resources to create a business plan
If an entrepreneur requires assistance in creating a business plan, the first place they should consider is the United States Small Business Administration. The particular branch of the SBA that may be very helpful for them is the Office of Small Business Development Center. Here, people who try to get funding for their business idea(s) can obtain free or low-cost technical support in every aspect that small businesses may involve. This branch of the SBA can also provide help with writing an articulate and professional business plan.