You may be wondering, what is an actual business plan. In essence, a business plan is a document that outlines the functional and financial objectives of your business and its marketing opportunities and strategy It also contains details about your mission, vision, and the goals to achieve them.
As a successful entrepreneur, business planning helps you think through all the critical aspects of your business such as:
- running your business
- making better decisions
- generating profits quicker
Your business plan should describe what your business is and where you want to go in the future.
A business plan can be tedious and very time -consuming, which often leads to disappointment, being overwhelm and putting it off to another day. As a result, you start and run your business blindly. This is not a good idea when you are working towards your dreams of entrepreneurship and the lifestyle you plan to have from all your hard endeavors.
I want to help you avoid this by sharing with you 9 key components that should be included in your business plan.
Your business plan should include these 9 key components:
1. Cover Page:
On this page you include the name of your business,logo, your business’s address, phone number, email address, website URL, and of course your name as well as an other business owner.
2. Table of Contents:
3. Executive Summary
An executive summary highlights the critical aspects of the plan. This is a quick summary of your whole business, maybe about 2 pages. It’s like a written version of an elevator pitch.
4. Business Description
This section contains the who, what, when, where, why, and how of your small business. Give your companies physical location information, when your business was formed, what type of legal entity your business is formed under, and a brief description of your product or service.
5. Product or Service Rendered
Explain how your business operates and be as specific as possible.
6. Marketing Plan/Strategy
How are you going to market your product or service? Who are you going to market your product to?
What will you do on a day to day basis in your business?
Who will be the people directly involved in your business? What will they do? If you are a solopreneuer you may be the only person directly involved in your business. Explain your role, your background, and what you will have to do to run your business successfully.
9. Financial Data
The information that you must include in this section is as follows…
* Projected start up cost: How much money are you going to need to get your business started and what are you going to be spending that money on.
* Projected income statement: How much revenue do you expect to produce in your business start up phase?
* Expected profit and loss: Self explanatory…
* Projected monthly cash flow: Your cash flow is how much money you earn minus how much you spend.
Successful entrepreneurs actually use their business plans to help them build strong companies.
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