Writing Your Business Plan

A business plan formally summates and highlights the business goals, reasons they are attainable, and plans for reaching them. Background information about the organization or team attempting to reach those goals may also be a part of it.
Today’s topic will describe the seven essential sections of a business plan in detail: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. With that in mind, let's jump right in.

1. Executive summary: - Following the title page, the executive summary will outline the overall business plan. It tells the reader what you want, and clearly states what you are asking for clarification.

2. Business Descriptions: - Usually, the business description is kicked off with a short description of the industry. The present outlook, as well as future possibilities, are usually covered while describing the industry. Information on all various markets within the industry should also be provided which should include issues like new products or other developments that would benefit or harm your business.

3. Market Strategies: - A detailed marketing analysis is required in this while creating market strategies. This study will help the business understand the market to better position and identify clearly the target market to capture the necessary market share.

4. Competitive Analysis: - Competitive analysis targets and identifies the strengths of the competitors within your market, formulate strategies that will put you in an advantageous position, identifying barriers to restrict and reduce competition and overcome any weaknesses that may exist in the product life cycle.

5. Design & Development Plan: - The design and development plan section aim to provide investors with a description of the product's design, monitor its development where production is required, marketing the product and/or the company itself. This plan also is used to create a development budget that will enable the company to reach its goals.

6. Operations & Management Plan: - Once a business is running, an operations and management plan is required to describe how the business should function on a continuing basis. The operations plan will highlight the logistics of the organization such as the management team’s responsibilities, how the company has divided the task to each department within the company and the various operations related capital and expense requirements.

7. Financial Factors: - The business plan is always closed with related financial data. Though it is in the end, its importance is to be noted as this gives an in-depth explanation of how the money related issues are affected.