Business Plan Highlights

In your business plan, it’s important to describe how you intend to get your products and services in front of potential clients. As you pinpoint the steps you’re going to take to promote your products, you’ll need to mention the budget you’ll need to implement your strategies.

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The business plan is often an unsung hero of success.

Put simply, it's your stated guide on how you plan to make it in the competitive world of business.

A good business plan will present a clear comparison of your business to your direct and indirect competitors.

You’ll need to show that you know their strengths and weaknesses and you know how your business will stack up.

Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking.

She studied journalism and sociology at the University of Georgia.Whoever’s reading this portion of your business plan should know exactly what you’re planning to create and sell, how long your products are supposed to last and how they’ll meet an existing need. If you know how much it’ll cost to make your products and how much money you’re hoping to bring in, those are great details to add.You’ll need to list anything related to patents and copyright concerns as well.In that section, you’ll need to use data and statistics to talk about where the market has been, where it’s expected to go and how your company will fit into it.In addition, you’ll have to provide details about the consumers you’ll be marketing to, such as their income levels.If there are any issues that could prevent you from jumping into the market, like high upfront costs, it’s best to say so.This information will go in your market analysis section.If you have a board of directors, you’ll need to identify the members.If you didn’t incorporate enough facts about your products and services into your company description (since that section is meant to be an overview), it might be a good idea to include extra information about them in a separate section.Your executive summary should appear first in your business plan.It should summarize what you expect your business to accomplish.