You’ll want to cover the technology you plan on using, your business location and other facilities, special equipment you might need, and your roadmap for getting your business up and running.Finally, you’ll want to outline the key metrics you’ll be tracking to make sure your business is headed in the right direction.This information will go in your market analysis section.
In addition, you’ll have to provide details about the consumers you’ll be marketing to, such as their income levels.
A good business plan will present a clear comparison of your business to your direct and indirect competitors.
Start from the very beginning understanding that your business plan ought to be specific to your business needs and objectives.
Every business ought to have a plan, but not every business needs a full formal plan with carefully crafted summaries and descriptions.
Don’t forget to indicate whether your business will operate as a partnership, a sole proprietorship or a business with a different ownership structure.
If you have a board of directors, you’ll need to identify the members.
It should describe the organization of your business, and the key members of the management team, but it should also ground the reader with the nuts and bolts: when your company was founded, who is/are the owner(s), what state your company is registered in and where you do business, and when/if your company was incorporated.
Be sure to include summaries of your managers’ backgrounds and experience—these should act like brief resumes—and describe their functions with the company.
So don’t include outline points just because they are on a big list somewhere, or on this list, unless you’re developing a standard business plan that you’ll be showing to someone who expects to see a standard business plan.
Whether you’re planning to open a shop that makes the best coffee around or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. It provides investors, lenders and potential partners with an understanding of your company’s structure and its goals.