By on February 20 2018 21:38:21
Your business plan should provide certain details about your idea, including your intended market and the industry in general. Using a business plan template will ensure that you don’t overlook any important information.
A business plan gives an outline of your business, the market in which it will operate and how it aims to make money - and should answer this question: why will your business succeed when so many others fail?
Financial Plan. The financial plan section is the most important section of the business plan, especially if you need debt financing or wish to attract investors. The financial plan has to demonstrate that your business will grow and be profitable. To do this you will need to create projected income statements, cash flow statements, and balance sheets. For a new business, these are forecasts, and a good rule of thumb is to underestimate revenues and overestimate expenses.
Market Analysis and the Competition. In this section, you need to demonstrate that you have thoroughly analyzed the target market and that there is enough demand for your product or service to make your business viable. The competitive analysis includes an assessment of your competition and how your business will compete in the sector.