A business plan is essentially the blueprint of your business and if designed correctly, should be easy to execute and simple for others to understand. A business plan usually ranges 20 to 50 pages in length but contains the same sections. Today I am going to give you 5 different elements that a successful business plan should contain. Let’s get started, shall we?
- Executive summary
The executive summary is a 1-4 page summary detailing the key points in each section of the business plan. The Executive Summary should stand on its own as a separate document.
- Business overview
A business overview should contain:
- The legal structure
- Business formation history
- Type of business
- Means of doing business (internet, mail order, etc..)
- Operations plan
Offer a description of how the business will function, including the actual setup and responsibilities for certain tasks.
- Market Analysis
Include an overview of the market, with specific data and charts or graphs, if it is needed. Define your target market and your plans for catering to this specific audience.
- Products and Services
Describe the products manufactured or sold or the services offered. Identify the diverse types of products or services and provide a brief description of each.
In conclusion, a business plan is basically the layout scheme for your business and as a startup, you want to be able to have all the necessary elements within your written plan so that is it understandable and concise. If you want to know more about elements of a business plan, click here. Until next time fellow entrepreneurs!