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A formal business plan is an important document for any business.Entrepreneurs just starting out may find putting their thoughts, goals and in some cases dreams to paper an intimidating process.Brief description of your company including the nature of your business and factors that will make your business a success.
A crucial document in securing funding from creditors and investors, the business plan should be well organized with a focus on specific strengths that set your business apart from the competition. In the simplest of terms, that is how you start a business and then run like crazy to not only cross the finish line, but win the race.
Starting your own business could be a life-long dream, a family endeavor, or even a ... Small Business Administration, half of all small businesses will fail before reaching their fifth anniversary.
Include current and future funding requirements, how that funding will be used and long range strategies that impact funding request.
Any factors which directly impact your ability to repay your loan should be included, such as acquisitions, sale of the business in future or a buyout.
Describe the marketing strategy and how you intend to drive sales.
Include market penetration strategy, growth strategy, distribution strategy and communication strategy.
Writing a business plan need not be an overwhelming task if you consider the following information.
Before drafting a business plan it is important to understand why this document is so important to the success of your business.
Sales strategies should also be included to provide information on sales staff and activities.
Describe to readers what you are selling and how the product or service will benefit current and potential customers.