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Your statement should explain, in a convincing manner, why your business exists, and should be no longer than a single sentence.
Here’s what a couple of entrepreneurs said when we asked them how useful writing a business plan was for their business.
“We had a marketing background, but not much experience in the other functions needed to run a fashion ecommerce business, like operations, finance, production, and tech.
To define your values, think about all the people your company is accountable to, including owners, employees, suppliers, customers, and investors.
Now consider how you’d like to conduct business with each of them.
This business plan was given to everyone working on the project, from the photographers to the marketing team to the developers. It worked pretty well the first time, and even better this time around.” Shopify Academy Course: How to Get Started on Shopify Looking for a guided tour of Shopify?
Merchant Success Manager and entrepreneur, Samantha Renée, shares steps to customizing your shop, adding a product and making your first sale.
A good executive summary is one of the most crucial sections of your plan—it’s also the last section you should write.
The executive summary’s purpose is to distill everything that follows and give time-crunched reviewers (e.g., potential investors) a high-level overview of your business that persuades them to read further.
There are many reasons to write a business plan—it’s not solely the domain of entrepreneurs who want to secure funding to start or grow their business.
A business plan can help you clarify your strategy, identify potential roadblocks, decide what you’ll need in the way of resources, and evaluate the viability of your idea or your growth plans before you start a business.