Business Plan Tips For First-Time Entrepreneurs
Business Plan Writing Tips

If you are an entrepreneur and you're launching your first business, congratulations! You may feel comfortable with many aspects of your business plan and the work set out for you to do. If you are uncomfortable, however, we are here to help. The following is a basic business plan model for first-time entrepreneurs.

The Beginning

Your business plan should begin with an executive summary. This is a summary of your entire business plan and should be one or two pages in length. Your executive summary should hook your reader and entice them to continue reading. There should be no red flags or leaps in logic, as this will only confuse your reader.

Next, you should include an overview of your company, including the history to date, your reasons for starting the company, and a general description of the service or products that will be sold.

Your next three sections will provide your reader with the necessary background information on the market. The industry analysis will lay the foundation for any major advantages or disadvantages of your industry. The customer analysis will let your reader know who your customers are, their demographics, and the particular segments your business intends to target. The competitive analysis will explain who your direct competitors will be. This section will also describe the strengths and weaknesses of your top competitors and how your company will measure up in comparison.

The Middle

This is where your business plan will detail the course of action you have set. Your marketing plan will describe the branding, pricing, and promotions your business will implement to best find and keep customers. Your operations plan will explain your internal doings and how your company will function. This is where you will describe your management team, and explain how and why they are qualified to do their jobs.

The End

Your business plan will finish by focusing on the financial results. You will include full financial statements in the appendices. Your financial plan is sometimes considered the most important part of your business plan, so make sure your numbers are accurate and up-to-date. The financial section should describe the costs and revenues of the business. The statements are generally shown as detailed for short-term and annually for the first five years.


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