The 8 key elements of a successful business plan

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1-Executive Summary

Within the overall outline of the business plan, the executive summary will follow the title page . The summary should tell the reader what you want, clearly stating what you’re asking for in the summary. The statement should be kept short and businesslike it’s size should be 1/2 of page to full page.

2-Market Analysis / Survey

A market analysis forces the entrepreneur  to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to collect its share of sales. Market analysis enables the entrepreneur to establish pricing, distribution and marketing strategies that will allow the company to become profitable within a competitive environment.

3- Company Description/ Legal Framework

This should include high level look at how all the different elements of your business fit together.The company description should include information about the nature of your business as well as the crucial factors that you believe will make your business a success.

4- Organization and Management

This includes your company’s organizational structure details about the ownership of your company, descriptions of your management team and qualifications of your panel of experts or board of directors.

5-Marketing and Sales / Pricing Strategies

This is the lifeblood of your business, marketing creates customers and customers generate sales. Define your marketing strategies .Start witg strategies , tactics and channels that you have used to create your greatest successes . Next branch out to successes that are being used by competitors.

6-Service and / or product line

This section describe your service and product, whar is it that you are actually selling? Making sure to emphasize the benefits (not the features) . Establish your unique selling proposition, this means you should not only show that your product is different, but why it’s different?

7- Funding requirements

The amount of funds you will need to expand your business, includes best case and worst case scenarios.

8-Financials

Develop the financials after you have analyzed the market and set clear objectives. You should include 5 years of historical data.

 

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