7 Elements Of A Business Plan

• Determine the marketplace for your product/service.

• Determine if there is sufficient demand for your product/service.

It contains the purpose of the plan and brief highlights of all essential elements of the plan. Goals and Objectives: Where will your business be in three to five years from now? What are the main growth targets for sales revenue and profit? Market Analysis: Before launching your business, it is essential for you to research your business industry, market, and competitors. Consider including high level summaries of projected rate of return on investment and any assumptions underlying the projections. Financial Projections: Provide financial projections to back up your request for funding.

Provide a description of the industry in which your business will operate in, current status, trends and future prospects. Include details such as business viability and timeline to profitability, break-even analysis, equity and borrowings, and repayment plans. Appendices: An appendix is where you include information such as profiles, detailed financials, market analysis and research results, letters of reference, etc. In summary, a good business plan provides: Shehan is an expert in marketing strategy and sales execution.

• Find low-cost ways to advertise and deliver your product.

• Determine what business entity works best for your business (LLC, S-corp, sole proprietorship).

It tells you if your business makes sense or is viable. It communicates to the rest of your team (assuming you aren’t going it alone) what is expected of them now and in the future.

If you’ve already started your business, but haven’t written a formal business plan, the time to do so is now.

Whether you’re training for a marathon or have a dream of taking your business public, one of the most essential tools to success is writing down your goals.

A business plan can help visualize every aspect of making your business successful.