7 Sections to Remember for Your Business Plan

Feb 6, 2015 | Business and Management

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In your Business and Management course you will need to know how to write up a business plan in order to develop your case for your start-up. Here is our first installment cheat-sheet of what to write in it!

After finishing your Business qualification you may be thinking about starting your own business. Some of you going into work may need to create business cases as part of your job when justifying any expenditures on your business project. Do you know what the Business Plan and entails? Make sure you don’t miss anything out!

A Business Plan is a written document full describing and analysing a particular business. It provides complete, detailed information about short and long-term business objectives.

The Business Plan will guide you and your team through all the steps of developing and fine-tuning your business as well as providing clear objectives, goals and to keep your business focused financially.

  1. Summary Section – write up a description of your business and why it will be successful.
  2. Vision and Mission Statement – what is the big idea of the business and how will you get there in the next five years?
  3. Opportunities – what is the market opportunity for the business? Discuss the industry? Who are your main competitors?
  4. What is your main product/service? – State a clear and concise description that is easy to understand by people who are not in the industry.
  5. Marketing and Sales Strategies – how will you keep on creating a need for your product/service?
  6. Financials – What is the profit potential like? What will be your sales? Do you know how quickly you will grow?
  7. Personnel – What sort of skills do you need in your business? How many people do you think you will need?

... Stay tuned for Part 2 where we shall discuss the Market Research process for your Business Plan!

 

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