By putting together a written business plan, an idea or concept has a better chance of success.
- While often is is done for presenting a business concept to gain bank financing or equity and loans from investors, there can be value from the thinking process as you write and challenge the concept and execution.
- Typical timing for a business plan is when you are starting, expanding, buying, selling or attempting to turn around a business, product line or service.
Essential aspects of a business plan are:
- Analysis of the current state,
- Identification of competitive advantages of products and services,
- Evaluation of the marketplace and competitive environment
- Marketing and sales plans
- Operating plans including staffing, building and infrastructure requirements and logistics
- Financial plans including start-up costs, operating costs, sales, profits and break-even analysis for 3 to 5 years
- A range of outcomes with key assumptions for each
A well written plan will help you gain financing and also improve your concept and stay on track as you progress.
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