What is a Good Business Plan
The first thing that you should do is to make realistic and clear financial projections. This will reveal the business cycles that your business will face.
It’s typical to have ups and downs, but your business should be strong enough to face the challenges.
Take note of the word ‘realistic’. Never create projections with improbable profit margins.
You have to conduct a thorough research about your targeted market. You should know the needs of your customers, as well as the market size. Briefly describe the market and the changes that can happen over the next 3-5 years. Aside from this, you also need to research about the current competition. Even a home-based business will have competitors. Readers and potential competitors will always have questions that you need to answer and with a good plan, all the info they need is provided.
You have to create a section for management and organization. Identify the skills that your staffs need to possess. All resumes should be attached to the business plan in the appendix. In each category that you’re writing, you will have to show proof that you carefully about the business.
After you’ve prepared all the important categories or sections of the business, you can now work on your executive summary. This can consist of 2-10 pages depending on the type of business that you’re running. You need to highly all the important points of the business to convince potential lenders and readers that your business is viable.
With an excellent format, your business plan will surely stand out. Keep in mind that not all plans are read by investors or lenders. By using the appropriate format, the situation will favor your business.
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