Trying to write a business plan and wondering what the key points of a business plan should be? It's a tough process. Of all the documents required of you when you're trying to get your business idea off the ground, none is as complex, as long, or as important as the business plan itself. Done properly, it should answer key questions about how you will market yourself, the product and service suite you envision bringing to market, the customer profiles you can target most successfully, and the revenue benchmarks you must hit in order to meet your break-even timeline and fulfill your payback obligations. Done improperly, it isn't likely to get you very far – and it certainly won't help you raise capital.
So what are the key points of a business plan? Experts debate the most essential components, but it's universally acknowledged that covering each of the following in as much detail as possible is critical to a good presentation of your concept:
(1) A concise but thorough Executive Summary that gives a broad stroke overview of your service, the market opportunity, your management team, projected financials, and the funding you require
(2) A detailed section describing the product(s) you will sell and/or the service that your business provides
(3) A complete market analysis that looks at the industry, the competitive landscape, the market need, and the profile of your target customer
(4) A marketing strategy component that explains how you will use marketing to drive sales for your business
(5) An executive profile piece that gives background on each member of your management team and any advisors or experts you've retained
(6) A complete financial model (3 years for a bank, 5 years for an investor or VC firm) showing anticipated revenues, break even, cash flow, balance sheet, ratios/metrics, and a sensitivity analysis
The key points of a business plan, as you can see, include a lot of research, writing, and financial modeling work and this can be intimidating to take in. But you have an ally in the preparation of your business plan at MasterPlans.com. We have more than a decade's worth of experience helping entrepreneurs just like you put their visions onto paper and gathering the research and numbers to support it. Let us discuss how we can help you today – call 1-877-453-2011 or visit us online at www.masterplans.com for more information.
