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In these scenarios, you need a complete and up-to-date business plan that follows a standardized format.
While all of these should be considered, you may emphasize, skip, or move around some sections depending on your particular situation: The first part of your business plan is a brief summary of your business: Start it off with your 1-sentence pitch.
This is a bite-sized description of your business that explains your unique approach AND leaves the reader’s mouth watering.
The financial projections section is where you get to have some fun with numbers.
Map out the financial progress you plan to make with your business over the next 3-5 years.
A traditional 20-30 page paper business plan is generally only needed when requested from a bank or investor.
Here’s all the common ways entrepreneurs write business plans today: Regardless of the medium you choose, or whether you’re writing a one-page or full-length business plan, there’s 9 key components all business plans include.
Discuss what makes your product or service unique and how you plan to execute it in a competitive marketplace.
If you’re going to be selling products include descriptions and images along with whether you’d need to trademark anything.
The executive summary is the first part of your business plan. What is the mission of your business and what are your goals?
This is where you capture the reader’s attention be explaining the specifics of your business. Be sure to include what makes your business unique and summarize why you feel it will succeed.