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Whoever’s reading this portion of your business plan should know exactly what you’re planning to create and sell, how long your products are supposed to last and how they’ll meet an existing need. If you know how much it’ll cost to make your products and how much money you’re hoping to bring in, those are great details to add.You’ll need to list anything related to patents and copyright concerns as well.
Since it’s meant to highlight what you intend to discuss in the rest of the plan, the Small Business Administration suggests that you write this section last. It reveals the company’s mission statement, along with a short description of its products and services.
It might also be a good idea to briefly explain why you’re starting your company and include details about your experience in the industry you’re entering.
In the final section of your business plan, you’ll reveal the financial goals and expectations that you’ve set based on market research.
You’ll report your anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business.
Related Article: 15 Ways Startups Can Raise Capital Following your market analysis, your business plan will outline the way that your organization will be set up.
You’ll introduce your company managers and summarize their skills and primary job responsibilities.
Your company description should also discuss how your business will stand out from others in the industry and how the products and services you’re providing will be helpful to your target audience.
Ideally, your market analysis will show that you know the ins and outs of the industry and the specific market you’re planning to enter.
That’s the most important question you’ll answer when you discuss your sales strategy. It’s a good idea to throw in the number of sales reps you’re planning to hire and how you’ll go about finding them and bringing them on board. If you need funding, you can devote an entire section to talking about the amount of money you need and how you plan to use the capital you’re trying to raise.
If you’ll need extra cash in a year or two to complete a certain project, that’s something that’s important to disclose.