The previous section on existing investors, set out what money the business had so far and who has already invested.
This next section, the funding requirements section, explains how much money the business now needs, when is it needed, and what the business plans to do with it.
If you have a board of directors, you’ll need to identify the members.
If you didn’t incorporate enough facts about your products and services into your company description (since that section is meant to be an overview), it might be a good idea to include extra information about them in a separate section.
The summary given in the funding requirement section should be consistent with the rest of the business plan.
The amount needed, and when it is needed should follow from the detailed financial projections, and the purpose of the funding, sales and marketing, hire of employees, to achieve a milestone etc.
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.
A good business plan will present a clear comparison of your business to your direct and indirect competitors.
You’ll need to show that you know their strengths and weaknesses and you know how your business will stack up.