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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.
But there are key components that every good plan needs to have, and it’s always a good idea to provide a clear and accurate summary of your business goals in your business plan.
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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.
Whether you’re planning to open a shop that makes the best coffee around or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. It provides investors, lenders and potential partners with an understanding of your company’s structure and its goals.
If you’re trying to create one, check out 10 key components of a business plan.If there are any issues that could prevent you from jumping into the market, like high upfront costs, it’s best to say so.This information will go in your market analysis section.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.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.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.In that section, you’ll need to use data and statistics to talk about where the market has been, where it’s expected to go and how your company will fit into it.In addition, you’ll have to provide details about the consumers you’ll be marketing to, such as their income levels.