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It is also important to note that for any business that plans to seek outside financing, a business plan is a required part of a loan application.Business plans can vary depending on the industry, but certain sections are necessary for any business plan.(Note that a marketing plan is a specific element of a business plan.
This section outlines the whole management team for the business.
If the business will have managers and specific key players, they should be listed in this section.
Please contact your own legal, tax, or financial advisors regarding your specific business needs before taking any action based upon this information.
A business plan is a document that lays out an entire company's goals and plans for reaching those goals.
A business plan is vital to the success of any enterprise.
It describes all aspects of your business – what it does, the financing it has or needs, its future plans, and your strategy for making it all work.
The section should also include the principal owner's information and other specific details about the business, such as how many employees the business intends to have, products and services offered, and a brief overview of the industry as a whole.
Also, as mentioned on the Entrepreneur website, is it wise to describe the current industry outlook, along with the future industry outlook.
Another vital part of the business plan, the financial section includes projection of the business' income.
The section should include projections for at least two years, though up to five years is acceptable.