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Using a business plan template will ensure that you don’t overlook any important information.While it’s not essential to have a business plan, you may find it easier to get funding if you have one that is well thought out and contains all of the necessary detail about your prospective business.
Then, get advice from a SCORE mentor for one-on-one assistance along the way.
These resources can be your first step towards small business success.
A business plan is a crucial activity for any entrepreneur or business owner looking to start or expand their business.
Without a plan a business is likely to fail or stagnate.
Include brief details on your company, the management team, your business objectives and your basic financial requirements for getting the business up and running.
Complete this part of your business plan last so that you can pick out key points from each of your more detailed sections. Company Description When completing this section of your business plan, include details on the name of the company as well as the type of ownership and registration.Potential business partners need to know how their investment will be used, and ultimately, what it will achieve for the business.In this sense, your business plan is like your ambassador - showing how the various elements of your company are integrated into a vibrant whole.Delve into how you’ll position your brand, whether you’ll have a niche offering or not and how you are different to your competitors.This is also where you would include details on your business model.Similarly, a one-page plan will not be sufficient if you are in need of debt or equity financing and wish to impress financial institutions or potential investors.Lenders and investors will require you to provide more in-depth information in the plan such as: Step-by-step guidance on how to write a business plan can lead you through each section of a full-sized plan.We often ask business owners to include a business plan when they apply for bank finance.Consider that, in the same way as you would test-drive a vehicle before purchasing it, we need information about your company before we partner with you.You should provide a description of the specific sector that you’ll be operating in as well as who your customers are.If you know of any trends or industry insights that your business would benefit from, now is the time to mention it. The Business Strategy This section of your business plan looks at how you’ll go about competing in your chosen market.