Business Plan Activities

You're going to provide service after the sale; competitor B doesn't support anything he sells. Now you must be a classic capitalist and ask yourself, "How can I turn a buck? " Answer that question for yourself, and then convey that answer to others in the business concept section.You don't have to write 25 pages on why your business will be profitable.

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This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture.

When describing your business, the first thing you need to concentrate on is its structure. wholesale, retail, food service, manufacturing or service-oriented.

The statement should be kept short and businesslike, probably no more than half a page.

It could be longer, depending on how complicated the use of funds may be, but the summary of a business plan, like the summary of a loan application, is generally no longer than one page.

Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. All too often, what the business owner desires is buried on page eight.

Business Plan Activities

The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. Within the overall outline of the business plan, the executive summary will follow the title page. Clearly state what you're asking for in the summary.If your plan isn't too complicated, keep your business description short, describing the industry in one paragraph, the product in another, and the business and its success factors in three or four paragraphs that will end the statement.While you may need to have a lengthy business description in some cases, it's our opinion that a short statement conveys the required information in a much more effective manner.The product description statement should be complete enough to give the reader a clear idea of your intentions.You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business.You should also mention who you will sell to, how the product will be distributed, and the business's support systems.They may even ask you to clarify your choice of location or reasons for selling this particular product.The business description can be a few paragraphs in length to a few pages, depending on the complexity of your plan.Give the reader an idea of the experience of the other key people in the business.They'll want to know what suppliers or experts you've spoken to about your business and their response to your idea.