How To Begin A Business Plan

It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.You can also discuss current or pending trademarks and patents associated with your product or service.Accuracy is key, so carefully analyze your past financial statements before giving projections.

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[Back to top] This is simply an explanation of what your marketing strategy is and how you will execute it.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Appendix Business plan tips and resources This is the first page of your business plan.

» MORE: Best loans for working capital [Back to top] Here, you’ll list your business’s legal structure — such as a sole proprietorship, partnership or corporation — as well as key employees, managers or other owners of the business.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors, taking their mind off your business and putting it on the mistakes you made.

If writing and editing aren’t your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.[Back to top] List any supporting information or other additional information that you couldn’t fit in elsewhere, such as resumes of key employees, licenses, equipment leases, permits, patents, receipts, bank statements, contracts, and personal and business credit history.If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.“They know what you can expect sales to be for that type of business in that market,” Allen says.“If you walk in with a sales forecast 50% higher than other businesses, they are going to know that you are not being realistic, and that’s going to work against you.” Keep it concise: All you need is 15 to 25 pages for a good business plan, as long as the plan is clear, concise and contains all of the relevant information, Allen says.This section can also highlight the strengths of your business and focus on what sets your business apart from your competition.[Back to top] If you’re a startup, you may not have much information on your business financials yet.This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.Together, they cited information from 16 references. [Back to top] This section provides a snapshot of your small business. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.