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A business plan typically looks out over three to five years, detailing all of your goals and how you plan to achieve them. If you’re looking for outside funding, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets.
Also, you can split this section into the following four subsections: Step 6: Write a Financial Plan Ask yourself questions such as how will your business spend and make money, and how long will it take for your business to become profitable?
These are questions you will need to answer in the financial section of your business plan.
Given all these benefits, it’s no surprise that having a business plan is how the best entrepreneurs create a strategy for their business and stay organized as it grows.
They also know that with a plan, they are less likely to run into serious problems as they operate their business, and more likely to be able resolve the problems that do arise. To help you along the way, we’ve broken the process down into 8 simple steps. This is a brainstorming phase, so be creative, not critical.
Step 8: Review Your Business Plan and Write the Executive Summary Finally, you’re ready to review your work and finalize the executive summary you outlined in Step 1.
Make sure your business plan presents a cohesive, compelling picture of your business in a thorough and professional format.
The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment.
In addition, the business plan is an indispensable tool to attract business capital.
» 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.
It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.