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Why do you need a Business Plan? Why is a business plan of such central importance in a business? Why is it so controversial? Why do some people seek to downplay its importance?
What is a Business Plan? A good business plan will provide specific details of ‘your’ business and serve as a roadmap to your success. The plan needs to match your purpose. A standard outline may be helpful, but don’t accept it just because it’s there.
How to write a great business plan in 4 simple steps: Every business plan should begin with an outline of each core element of the plan: Executive Summary, Company Overview, Industry Analysis, Market Analysis, Competitive Analysis, Marketing Plan, Operations Plan, and Financial Plan. Each section should be made into a title heading with sub-headings for all details and information that must to be included as part of that title heading.
Ten Key Sections of a Business Plan: A business plan is an orderly document containing the basic information that covers the who, what, where, when, how, and why of the business idea.
Three Mistakes to Avoid: When developing your business plan look out for these three mistakes common to new entrepreneurs: