If you intend to start your own business, you should be familiar with the format of a business plan. Even if this business plan is merely an assignment, it will familiarize you with business ideas and its traditional outline. To begin, you must understand what a business plan is. A business plan is a formal summary of a business’s objectives. It is concerned with the formulation of a company’s strategy.
This is the section where you will describe the products and services your business will offer, as well as the location and schedule.
Mission & Vision Statements
This is what defines and adds value to your business. Make an attempt to be succinct, as there will be additional sections to detail, and an assignment should contain approximately 2500 words.
- The mission statement outlines the future objectives of your business.
- The vision statement expresses the purpose of your business.
Provide specific details to demonstrate that you have a firm grasp on the industry wherein the business is operating.
Line of Product/Service
Describe your service or product in detail and how this will meet your customers’ needs. Justify the perks of the service or product, the perks it has over competitors, and the stage of development at which it is currently at.
Sales and marketing
This section contains the following:
- How your business intends to expand
- How this business would communicate with its customers
- What platforms would you use to market your product or service?
Here you should detail the management team’s responsibilities. You should present an organizational chart outlining the business’s structure and the relationships among management members.
Conduct research prior to making predictions. You must consider your cash flow, your cash income, and how you intend to use that money. This section contains the following four spreadsheets:
- Projection of Profit and Loss
- Cash Flow Forecasting
- Balance Sheet Projection
- Analyses of Breakeven Point
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