Ever wondered what was inside that business plan everybody talks about? The Necessary details your investors would ask when you need funding for your business or Event! If you didn’t know, take a cool chair let’s walk you through them!
1. Executive summary (a snapshot of your business); An executive summary of a business plan is an overview. Its purpose is to summarize the key points of a document for its readers, saving them time and preparing them for the upcoming content. Think of the executive summary as an advance organizer for the reader. Above all else, it must be clear and concise.
2. Company description ; describes the vision and direction of the company so potential lenders and partners can develop an accurate impression about who your industry, market, and competitors.
3. Market description; The Market Description is your chance to get specific about who exactly will be interested in your product or service. Basically who is your market targeting!
4. Organization and management ( your business and management structure);The Organization and Management section of your business plan summarizes the information about your business’ organizational structure, business members’ duties and expertise, as well as their education or qualifications. So your employee’s qualification and education, and any partnership information.
5. Service or product ; the products or services you’re offering in your business. Take us at FabricsNG for example, We sell 1000+ fabrics for both furniture makers, fashion designers and individuals
6.Marketing and sales ; how you’ll market your business and your sales strategy. If you’re demanding funds -how much money you’ll need for next 3 to 5 years?
7.Financial projections — supply information like balance sheets: This is a little technical but not impossible to accomplish. You can pay an accountant to do this for you or learn about them yourself and do it.
Reading through all of this you might ask if all these steps really matter in your business, you might say, I just want to make clothes , no body should come stress me. But I’ll let you in on a very useful information, Every successful business, like very successful, has a business plan, it helps get you support to further grow your business.
Hope this write up helped clear some air on how you need to go about your business.
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