What should be included in a business plan?

Summary

A business plan should include an executive summary, a description of the business and its goals, market analysis, competitive analysis, a description of the product or service, operations and management plans, marketing and sales plans, and financial projections.

Detailed Answer

A business plan is a document used to detail the strategy of a business. It is created by entrepreneurs to secure funding for their business or to provide direction for their business. A business plan should include an executive summary, a description of the business and its goals, market analysis, competitive analysis, a description of the product or service, operations and management plans, marketing and sales plans, and financial projections.

Executive Summary

The executive summary is the first section of the business plan and should include a brief description of the business, its goals, and the strategies to achieve those goals. This section should also include the mission statement, a brief description of the product or service, the target market, and the competitive edge.

Description of Business and Goals

The next section of the business plan should include a detailed description of the business and its goals. This section should include the vision and mission statement of the business, the products or services offered, and the strategies to achieve the goals.

Market Analysis

The market analysis section should include a description of the target market, an analysis of the competition in the industry, and an explanation of how the business will differentiate itself from its competitors.

Competitive Analysis

The competitive analysis section should include an in-depth analysis of the competitors in the industry and an explanation of how the business will be able to compete with its competitors.

Description of Product or Service

The product or service section should include a detailed description of the product or service and an explanation of how it will meet the needs of the target market.

Operations and Management Plans

The operations and management plans section should include a description of the management team, a description of the operations plan, and a description of the organizational structure of the business.

Marketing and Sales Plans

The marketing and sales plans section should include an explanation of the marketing strategies, a sales plan, and an explanation of how the business will measure success.

Financial Projections

The financial projections section should include a detailed financial plan for the business, including an income statement, a cash flow statement, and a balance sheet.