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This is critical as the demands of growth, customers, staff, and investors threaten to cloud your company's vision.You're making your pitches even tougher if you're using a generic, flavorless business plan.All entrepreneurs and business owners should have a business plan.
Importantly, identify your competitive advantages, that is, why you can be more successful than the others. Marketing Plan In this section, you will describe your products and/or services and your desired brand positioning.
Importantly, you will also detail your promotions plan, which is how you will get customers to know about your company (e.g., newspaper ads, direct mail, etc.).
Since investors and lenders will want to meet you face-to-face before writing a sizable check.
Updating and referring to your plan on a regular basis can drive better decision making and help keep your focus clear.
Also show your topline financial projections and amount of money you are seeking to raise here. Company Overview In this section, give a profile of your company.
Answer questions such as where you are located, when you were formed, and what is your legal entity form.
Also discuss the stage of your company: what successes has your company already achieved? Industry Analysis In the Industry Analysis section, you will detail the market in which you are competing, how large it is, and what trends are affecting it. Customer Analysis Here you will identify who your target customers are and their needs.
Get as specific as you can with regards to the demographic and psychographic make-up of your customers. Competitive Analysis In this section, identify your competitors and their key strengths and weaknesses.
But I know from experience that the last thing you have when you're starting your own business is an abundance of time to dream up creative ideas for your business plan.
Check out these insanely creative business plan templates for your new business idea and imagine the difference one could make in helping you get past that first major hurdle with investors: grabbing their attention in a BIG way.