Starting a business plan for dummies

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However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. A business plan can make or break a small business.

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A business plan typically looks out over three to five years, detailing all of your goals and how you plan busniess achieve them. This is the first page of your business plan. It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans.

starting a business plan for dummies

This section provides a snapshot of your small business. It contains important information including its registered name, address of any physical locations, dumies of key people in the business, history of the company, nature of the business and more details about products or services that it offers or starting a business plan for dummies offer.

The key is to provide a clear explanation of the opportunity presented dummiess how the loan or investment will grow your company. In this section, you can detail the products or services you offer or plan to offer.

starting a business plan for dummies

It should include the following:. An explanation of how your product or service works. The pricing model for your product or service. Your sales and distribution strategy.

starting a business plan for dummies

Why your product or service is better than what the competition is offering. You can also discuss current or pending trademarks and patents associated with your product or service.

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This is simply an explanation of what your marketing strategy is and how you will execute it. Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

starting a business plan for dummies

This section can also highlight the strengths of your business and focus on what sets your business dymmies from your competition. You may also include ratios that highlight the financial health of your business, such as:.

Net profit margin: the percentage of revenue you keep as net income. Current ratio: the measurement of your liquidity starting a business plan for dummies ability to repay debts.]