- 1). Start with the executive summary, which is a brief synopsis of the business plan. Key points include business concept, financial features, financial requirements, current business position and major achievements. Make it easy for the reader to understand what your business needs and capabilities are at first glance.
- 2). State the business description. This should be a short description of the industry. Include important information such as how much capital you will need, how you will obtain the capital, what kind of products and services you will offer, and specific financial projections for the next few years. Define the structure of your business, such as if your business is wholesale, manufacturing, food service, retail, new or established, and how it relates to the industry. For example, the effects of opening a rental-car business in the automobile industry. Discuss the present outlook of the industry and the future potential of business. Provide information on various markets in the industry and how these other markets may affect your business.
- 3). Define the target market. Market research is vital for a business to succeed in a competitive environment. It's important for a business owner to be familiar with all aspects of the market, so that the company can be positioned in a way to handle any problems that come along and still make profits. Describe the market in terms of type, size, geographical location, demographics, competitors, sales and current trends. Go into more specific details on your products or services and how they will appeal to your market compared with your competitors' product or services.
- 4). Analyze the competition. Identify who the direct and indirect competitors are in your market. Assess their strengths and weaknesses by looking at them from a customer's viewpoint. Define the biggest challenges your company will face when doing business against your competitors, and state how your business will capitalize on your competitors' vulnerabilities.
- 5). Have a marketing plan. This describes how your business will promote your products or services and will include all promotional strategies to attract customers. Describe the company's product and service offerings, desired image, branding strategies, pricing strategies and any partnerships. Include all costs for advertising and how you will use advertising in regard to media, such as on radio, on television, in newspapers, in magazines and on the Internet.
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