Summary of a business plan
Market data is very important. Is there demand for your product or service? What does your product or service do that is unique and can fill a gap in the market? Your business plan should have the total amount of funds you will need to run the business, and the money should be broken down within a budget and divided into funds needed for each milestone, executive salaries, employee and staff salaries, and unexpected expenses.
The Business Plan is very important and basically serves as a road map of how your business is expected to grow. You must start your plan by starting with your vision. What is your expectation of this business? What does your product or service do and what gap will it serve in the marketplace?
Your milestones should be stated clearly and in as much detail as possible. Milestones are very important because they indicate the step-by-step accomplishments you are looking to complete in order to get your business up and running. You must set reasonable time frames for each milestone to be completed. The first milestone should always be acquiring the key components to establish your business. These components must include real estate, where the company’s headquarters will be located, the construction, renovation, and/or the purchase or lease of the building that will house the company’s offices and the production line. This should be covered in the first milestone. If you are manufacturing a product, you must also add the purchase of a manufacturing facility and equipment in the first milestone. The first milestone should always be getting the basics the business needs to run. In some cases, a business may already be operating on a small scale and seeking financing to expand. In this case, you should indicate what equipment you already have, how it is working, what your market is, and what revenue you have generated so far.
The second milestone should indicate your marketing plan. What markets do you plan to attack? How will you market? Will your executives or representatives attend your company’s fairs and seminars? How much financing will you need for your marketing campaign? Also, your marketing campaign should be divided into different steps. How much marketing will you do in traditional media such as television, radio, and print advertising? With Internet; Will you have a company website featuring your product or service? How will you market your website to get as much traffic as possible?
The other milestones should cover what you plan to market first. You must provide a realistic step-by-step plan for when you plan to open the business and what you will produce first. Then you’ll need to clearly state what you plan to trade next. For example, a particular company deals with beekeepers and wants to improve the beekeeping industry in their geographic area. The company right now is somewhat running without investment, but with an investment, the company could also speed up its business and bring other products to market.
