Business Plan Activities

Business Plan Activities-48
The product description statement should be complete enough to give the reader a clear idea of your intentions.You may want to emphasize any unique features or variations from concepts that can typically be found in the industry.Just explain the factors you think will make it successful, like the following: it's a well-organized business, it will have state-of-the-art equipment, its location is exceptional, the market is ready for it, and it's a dynamite product at a fair price.

The product description statement should be complete enough to give the reader a clear idea of your intentions.

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Also state whether the business is new or already established.

In addition to structure, legal form should be reiterated once again.

Market strategies are the result of a meticulous market analysis.

A market analysis forces the entrepreneur to become familiar with all aspects of the market so that the target market can be defined and the company can be positioned in order to garner its share of sales.

Give the reader an idea of the experience of the other key people in the business.

They'll want to know what suppliers or experts you've spoken to about your business and their response to your idea.Now that you understand why you need a business plan and you've spent some time doing your homework gathering the information you need to create one, it's time to roll up your sleeves and get everything down on paper. All too often, what the business owner desires is buried on page eight.The following pages will describe in detail the seven essential sections of a business plan: what you should include, what you shouldn't include, how to work the numbers and additional resources you can turn to for help. Within the overall outline of the business plan, the executive summary will follow the title page. Clearly state what you're asking for in the summary.Detail whether the business is a sole proprietorship, partnership or corporation, who its principals are, and what they will bring to the business.You should also mention who you will sell to, how the product will be distributed, and the business's support systems.Within that space, you'll need to provide a synopsis of your entire business plan.Key elements that should be included are: When writing your statement of purpose, don't waste words.The statement should be kept short and businesslike, probably no more than half a page.It could be longer, depending on how complicated the use of funds may be, but the summary of a business plan, like the summary of a loan application, is generally no longer than one page.This is important if you're seeking funding; the investor will want to know just how dependable your information is, and won't risk money on assumptions or conjecture.When describing your business, the first thing you need to concentrate on is its structure. wholesale, retail, food service, manufacturing or service-oriented.

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