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This part has a clear view of the financial projections of the company for the first few years of the business.
This section should be able to identify primary and secondary competitions, the difference between their value propositions from your company’s own value proposition, and the company’s competitive advantages and disadvantages.
Your Marketing strategy is another component of a business plan that addresses the five P’s of marketing; which are: product, price, person, place and promotion.
Read Why do I need a business plan to find out how writing a business plan can assist your business.
Once you've read Before writing your plan and conducted research into the feasibility of your new business you're ready to write your plan.
The executive summary gives the outline of the plan’s key sections like your company’s mission and vision, brand profile, target markets, product and services, competition, marketing strategy and financial aspects.
A good executive summary is engaging and brief, with just the first two pages convincing the reader to read on the entire business plan.
At this point, it is very important that you answer the following questions: Another important element of a good business plan is the competition analysis.
To write a good business plan and successfully launch your startup, you must identify the competition of the business.
This part is very important especially in terms of seeking capital because investors will be interested in the background of the company’s management team and their corresponding salary scale.
Long-term development is another critical component of a business plan.