Every
business is unique, it is just a matter of learning how to identify what makes
it unique. One way to discover this is to use several key points when planning
and structuring your business.
A business
plan is one key tool that really can make a huge difference in obtaining start
up capital. Research shows that 36% of businesses which had a business plan in
place got the required funding. These numbers drop to only 18% for businesses
without a plan.
The key
elements to your business plan are:
Summary - this should be a concise summary of your
proposal. A well written summary allows the reader to grasp the main points of
the entire plan.
Business Description - this portion should cover the
history of your business, if applicable, and the current status. If it is a new
business then outline how you plan to develop and grow your business. Highlight
your products or services as well. Also include any information regarding
patents or trademarks if necessary.
Marketing - this will show that you have done your
research for your business. Show who your closest competitors are and explain
how you intend to fulfill the need for your products or services. Also include
a description of your target market in as much depth as possible. Provide a
brief overview of how you plan to market your business.
Management - in this section provide details of all the
people who are involved in the business with you. Include salary plans and
discuss plans for staff recruitment.
Financial Forecast - this is normally the most important area of
any business plan. When showing your forecast includes sales, profits, losses
and cash flow. Ensure that your projections are realistic as this will increase
your chances of being approved.
As well as
your business plan you need to show the advantage of what your business is all
about. What makes you unique from your competitors and how do you plan on
growing your business?
When
researching your competitors look for their strengths and their weaknesses. Then
see what you can do to improve on these qualities and apply them to your own
business.
The more
you can make yourself stand out from the crowd the more likely you will be to
get help in obtaining the capital you need for your business. Remember no two
business are the same, it is just a matter of identifying what makes your
unique.
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