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Frequently Asked Questions

Why create a Business Plan?Lenders and investors are constantly presented with new business proposals. If you provide all the required information in a consistent format then lenders and investors can make an efficient and fair analysis about the viability of your business ideas.

By preparing a comprehensive business plan you send a message to your lenders and investors that you have already made an objective assessment of your business ideas and that you are serious about your business plan.
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BUSINESS PLAN







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22 February 2017


Executive Summary

The Ownership
The company will be structured as a sole proprietorship.

The Management
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The Goals and Objectives
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The Product
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The Target Market
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Pricing Strategy
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The Competitors
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Business Plan - ____________________

The Company

Business Sector
The owners would like to start a business in the retail sector.

Company Goals and Objectives
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Company Ownership Structure
The company will be structured as a sole proprietorship.

Ownership Background
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Company Management Structure
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Organizational Timeline
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Company Assets
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The Product

The Product
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Marketing Plan

The Target Market
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Pricing
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Advertising
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Competitor Analysis

The Competitors
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Staffing
____________________ will employ one full-time employee in the initial startup phase.

Business Plan Information

A Business Plan, also referred to as a marketing plan, business strategy, or business proposal, is a mission statement that sets out your vision, structure, and methods, and helps you to plan for the future. It includes a business history, a marketing analysis, a financial statement, and operational details.

A Business Plan is a living document, meaning it should be periodically revised and updated as your company grows and changes.

Who Should Write a Business Plan?

Anyone who is starting a business should map out their vision for the future. Startups often require external funding, and entrepreneurs can show their Business Plan to potential business investors, who will want to know what makes the enterprise a good investment and when they will see a return.

Established businesses can also benefit from developing a Business Plan to attract further funding, manage rapid growth, or reevaluate the company's vision and goals.

Why is a Business Plan Important?

While many companies create a Business Plan to attract external funding, a Business Plan is also a vital internal document that can help you and your business partners to:

  • Develop a course of action to achieve your objectives
  • Establish benchmarks of success to measure your progress
  • Better understand your competitors and target market
  • Attract business partners and employees
  • Anticipate problems in regards to competitors, cash flow, and long-term viability
  • Manage cash flow with a detailed income statement
  • Navigate the regulatory requirements of your industry

How to Write a Business Plan:

LawDepot's Business Plan template contains the following key sections:

Business Description: Your business name and address, as well as a brief history (how the business was started, how it has evolved, and any achievements to date).

Business Forecast: The measurable goals and objectives of your business, with a timeline for achieving them.

Business Structure: How the business is owned and managed (i.e. whether it is a sole proprietorship, partnership, limited liability partnership (LLP), or limited company), and how decisions are made.

Product/Service Details: The primary product or service your business will provide, in addition to potential future products or services.

Marketing Plan: Your business's target market, competitors, pricing strategy, and advertising strategy.

SWOT Analysis: A detailed description of your business's strengths, weaknesses, opportunities, and threats to help predict your viability and focus your business strategy.

Operational Details: A description of the business's day-to-day operations, facility, outside suppliers, and staffing requirements.

Financial Information: Your business's target market, competitors, pricing strategy, and advertising strategy.

When to Review Your Business Plan:

Your Business Plan should be updated whenever something changes, such as introducing a new product, branching into a new market sector, or taking on a business partner.

It's also important to regularly take a critical look at your business. At least once per year, complete a comprehensive update of your plan in light of developments within your business and industry as a whole. If you are pivoting or changing your business altogether, it is essential to revise your Business Plan.

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