What You Need In A Business Plan

What You Need In A Business Plan-23
When you're done building [and testing] the business model, then you can go back [and] write a business plan." Identifying a target market can be a tricky obstacle to get through.To help narrow down your market, Grant Leboff, CEO of Sticky Marketing Club, says to answer the question, "Why am I uniquely placed to solve the problem?

You may also think that as long as you’re not looking for a bank loan, line of credit or any type of outside financing, you don’t need a business plan.

It’s true that lenders and investors will want to see a business plan — and if you’re not looking for money from outside sources, you won’t to show a business plan to anyone.

The technicalities and standard information that go into a business plan are easy enough to figure out, but there are other, more abstract things to consider before you put pen to paper.

Make sure you take the following five steps prior to drafting your business plan.

Jennifer Post graduated from Rowan University in 2012 with a Bachelor's Degree in Journalism.

Having worked in the food industry, print and online journalism, and marketing, she is now a freelance contributor for Business News Daily and

Let’s face it: When you’re excited about your great new business idea and can’t wait to get going, the last thing you want to do a sit down and spend weeks or months crafting a business plan.

As the world of business has gotten less formal and the pace at which startups come to market has sped up, many entrepreneurs have begun to question whether a business plan is necessary anymore or as outmoded as the typewriter.

After you fully understand the why, then you need to define 'what' you are going to do and 'how' you're going to do it.

The third and final part of the mission statement should be the 'who' you want as customers and how you are going to treat them," said Tina Bacon-De Frece, president of Big Frog Franchise Group.

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