In addition to critical business plan components, such as the executive summary and company overview, considering incorporating additional details to show potential investors that you’re prepared for long-term success.
- Introduce your potential customers with a section that analyzes your target market. Offer as many details as possible, including character traits, lifestyle preferences and psychological attributes of your audience, as well as demographic data for your physical service area or location.
- Provide information about competitors to show startup investors that you’re ready to set your company apart from similar businesses. Outline the strengths and weaknesses of direct competitors, and include general statistics and details for your industry.
- Financial data is vital to the success of your business plan. Create accurate, realistic forecasts, along with fact-based explanations to support the figures.
- Discuss potential obstacles and challenges your new company may face, accompanied by your plans and ideas to overcome them.
- Lay out your daily operations in a separate section, along with your short-term goals and the steps necessary to achieve them. Include your marketing plans, so investors see that you’re committed to your company’s success.
A detailed, well-written business plan that includes the right information increases opportunities to secure startup financing. Review and revise your plan often, so it can continue to serve as a tool for growth throughout the life of your business.