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Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.This section can also highlight the strengths of your business and focus on what sets your business apart from your competition.
Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.
Accuracy is key, so carefully analyze your past financial statements before giving projections.
You can also discuss current or pending trademarks and patents associated with your product or service.
[Back to top] This is simply an explanation of what your marketing strategy is and how you will execute it.
You may also include ratios that highlight the financial health of your business, such as: [Back to top] This is a critical part of your business plan if you’re seeking financing or investors.
It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.Your goals may be aggressive, but they should also be realistic.“It’s OK to be optimistic if you can justify it,” Allen says.» MORE: Best loans for working capital [Back to top] Here, you’ll list your business’s legal structure — such as a sole proprietorship, partnership or corporation — as well as key employees, managers or other owners of the business.It should also include the percent ownership that each owner has and the extent of each owner’s involvement in the company.A business plan typically looks out over three to five years, detailing all of your goals and how you plan to achieve them. If you’re looking for outside funding, you can use this section to explain why you have a clear need for the funds, how the financing will help your business grow, and how you plan to achieve your growth targets.If you’re applying for a loan or looking for investors, a business plan shows you’re prepared and have fully vetted your business idea, says Craig Allen, a financial advisor who teaches business plan writing classes at Southern New Hampshire University. The key is to provide a clear explanation of the opportunity presented and how the loan or investment will grow your company.Your business plan is useful for you and your employees, but it can also be crucial for obtaining funding, because banks and lenders may want to see one before they decide to fund your business.A basic business plan outline could include the following: Business Plan Center to access a step-by-step tool to create your own business plan.“If you have no financial forecast, which is part of the business plan, it’s very difficult to show the bank how you are going to repay the loan,” Allen says. For example, if your business is launching a second product line, you might explain how the loan will help your company launch the new product and increase its sales by 50% over the next three years. [Back to top] This section provides a snapshot of your small business.