Telling you how to develop a complete business plan is just not the same as showing you exactly what needs to be mentioned in one.
Below is exactly what you need to include in your business plan so that you have a decent place to start off with.
Here is a quick nine-step guide to what you will need for your successful company business plan:
1. The Executive Summary
The executive summary is what will introduce your business strategy to the reader and probably is the most important section for lending institutions.
If you cannot convince a grant agency in the first two or three pages that you have got a good business proposal for them to listen to, then you are not going to leave without some funding to help you get started.
This summary is also very important as a communication tool for employees as well as any potential customers who might need to understand your goals and ideas.
2. A Small Section On Company Startup
This section of your business plan is where you will have to clearly explain the thought behind the company's creation and how you or your business associate came up with the idea in order to begin your business.
3. Your Company Goal
You will have to use this section in order to explain in as few paragraphs as possible what your short and long-term goals for the company are. How fast do you think it will grow? Who will be your first and foremost customers?
4. Biographies Of Management
This section will be used to define your management team and what their purposes might be. This section should comprise information such as the names and backgrounds of lead members of the management team as well as their responsibilities.
5. The Product/Service You Will Offer
This is where it is a must that you include a piece of key information that will need to be included in this section; which will be a discussion of how your pharmacy is actually different from every other business on the market.
6. The Market Potential
This is the section where you will really want to remember that you've got to convince everyone that what you're after is relatively large and growing. You'll need to do some research for this section.
If you’re planning to open a locally based business, you will need to check out the demand for your offering within a certain radius that is based on what you determine might be a reasonable distance from your business.
If you are planning to open a Web-based business or one that might rely on both the Internet and local traffic for revenues, you will first need to evaluate demand on a local and/or a national basis.
You can also seek to get this type of information online as many different sites will perform this analysis for you too.
7. The Marketing Strategy
This is the section where you will have to ask yourself how you plan to tell the world that you are open for business.
For instance, questions such as; Will you advertise in print, television or on the Web or all of these? Will you use online marketing tools such as search optimization, to get your company listed on search engines and advertised on other Web sites?
You'll also need to include how much you plan to spend for marketing projects.
8. A 3-5 Year Financial Projection
This section should have a summary of the financial forecasts that you expect, including spreadsheets showing the method that you used in order to reach these projections. You will want to use your balance sheets, income statements and cash-flow projections for the entire period of that year.
The summary in this section is also where you would tell grant agencies how much money you would like to get in order to cover your startup costs.
The assumptions that you make in this section might make or break your company's success. If you are not sure about using this kind of financial modeling, try to find a professional.
9. An Exit Strategy
All good business plans tend to include a section that will lay out the benchmarks that you will use in deciding to call it quits.
The strategy could be based on a specific figure, revenue growth, the market's reception to your idea, or a consensus among top officers.
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