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2. The Market
Who are your customers? Why are they customers? What motivates your customers? What need are you filling for these customers? How will you motivate them to buy from you? How will you find and attract these customers? Who is your competition? What advantage do you have over your competition? How will you position yourself to win market share? Do you have technical data, surveys, or information sources to back up your claims?
3. Finances
How much money are you bringing to your business? What are your start-up costs? How will
money be used? When will your business become profitable? What are your financial projections for
next five years?
ELEMENTS OF A BUSINESS PLAN
Here are
key elements to include in your business plan. Keep in mind that your business plan is unique to your business, so don't be afraid to beef things up as needed.
Executive Summary - This is a summation of
important points within your business plan. It should not be over three pages long. This summary is of particular interest to potential investors in your business, and allows them decide if you are a worthy investment vehicle.
Company Summary - Describes your business, customer focus, and your goals. Includes things such as your business structure, start-up projections, and business location.
Products and Services - Describes what you have to offer, its advantage to
customer, your reasoning for
need of your product or service, and a look into your place among
competition.
Market Analysis - Details
who, what, where, why, and how of your market. Includes analysis of your industry and your strengths therein.
Marketing and Sales Strategies - Key to this section is your plan to operate in a competitive environment. Sales forecasts and marketing details give an in-depth look at actual customer acquisition.
Operations and Management - Fully details
structure and operation of your organization.
Financial Plan - Provides a comprehensive look at business cash flow, profit and loss, break-even analysis, and other financial indicators.
In conclusion, your business is less likely to fail if you are able to predict outcomes. Your business plan sets realistic goals for success. The above information serves as a general map. You fill in
details - as many as are needed. Most assuredly, your efforts will be rewarded for years to come.

Brett Krkosska provides 'how-to' advice on family and home-based work issues. Get start-up guidance, business ideas and inspiration at: http://homebiztools.com Free ezine subscription: mailto:enews@homebiztools.com