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In a nutshell, a mission statement provides answers to all of these questions in less than 50 words: What am I selling? Who am I selling it to? Why am I selling it? It doesn't need to be just one sentence, but keep it as brief as possible.
Goals and objectives, other components of company overview, are often confused by first time business plan writers. Remember that goals are things your company wants to achieve while your objectives are how they plan to get there.
This section will probably require you to do some outside research because it involves information relating to your industry, your market, and your competition. You need to take an honest look at field you are preparing to enter and pay close attention to its structure, its trends, and its barriers to new businesses. Become familiar with major competitors in your industry and decide how you will differentiate yourself from them. Also, get to know your potential customers and what makes them tick. The more you know about them, more likely you will be to turn them into buyers.
At this point in your business plan, you need to go into detail about your business. You can't simply define your company in terms of what you sell, but also in terms of who you serve, what resources you will use, what types of employees you are looking for, what type of distribution method you'll utilize, and more. All of this factors combine to create your company.
In addition to this, you should also state your company's UPS (Unique Positioning Statement). This is a one sentence statement that explains what sets you apart from all of competitors.
The last part of your business plan is this section which outlines steps you need to take now in order to make your plan work. These should also reflect goals and objectives that you've outlined in your company overview.
Besides these primary pieces of a business plan, you may also need to include a financial section, particularly if you plan on using it to get outside funding for your business. This may take more thought and planning than other sections because it will require you to make some assumptions about your business's revenue potential. The most important thing is to base any estimates on realistic expectations, not optimistic dreams.
You may want to visit following websites for some samples to give you an idea of how things should be formatted and worded:
With some useful models and this helpful information, you'll be well on your way to completing your effective and professional business plan.
Vishal P. Rao is the editor of Home Based Business Opportunities - A website dedicated to opportunities, ideas and resources for starting a home based business. Visit him at: http://www.home-based-business-opportunities.com