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Table of Contents

A business plan is a roadmap that outlines how to set up and run a business on a daily basis in order to achieve long-term goals. It’s also important to attract investors from outside and customers. It’s a must-have for anyone who wants to set out to start the business of their dreams regardless of whether it’s a solo entrepreneur or within a larger corporate division. It’s no surprise that many studies show the high rates of failure for companies that don’t have a well-thought-out and implemented plan.

Although every business plan will differ depending on the requirements of the business and its specific goals, there are a few best practices to be followed. The first step is to identify who the plan will be for. This will determine the amount of detail, language and overall structure of the document. It will also aid in determining what sections to include and check what not to.

The next section should give an overview of the business’s history. This can be achieved by a company description which highlights the distinctive characteristics and features of the company. It could also include the legal structure of the company whether it is a sole proprietorship or LLC, partnership or corporation, as well as how many people are involved in it.

The next section of importance is a thorough analysis of the company’s market. This includes the audience, its size, and the competition. It is also important to highlight any unique benefits that the company may have, such as an industry-specific expertise or a leadership group with years of experience.