You need to do extensive research as well to indicate the size and nature of your competition in your business plan. Who are your competitors and where do you currently stand against them?
Naturally, the marketing aspect of your business plan will also include details regarding your industry and market. What industry barriers do you expect to be a problem for your business and how do you propose to overcome them? Can you create a profile for your target market? What strategies will you use in order to attract the attention of your target market?
Technical Aspect
This is where you have to indicate the pre-operational and startup costs of your proposed business. Pre-operational costs include but aren’t limited to legal expenses, down payment for rent and acquisition of the required equipment, supplies, and inventory for doing business.
If you cannot supply the necessary funds for your business, your business plan must establish the amount of money you will have to borrow as well as possible sources of external financing. You also need to list the requirements you’ll have to comply with in order to become eligible for financing.
Financial Aspect
The final part of your business plan will provide the necessary figures for your proposed business’s liquidity and profitability. Return on investment or ROI is one of the most important financial ratios that your potential investors will look for; it lets them know how soon they’ll be able to recoup their investment. Finally, you need to include projected income statements, balance sheets, and cash flow statements for your proposed business.
If you feel less confident about writing your business plan, consider availing the services of a professional business plan writer.
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