Creating a plan for a small business

If you have been thinking about starting your own small business, it is important to create a detailed plan that will outline your business’s objectives, strategies, and more. It also forms a map for bankers, investors, and other involved parties to use when figuring out how they can best assist you and to help them determine if your business is viable.

To summarize, an efficient small business plan should consist of the following elements:

Executive summary

Describe the general concept of your company, how it will be funded, how much money you will need, its current legal standing, individuals involved, and general history.

Business description

Describe your company in further detail, and how it fits into the market in general. Who will your target audience be, and how will you distribute your product? If you are a LLC,  corporation or sole proprietorship, include that in your plan.

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