The first and most important part of a business plan is the executive summary.
This is an overview of the basic concept behind the business venture and the steps the business intends to take to overcome potential obstacles.
Today, however, it is often costly and complicated to build the foundation a good business needs to compete, and potential business owners frequently have to seek funding from outside sources.
Venture capitalists and banks will want to have a good idea of what your business is about and what you think it will be able to do.
This is the part to think big – what is the best case scenario, and what do you plan to do if you meet or exceed the upper end of your sales forecast?
This could be outlining an exit strategy or it could be describing the potential for growth and expansion.
Also describe other key points regarding the day-to-day operation of the business.
This includes the location of premises and the staffing levels you require.
The final portion of any good business plan is the competitive analysis.
The founders of the business show they have researched and identified competing companies in the same space as their potential venture.