An entrepreneur who is looking for funds to help launch a new undertaking needs a business plan. It is all about what you are going to do in business and how you are going to do it, simply stated it is drafting your business strategy. Business plans are drafted by entrepreneurs who are seeking investment from investors. Many, many great enterprises had their roots on paper, in the form of a strategy that was used to persuade investors to bring in the money they needed to get them moving.
A business plan conveys your business goals, the tactics you will use to accomplish them, future challenges your business will face and solutions to overcome them.It will also reflect your company’s organizational structure (including titles and responsibilities), and ultimately, the amount of money needed to fund your venture and keep it running until it breaks even.
There are three basic aspects of a business plan.
1.Concept of the business:
Where you address the Industry, the structure of your company, your specific product or service, and how you intend to make your business a success.
2.Market Place:
In which potential clients are identified and analyzed who and where they are, what makes them buy, and so on. You explain the competition here as well and how you’re going to position yourself to beat it. Learn more