Basics of Business Plans

"Quality is the best business plan." – John Lasseter, Pixar

Earlier this week, we discussed the pros and cons of business plans in this post. As a follow up to that post, today we’re sharing what to include in your business plan. While the following sections are commonly included in traditional business plans, you’re welcome to include only those sections that will be most helpful for your business.

Below are seven sections and information to include in a business plan:

Executive Summary

- Product(s) and/or service(s) your business offers

- Target market and how your product(s) and/or service(s) can benefit this audience

Company Description

- One to two sentence mission statement of the business;

- Principal members of the business;

- Business’s strategy (goals and objectives)

- Business’s legal structure

Services/Product Description

- Product(s) and/or service(s) that your business offers

- Pricing structure (e.g., does your business charge an hourly rate, flat fee, or a combination of these?)

- Research and development (now and in the future)

Finance

- A funding request, if applicable

- The business’s one, three, and five year financial projections (expenses and revenue)

Market Research

- The industry of the business

- Detailed description of customers

- Business’s advantages

- Regulations the business must follow

Marketing & Sales

- The business’s growth strategy (e.g., create a website, online advertising, networking,

etc.)

- How the business will communicate with its customers (e.g., via social media)

- The principles, qualities, and values associated with the business’s product(s) and/or service(s)

- How the business will track results (e.g., using and updating an excel spreadsheet once a week)

Technology

- Hardware (e.g., mobile devices, internet, etc.)

- Software (e.g., website, office suite, virus protection, etc.)

Thank you for reading today’s post. For additional information on how to create a customized business plan tailored to yourbusiness and industry and/or for information on DIY business plan templates we offer, you may contact Emilee by email at emilee@lawbyemilee.com or phone at 801-829-9135.

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