What is a business plan?
If you are starting a new business, it is imperative that you have a formal business plan. A business plan is a document that will help you get your business off the ground, as it lays the vision, mission, strategy, and goals to prospective investors and lenders if you require financing and also helps you stay on track as a working document as you operate and grow your business.
What are the major elements of a business plan?
The major elements are the executive summary, business overview, market and competitor analysis, defining your target market, sales and marketing plan, organizational and legal structure, human resources plan, action plan, financial and equipment needs, pricing strategy, and financial appendix.
