Elements of a Business Plan
1. Introductory Narrative
2. Description of Business and Structure
3. Details Specific to Your Business (optional)
4. Market Analysis
5. Financial Plan
Before executing your own business plan it is suggested that you familiarize yourself with sample business plans and templates in print or on Gale Virtual Reference Library. You can access the Gale Virtual Reference Library through our website:
http://search.freelibrary.org/advSearch.cfm
Introductory Narrative
This section of the business plan, sometimes referred to as the "Executive Summary," and can include a general introduction, mission statement, goals and objectives, and description of products and services. This step is arguably the most important part of the business plan as it is your chance to make a strong first impression. It should be concise, yet effectively summarize key information in your plan including major industry and market information as well as key financials.
Description of Business and Structure
This section includes detailed information about how your business will run daily. It will also include a detailed description of products and services. It may include management structure, location(s), supply chain, logistics, and other information specific to day to day operations. Information in this section can vary depending on the type of business and industry.
Details Specific to Your Business (optional)
The contents of this section are determined by your specific business or industry. It may include sales, marketing, and production plans, an implementation schedule, and/or other details.
Market Analysis
Most of the research you can do in the library will be presented in this section. It should include: current industry data and trends, market and demographic data, a competitors report, and other raw data. It should end with an explanation of how you will use this data to successfully market your proposed product or service.
Financial Plan
This is the hard numbers section. It includes specific numbers and projections for financial statements, bank loans, methods of repayment, tax returns, startup costs, projected income, projected cash flow, and projected balance statements. Some of this information is available from library resources. However, other information in this section will be based on your knowledge of your specific product, industry, and finances.
For more informative sources, contact the Business, Science and Industry Department!
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