Know More About Traditional Plan template
The executive summary is the most important section of your business plan, because it needs to draw your readers into your plan and entice them to continue reading. If your executive summary doesn’t capture the reader’s attention, they won’t read further, and their interest in your business won’t be piqued.
Even though the executive summary is the first section in your business plan, you should write it last. When you are ready to write this section, we recommend that you summarize the problem (or market need) you aim to solve, your solution for consumers, an overview of the founders and/or owners, and key financial details. The key with this section is to be brief yet engaging.
- Company description
This section is an overview of your entire business. Make sure you include basic information, such as when your company was founded, the type of business entity it is (a limited liability company, an S corporation, etc.) what state it is registered in, etc. Provide a summary of your company’s history to give the readers a solid understanding of who you are and what your business is.
- Products and services
Next, describe the products and/or services your business provides. Focus on your customers’ perspective (and needs) by demonstrating the problem you are trying to solve. The goal with this section is to prove that your business fills a bona fide market need and will remain viable for the foreseeable future.
- Market analysis
In this section, clearly define who your target audience is, where you will find customers, how you will reach them and, most importantly, how you will deliver your product or service to them. Provide a deep analysis of your ideal customer and how your business provides a solution for them.
You should also include your competitors in this section and illustrate how your business is uniquely different from the established companies in the industry or market. What are their strengths and weaknesses, and how will you differentiate yourself from the pack?
You will also need to write a marketing plan based on the context of your business. For example, if you’re a small local business, you want to analyze your competitors who are located nearby. Franchises need to conduct larger-scale analysis, potentially on a national level. Competitor data helps you know the current trends in your target industry and the growth potential. These details also prove to investors that you’re very familiar with the industry.
For this section, the listed target market paints a picture of what your ideal customer looks like. Data to include may be the age range, gender, income levels, location, marital status, and geographical regions of target consumers.