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Here's what you need to include in your business plan

If you're planning to start a new business, the first thing you have to do is to develop a business plan. Every plan has several things that should be included, like your executive summary and a description of your business.

What do you need to include? Don't guess. Here are a few things that should be in every business plan.

Write a clear executive summary and description

The executive summary is a pertinent part of your business plan. This gives a short brief detailing what you want. For instance, if you're asking for a business loan to start your project, write it out in your executive summary. Don't make the reader guess. Following this, add a description of the industry and how your business fits into the field. Include information here that would encourage others to invest in your business.

Competitive analyses and marketing information support your requests

If you want to be competitive, you need to market your business. Show how you plan to market your business and how competitive you are. Show how you compare to other businesses like yours. What advantages do you have over your competition? What are some things that you find you lack in?

Let investors know what to expect with development

Include a development plan with financial information in your business plan. This shows your product designs, how you plan to develop your business and a budget. This is just an informational section for investors.

Finally, detail your plans for management. Are you in charge? Who else will be helping? Include capital and expense requirements, financial information and other important information here.

These are the basics that you should include in your business plan. Your attorney can review your plan to make sure you have everything you need inside.

Source: Entrepreneur, "How to Write a Business Plan," accessed Jan. 10, 2018

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