Limited Liability Company (LLC): A business entity that enjoys the attractive features of both a partnership and a corporation.Shareholders have limited liability for any of the company's losses or obligations. Corporation: The company itself is a legal entity with the same rights and obligations as a real person.Partnership: Two or more people share in the profits and losses of the company.Sole proprietorship: A single individual is fully and personally responsible for all the debts and obligations of the company.The one you ultimately select will come down to the size and goals of your company and how you want it to operate at the top: There are multiple types of company structures you can choose for your business.
Use your Business Plan to outline details about the company’s structure, ownership, management, and assets. Include strategies for securing funding, hiring employees, and producing new products and services. Next, describe your plans for reaching those accomplishments. Include sales forecasts and market share growth. Company forecastĪ company forecast is one of the most essential parts of your Business Plan because it lays out your goals and how you plan to achieve them.ĭescribe what you think your company can reasonably accomplish in the short term (12 months) and long term (five years).
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If your company is a startup, feel free to say what inspired you to start the company. Also, describe any evolutions to your product or service. Include how long your company has been operating and how it's grown since the beginning. Although it isn't always necessary, it can be valuable information for potential investors during a pitch meeting. Some entrepreneurs like to include the company's background in their Business Plan.
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Be sure to include other basic information like the business' name, address, city, state, and ZIP Code. Your choice will affect the wording of your document. Next, state whether this Business Plan is for a new or existing company. If your business is in an industry not listed above, select Other and manually tell us the type of industry. Start your Business Plan by stating in which industry your company is operating. State the industry your business operates in Your answers will be inserted directly into your document. Use complete sentences when you’re completing LawDepot’s Business Plan questionnaire. LawDepot's online Business Plan template allows you to customize a document specifically to your business's needs and guides you through the process. SWOT stands for "Strengths, Weaknesses, Opportunities, Threats." A SWOT analysis evaluates these specific aspects of your business. Think about how your product or service benefits your target customer. Product or Service Detailsīreak down what your product or service is, its unique features, any patents you may have, and any future products you want to develop. Operations OverviewĪn operations overview provides a glimpse into your business's daily operations, including the management and staffing structure, human resources plan, your physical operational facility, and your production methods, such as quotas or manufacturing details. This section of the business plan is where you can include your ideas for promotions (online or traditional methods), as well as how you physically plan to sell your product or service (brick-and-mortar, e-commerce, etc.). Your marketing strategy is how you plan to get your product or service in front of customers. In that case, you may describe the investment amount you require and how you plan to repay this capital in a repayment plan. It can also encompass your capital requirements if you pitch your ideas to investors. Your financial plan may include your company's income (profit and loss) statements. Summarize your company with an overview of your company's management structure, a description of your product or service, your goals, and a summary of your finances and marketing strategy. Try to imagine what's in their Business Plan. Competitors Analysisĭescribe your competition and how you plan to compete against their current strategies. Don't be afraid to boast about what gives you a competitive advantage. If possible, specify the businesses and consumers you expect to serve.
Outline how your business resolves problems for its customers.
Summarize your business's history, ownership, and mission or vision statement. Take some time to think about these eight essential factors before drafting your Business Plan: Business Description and Mission Statement A Business Plan considers nearly every aspect of a company and how each decision might affect those aspects.