What Is The Definition of A Business Plan?



Ok... so you've finally reached that stage in the development of your business to get started. You've done the research, you have a game plan and you're ready to go except for one small detail... you need money. Whether it comes from a loan or from investors it doesn't matter but you need a good dose of seed money to put all your hard work and planning into action. However, regardless of who hears your money pitch before they give you a dime they will want see your business plan.

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A Business Plan - What Is It?

A good way to think of a business plan is that's it's a document that provide answers to the type of questions anyone who may provide financing would like to know about your home business. You will not get outside funding without one, because the people giving you the funding will insist on one because it helps them to know that youíve thought through what youíre proposing to do. A business plan says to them... "Iíve considered this from every angle, and hereís what Iíve come up with".


Business Plan - What Does It Include?

What is your product or service? This is the first question every business plan should answer. You must explain in the clear, concise language what in the world you plan to produce or what service you plan to provide. You will also want to include why you've chosen this particular product or service.


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Who Are Your Customers?

After you've explained your product or service, the next step is to identify who you plan to sell your product or service too and why. The demographics (age, sex, language, country, state or city, income, etc.) You need to clearly identify your customers in order to properly target your advertising, packaging, pricing, etc.


What Makes You Different?

You need to identify the "primary factors" that will make your business different than other businesses you'll be competing with. What niche are you filling that they are not or what do you plan to do to fill a particular void in the market that you've identified?


What are Your Expenses?

Your start-up expenses include any equipment that you need before you can get up-and-running, while your day-to-day expenses are staff costs and supplies.


About the Author: Tony Williams is a lifestyle philosopher, influencer, personal development and business educator. He is also the founder of The Lease Collection, which provides Professional Property Management and Tenant Placement Services for multi-unit and residential properties in Washington DC, Maryland and Virginia. His passion for personal development inspired him to create the Instagram, @Life.Algorithms, which has amassed over 30K followers. Along with his Blog, these platforms are his way of inspiring, motivating, educating and connecting with thoughtful, creative, like-minded and ambitious people just like you.

Contact Info: Awilliams@LeaseCollection.com


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