welcome to being limitless I am your
host Abdias Dalisme. In today’s segment were revealing how to write a
business plan you’re probably asking yourself why do I
need a business plan well did you know that 90% of all businesses fail within
the first five years out of the remaining 10% only one out of ten of
those businesses last past the first five years so having the right plan
mapped out is the key to success there are three major reasons to have a
business plan number one to attract investors number two to attract partners
and number three to give yourself a way to track your goals when writing a
business plan make sure to keep it simple and to the point first you’re
going to need an executive summary and this is basically a resume for your
business in this executive summary define your vision in simple terms
explaining your guiding principles your main focus your product and services
also describe what type of ownership it is and tell the plans for the future of
your company second you will need a company
description the name of the company where the company is located names of
the owners managers and investors and also the partners a brief history of the
company the nature of your business and reasons for a loan and how it will help
your company grow third you will need to map out your company’s objectives
meaning the directions goals and the milestones you wish to achieve fourth
describe your management team the principal members of your company and a
type of ownership your business has meaning a sole proprietorship a
partnership a corporation or an LLC for tax purposes an LLC or corporation
will be best for a small business v reveal your product and services what
is offered by your company and how it will make money list your pricing
structure the type of customers your competition and the efficiency and
differentiation of your company vi convey your financial analysis meaning
your startup summary cash flow statement income or profit loss statements
break-even analysis financial forecast or projections also a balance sheet and
lists your assets and debts certain project your marketing and sales
philosophies how you will capture loyalty from customers your niche how
you will promote your sales growth strategy competition and your sales
projections last but not least treyton appendix
basically this is information you cannot fit anywhere else in your business plan
this could be your licenses your equipment leases permits patents
receipts bank statements contracts or your personal and business credit
history also keep in mind these other things to consider when setting up a
business like creating a website setting up the business bank account getting
permits and licenses undergoing regulations you might want to get a
legal team with lawyers also a type of insurance and do not forget to register
for taxes so that’s it that’s your first step to
becoming an entrepreneur now go out there and be limitless that concludes
our segment please like share and subscribe to our channel as always thank
you for being limitless stay blessed

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