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No surprise: Entrepreneurs have begun to horn in on the action.
Title your first section "Company Description" and include all the pertinent facts, such as your incorporation or other legal business status, licenses, trademarks and patents. In this section, describe your products and services, how you intend to make money and why the business is relevant.
A description of your management team can be added to this section, if you have an impressive team.
Though many successful companies have been started without the benefit of a formal business plan (see "Seat of the Pants," October 2002), it can be an essential factor in the birth and growth of your company.
A good business plan will help you obtain financing, arrange strategic alliances, attract key employees, and boost your confidence.
A description of the business model makes an effective start for your business plan.
Begin with an introduction to the industry and your mission statement.Venture summaries are used in marketing your idea to venture investors and others who will respond better to charts, pictures and an evocative approach to describing your business.Keep the presentation free of hyperbole, or your plan will appear more fanciful than realistic.What is the best way to present the financial projections?Here are Inc.com's best resources to help you create each part of your business plan.No matter what type of business you plan to start, when your story is complete it will be an important part of the risk management process and a key to effectively understanding your business and its critical success factors.In a nutshell, here are the areas you'll need to address in a business plan to offer prospective lenders and investors a complete view of your business, as well as provide you with a tool you can use to start and run your company.Clarity is the most important quality of a business plan.Written last, the executive summary is an outline of key points in your business plan.It consists of three elements: First, discuss the business model and describe your products and services.Then place the business in its industry and discuss your intended marketplace, including your target customers and how you'll reach them, beating your competition.