Section A: Business Concept

Describe in overview and in detail what you are offering to the market. What does it “do”? What are the benefits to your customers? How do the customers now accomplish the same task? How is your approach better than the competition? REPLACE INSTRUCTIONS WITH YOUR WORDS.

Section B: Industry Analysis

Research industry averages for profitability in your marketplace. Use this information to determine the validity of your own projections and make changes if necessary. REPLACE INSTRUCTIONS WITH YOUR WORDS.

Section C: Regulation and Legal

Determine your location and business environment. Address all legal, zoning, and licensing concerns your business will face. Visit your state’s Secretary of State website. What form of business will you set up? Why? The level of detail required for this section will depend on your type of location (virtual, retail, warehouse, office, restaurant, etc.) and on your idea. Demonstrate that you have completed your research. DON’T say “We will obtain all of the appropriate permits”; instead, summarize them. When you explain your form of business—remember your audience. For example, if you select an S corporation, explain your reasoning for that selection in the context of your potential business, rather than providing the definition of an S corporation. Address any pending regulations which may have an impact on your business. REPLACE INSTRUCTIONS WITH YOUR WORDS.

Section D: Competitive analysis

Describe the competitive landscape. Who are the key competitors? What are their strengths and weaknesses? How will you take share from them? How will they most likely try to stop you if you are successful? Who are your indirect competitors? What do they offer your prospects? Include a map of their locations in your local area. REPLACE INSTRUCTIONS WITH YOUR WORDS.

References

Abrams, R., (2014). Successful Business Plan: Secrets and Strategies (6th Edition). PlanningShop (US).