If you are planning to open up a new venture or expand an existing business, preparing a business plan is necessary in order to set yourself apart from other highly competitive companies. The main purpose of writing a business plan is to provide lenders, investors and target customers about the structure, goals, products and services of your company. Let us discuss some of the main components of a business plan to make sure that you do not miss anything.
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Executive Summary
This is the introduction of your business plan where it provides brief information on what readers should expect on your business and what are things it needs to accomplish. Since this section summarizes the overall business plan, professional Business Plan Services in Dubai like Businessplangulf.com recommends that you prepare the executive summary during the final stage. Always remember that your executive summary should not bore the people who will read it. Include the mission and vision of the company, along with a short description about your products or services.
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Description of the Company
Incorporate key information about your business, as well as main factors that will make your business stand out from the competition. Be clear and specific also in explaining your goals or objectives and the customers you want to reach out. Discuss the existing problems that people nowadays are facing and illustrate what solution you can offer in order to overcome these challenges. Create an image that your business is not just about selling, but establish yourself as a reliable solution provider.
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Market Analysis
Show the readers that you have a full understanding of the ins and outs of the industry and market that you are planning to enter. In this section, you can include data and statistics to discuss the current condition of the market, along with the expectations in the long run. Specify the customers you want to target as well, which include their age bracket, income levels, preferences, gender and many more.
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Competitive Analysis
In order to survive in a highly competitive market, make sure that you have a complete knowledge and understanding about your competitors such as their sales, marketing, pricing and existing activities. Highlight both of their strengths and weaknesses so you can formulate strategies on how you can your business distinguished from others. If you need any help, you can hire a reliable Business Plan Services in Dubai to make sure that you are on the right track.
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Management Details
Make sure to provide a description of your organization and management. Introduce the managers of the company and highlight their expertise and primary role in the business. Keep in mind to specify whether your business will operate as a sole proprietorship, as a partnership or an organization with a different ownership structure. In case that you have a Board of Directors, it is highly recommended that you identify each member.
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Products and Services
Since the company description is just an overview of your company along with your products and services, this section is an opportunity for you to provide extra information about the offerings of the company. The readers of your business plan should have a clear understanding about what you are planning to promote or sell, how it differs from other companies and how it can meet an existing need.
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Sales and Marketing Plans
Describe the methods or ways on how you will present your products and services in the market. You should also mention the budget you will allocate in order to implement these strategies successfully. In addition, you also need to discuss your sales strategies and define ways on how you can achieve a specific target.
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Financial Projections
As the last section of the business plan, clearly show your financial targets and expectations which is based on the market research. Moreover, you also need to provide forecast about your anticipated revenue for the first year along with the annual projected earning on the corresponding years of the business (2nd year to 5th year).
For further details, seek professional help or consult from a reputed Business Plan Services in Dubai.