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New businesses are created every day. Whether it’s a hobby that turned into a trade or an idea that took years to come to fruition, the opportunities are endless for entrepreneurs. For those considering starting a business, it’s not as easy as buying a storefront and then selling products. A proper business plan should be created so nothing falls through the cracks.
When developing a business plan, the following elements should be included.
Business Goals and Objectives
Business owners should write down what they hope to achieve with their business. This includes short-term and long-term goals. Outlining these in a business plan will help entrepreneurs stay on track as they work towards them.
Target Market
Who is the ideal customer? What needs does the product or service address? By understanding the target market, a business owner can better tailor their marketing and sales efforts to reach potential customers.
Marketing Strategy
How will a business owner reach their target market and promote their products or services? This should include information on their branding, advertising, online presence, and any other marketing initiatives they plan on undertaking.
Sales Strategy
How will revenue be generated? Will the products be sold online, in brick-and-mortar stores, or through a combination of both? What pricing structure will be used? Outlining a sales strategy in the business plan can help entrepreneurs stay focused as they work to bring in customers and grow their business.
Financial Projections
What are the expected income and expenses? Having a clear understanding of finances is critical for the success of a business. Creating realistic financial projections can help entrepreneurs track their progress and make well-informed decisions about where to allocate their resources.
How Purdy & Bailey, LLP Can Help
Putting together a comprehensive business plan can seem daunting, but it doesn’t have to be. When you work with Purdy & Bailey, LLP our skilled San Diego business formation lawyers will develop a plan to help your business succeed. Contact us so we can start working together.