Business Plan Highlights

Her work has been featured in Business Insider, AOL, Bankrate, The Huffington Post, Fox Business News, Mashable and CBS News.Born and raised in metro Atlanta, Amanda currently lives in Brooklyn.That’s the most important question you’ll answer when you discuss your sales strategy. It’s a good idea to throw in the number of sales reps you’re planning to hire and how you’ll go about finding them and bringing them on board. If you need funding, you can devote an entire section to talking about the amount of money you need and how you plan to use the capital you’re trying to raise.

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Your executive summary should appear first in your business plan.

It should summarize what you expect your business to accomplish.

But there are key components that every good plan needs to have, and it’s always a good idea to provide a clear and accurate summary of your business goals in your business plan.

Update: If you’re looking for added professional advice to give your business an edge, check out Smart Asset’s Smart Advisor matching tool to get paired with a financial expert who can strategize with you based on your particular needs.

Whether you’re planning to open a shop that makes the best coffee around or you want to sell eco-friendly office supplies, you’ll need to explain why your business is necessary and how it’ll differ from its competitors. It provides investors, lenders and potential partners with an understanding of your company’s structure and its goals.

If you’re trying to create one, check out 10 key components of a business plan.In the final section of your business plan, you’ll reveal the financial goals and expectations that you’ve set based on market research.You’ll report your anticipated revenue for the first 12 months and your annual projected earnings for the second, third, fourth and fifth years of business.A good business plan will present a clear comparison of your business to your direct and indirect competitors.You’ll need to show that you know their strengths and weaknesses and you know how your business will stack up.Amanda Dixon Amanda Dixon is a personal finance writer and editor with an expertise in taxes and banking.She studied journalism and sociology at the University of Georgia.The business plan is often an unsung hero of success.Put simply, it's your stated guide on how you plan to make it in the competitive world of business.In your business plan, it’s important to describe how you intend to get your products and services in front of potential clients. As you pinpoint the steps you’re going to take to promote your products, you’ll need to mention the budget you’ll need to implement your strategies.Related Article: How Turning a Hobby Into a Business Affects Your Taxes How will you sell the products you’re building?