What you will need to include
This section involves writing a summary of your business plan. You should write a short paragraph or two covering each of the following:
About the business
- Give business name and a brief description of the business.
- The nature of the products or services you will provide in the business.
- What is the address of the business? If it is home-based or operating from commercial premises, then say so. If you are going to move to commercial premises soon, say so and mention when it is likely to occur.
- Who is involved in the business?
- Give a brief summary of their relevant skills, experiences and general background.
- What is your competitive advantage over other businesses?
- Summarise your marketing strategy.
- Reveal the basis of your pricing method for your products or services. Is this pricing you have calculated consistent with industry pricing policy?
- For the pricing method you have employed, when will you reach the break-even point?
- Do you require finance to start your business? If so, where will it come from? Don't be afraid to say you don't need finance to commence operations if you believe your business does not require it.
- State your projected cash income and expenditure for the end of the first year and how much profit you will make at this time.