Developing a Business Plan

A business plan is a comprehensive roadmap for the development of a startup company that describes the company and sets forth the company’s objectives and detailed plans to achieve those objectives. While it is not a legal requirement, developing a business plan is an essential early step for a startup company that seeks to attract investors and provide direction to stakeholders, including lenders, customers, suppliers, management, and employees.

 

A business plan should:

  • Include an executive summary that provides a high-level overview of the company and the contents of the business plan.

 

  • Summarize the business history and describe the background and experience of the management team.

 

  • Provide a detailed description of the products and services to be offered.

 

  • Provide a detailed profile of the target customer and any existing customer lists.

 

  • Analyze the competition and market trends, providing financial analyses and growth projections.

 

  • Develop advertising and marketing strategies.

 

  • Include financial statements that list assets, liabilities, budgets, and timelines.

 

  • Determine startup operating requirements and costs, including employees, equipment, technology subscriptions, insurance, and third-party services.

 

NOTE: A confidentiality agreement or nondisclosure agreement should be signed before the business plan is shared with outside parties to protect sensitive information like marketing plans, budgets, customer and vendor lists, or intellectual property.

 

The foregoing content provided by Carpenter Wellington (www.carpenterwellington.com) is general in nature and should not be construed as specific legal advice nor as a substitute for competent legal counsel from a licensed professional attorney in your jurisdiction. Every business startup is different and should be carefully assessed and formed to ensure that its specific needs are met, and maximum benefits are realized. For support with forming a business entity, or other corporate legal matters, contact us at Carpenter Wellington.

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