How to Create a Business Plan for a New Company in India?
How to Create a Business Plan for a New Company in India?
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A well-defined business plan is a prerequisite for entrepreneurs starting up a new business. It helps them settle their 'why' for the business and also gives a framework to evaluate progress. In addition, it is a document that can be used to get bank loans or equity funding from investors.
The first section of a business plan is the executive summary, which provides an official overview of the business. This should be short and ideally only one or two pages long. This is the part of the business plan that is read most often by potential investors and business associates, so it is important to include the most relevant and compelling information in this section.
Another key part of the business plan is the description of the product or service that you are offering to customers. This includes a detailed market analysis, including competition and the market size. It is important to describe the unique features and benefits of your product or service, as this will help you stand out from your competitors.
A business plan must contain a comprehensive financial model, which should include revenue forecasts and expense projections for the next three to five years. This is essential if you want to attract investors, as they will be interested in knowing how much your company can grow. It is also recommended to estimate expenses a little higher, as this will provide you with a safety margin. Moreover, you should clearly state your breakeven point, which is the point at which you will begin to make a profit.
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