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A business plan is an outline of how to manage your business every day to achieve long-term goals. It’s also crucial for attracting customers and investors from outside. It’s an absolute must for anyone wanting to start a new business. It’s not a surprise that so many studies have highlighted the high rate of failures for companies that don’t have a well-thought-out and implemented plan.

Although every business plan will be different dependent on the needs of the company and its goals, there are some best practices check that should be adhered to. The first step is to know who the plan is intended for. This will determine the level of detail, language, and overall structure used in the document. It will also aid in deciding which sections to include and what not to.

The following section should include an overview of the business’s history. This can be done by an overview of the company that highlights the distinctive qualities and distinctions of the company. It could also include the business’s legal structure, whether as a sole proprietorship or LLC, partnership, or corporation, and how many people are involved in the business.

The next section will provide an in-depth analysis of the market. This includes the market to be targeted as well as the size and the competitive landscape. It’s also important to highlight any unique advantages that the business has like industry knowledge or a management team with extensive experience.