It’s a written roadmap that describes in detail what your business is and does. It outlines what the goals for your busi- ness are, how you’re going to achieve them, and a basic timeline for doing so. Typically you also include some ideas for marketing, hiring, and, of course, the nitty-gritty numbers of projected rev- enues and expenses. Having a business plan helps start-ups raise money because they can show potential investors their vision for the company. (See also: Seed Money, Venture Capitalist) Remember that course prospectus you got on the first day of class that explained what you were going to learn (and what your homework would be) for the entire semester? Your business plan is like a course prospectus for your business. A typical business plan starts with an executive summary or mission statement, aka a somewhat more detailed version of an elevator pitch. It should also include information about the market the business is in or planning to enter and how you plan to stand out in this field along with information on past growth and future strategies. It should include information about your management team, financial metrics, and projections. If you are asking for money, that should be in there as well.
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