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What should be in your business plan?

If you are intending to start up a business in Georgia, there are a few things that you need before you really get into the meat of things. One of the most important steps of all is crafting a business plan, which you will need to build a sturdy foundation.

As the U.S. Small Business Administration states, a business plan is necessary if you want to be successful in the long term with your company. Generally these plans will cover a span of 3-5 years. They will help you lay out the path that you want to go as you gain revenue, business and customer base. So what should be part of your plan? Here are some of the most common sections of a typical business plan:

  •          Market analysis and sales
  •          Financial projections and funding requests
  •          Management and organization
  •          Products or services
  •          A summary and description of the company

You can add more or less depending on what you are aiming for. Some industries have more specific standards than others, as well.

Essentially, you are outlining what your company will be doing, the audience it aims to draw in, and how your company is intended to work over a long period of time. You should also put a lot of work into the sections on organization and management. This will help you meet financial goals in the future. It will also help you budget expenses better.

Remember that a strong business starts with a strong foundation. Having the best business plan possible will allow you to build up an even more powerful company in the future.

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Robert Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the May issue of The American Lawyer & Corporate Counsel magazine.Alex Kaufman has been selected as a 2013 Top Rated Lawyer in ‘Commercial Litigation’ as will be published in the December issue of The American Lawyer & Corporate Counsel magazine.

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