The Components of a Business Plan
A business plan has 5 major parts. They are the following:
1. The Introduction
This includes the general information of the business and what you want to achieve
2. The Marketing Plan
Here, the methods of distributing your products or services, your price, the price of your competitors, the method of selling, promotion and the future demands of the people are considered
3. The Production Plan
The process, sources of supplies, suppliers and the equipment needed in producing the goods or services are taken into account.
4. The Organization Plan.
It refers to the type of business organization you plan to have. It also includes the people in the different positions, the hiring procedure as well as the development program for these people.
5. The Financial Plan.
This indicates how much you need to run the whole business.
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