A business plan:
- identifies the goals for a business;
- how to achieve those goals;
- how to measure success in reaching those goals.
Formal business plans are almost always required when applying for grants, loans or other types of business funding. A formal business plan typically includes:
- a one- or two-page summary of the entire business plan;
- a description of the business and its products/services;
- SWOT analysis;
- industry background;
- competitor analysis;
- market analysis;
- marketing plan;
- operations and management overview;
- financial plan.