How to Create a Business Plan for a New Company in India?
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A business plan is one of the most important documents for entrepreneurs starting a new company and business owners managing an existing business. It's a dynamic document that would change over time as the business and operating environment evolves. It is a must-have for entrepreneurs seeking bank loans and also helps them in preparing their businesses for raising equity funding.
It's a document that shows the direction you want your business to take and it includes a description of your company, its products, services, and market segmentation. The business plan also includes the legal structure of your company, a management team section and a financial plan. The latter includes financial projections such as income statements, balance sheets and cash flow forecasts that go out five years. These projections demonstrate to potential investors and lenders that your business can repay their investment (if they provide loan financing) or at least grow enough so they can sell their share of the company for a large profit later on.
The business plan should include a detailed marketing and sales plan, including information about the current state of your target market, how you will reach potential customers, and what steps you will take to persuade them to buy from you. The plan should also address how your business can distinguish itself from competitors and why it's uniquely qualified to succeed. Finally, the business plan should explain your plans for growing your business and how you will measure your progress over time.
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