For any entrepreneur seeking to start up a business, getting a business plan is an essential step that requires time and dedication to produce. Getting the business plan right will probably determine the direction and potentially, the success of the new business endeavor. Before delving into the usually intimidating task of developing a business, it is very important to know what information a business plan must contain and how it should be arranged. Here are 7 sections a standard business plan must contain and what each section must address.

Executive Summary: This section should give a concise but interesting overview of the contents such that you attract interest of anyone reading without getting him or her bored. For some people, writing this section comes after they have completed the whole document and have fine-tuned the details. For others, it comes first. Whatever the case, it must contain the name and address of the business, products and services offered, mission and vision statements and purpose of the plan.

Company Description: This section describes the business in a broad sense, explaining what it does and how it does it. It should contain the nature of the business, an overview of its products, suppliers and target audience. A summary of financial or market highlights, short- and long-term business goals, and how the business will make a profit should be included.

Product and/or Service description: One of the main reasons of writing a business plan is to understand how the business will provide a better alternative to what is already existing. This section should provide this information in a succinct manner. Include information about the product/service’s life cycle and advantages your product/service has over its competitors.




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