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Friday, July 14, 2006

Business Plan Outlines - The 5 W’s

Business plan outlines vary depending on the reason for the business plan and your needs. If you're looking to get a grant your business plan will have to be much more detailed than someone who just wants it for information. All business plans, though, include the 5 W's.

  1. Who are you? Here you should explain your certifications, industry experience, and current client list. You should also discuss what staff you'll need to hire.

  2. What do you plan to sell? In this section, you want to explain exactly what it is you'll be selling - products, services, or both? You should also include your preliminary sales and marketing plan explaining how you'll get new clients.

  3. When did you launch or when do you plan on launching? Investors will want to be able to make sure you're on track, so be sure to include this date.

  4. Where are you located? Will you work out of your home or rent office space? Are you in a particularly good area for your business?

  5. Why is your approach unique? This may be the most important part of your business plan. You need to explain how you are different from your competition. What makes you stand out? Why will you be successful?

To learn more about writing your business plan, read the whole article (link above).

Submitted by Joshua Feinberg