Marketing

• Your marketing plan is one of the most important aspects of your business plan. It includes a knowledge of your potential customers and competitors. Identify who your primary customers will be. Discover their age, gender and buying tendencies.
  
  This section will require extensive research on your part. Decide the most effective way to advertise your products or services, whether it be Internet, direct mail, print media or television.
  
  Create a competitive pricing strategy. Your pricing strategy should reflect factors such as fixed overhead and the cost of raw materials.
  
  

Mission

• Your mission statement is a vital part of your business plan because it gives internal and external parties an indication as to your core values. Describe your services or products.
  
  Provide a company history, and state how you differ from your competitors. This helps you create a unique position in your target market.
  
  

Management

• Identify the key members, associates and principals in your business. Who are the decision makers in your business? Indicate what credentials these individuals have that qualify them to make important decisions for your company.
  
  This section of your business plan should have an organizational hierarchy, or "chain of command." It's important that the leaders and decision makers can be easily identified by external and internal parties. This lets external users know who is responsible for managing their investment, and eliminates confusion among internal workers and managers.
  
  

Financial Statements

• Your financial information is needed, particularly if you want to attract outside investors. Most investors expect to see financial statements. The financial statements you'll be expected to prepare are the balance sheet, income statement and statement of cash flows.
  
  You may have to prepare pro forma financial statements, which are basically projections of what you think you'll earn or spend.
  
  

Projections

• Projections are based on long-range and short-term assumptions. A short-term assumption is based on where you think your business will be in one year. Long-range projections can be for three or five years down the road.
  
  You should have information based on a worst and best case scenario. Factors that can influence your projections include your competitors, the growth of your industry and development of new products.