<\/span><\/h2>\n\n\n\nWe\u2019re not outlining all of the sections that should be in your business plan in this post. Check the related articles below for more information regarding business plan sections. For this post, we\u2019re providing tips on three of the key components of a business plan.<\/em><\/p>\n\n\n\n- Executive Summary<\/strong>. While this is at the beginning of your business plan it doesn\u2019t mean that you should write it first. Actually it\u2019s strongly suggested that this section is written last. The reason is that you want to provide your reader with an overview of the information that is contained within your business plan. And a good overview of the information can\u2019t be written until the information itself completed.<\/li>
- Financials.<\/strong> Of course the financial section is the place where any potential lender will probably flip to first. They want to know that you have made realistic projections for your growth. I\u2019ve seen a lot of people that provided financials which showed a very rosy growth picture. My advice is that you want to show your potential lender that you understand the risks involved with a startup or new business. Do three financial projections. You want to do one for best case scenario, worst-case scenario and one for probable scenario. Your probable scenario will not look the best on paper but it will give any potential lenders a comfort level as you have demonstrated that you have also planned for the worst. Don\u2019t forget, lenders have been around the block and are really looking for your management ability to steer, direct and grow your business. And by the way, those people that I know that overestimated their growth projections never received any financing.<\/li>
- Your Competition.<\/strong> An analysis of your competition is usually in the marketing section of your business plan. What I recommend for competition is that you do considerable research. And by research I don\u2019t mean goggling them and copying information that is readily available for anyone to see. You need to have a solid grasp on your competition\u2019s strengths as well as weaknesses. Having a detailed analysis of your major competitors proves to people that you know what you\u2019re up against when it comes to winning business.<\/li><\/ol>\n\n\n\n
<\/span>Compiling a business plan outline is a crucial step when starting a new business. Perhaps you work for a corporate event planning company and have been considering starting your own event planning business. The three tips outlined here are all crucial components to your overall business plan. The one main item for any new business is to make sure that you do your homework ahead of time. Not only will potential lenders appreciate it, you\u2019ll also have a better understanding of where your challenges lie.<\/span><\/h4>\n","protected":false},"excerpt":{"rendered":"A business plan outline is crucial for anyone considering starting their own event planning business. Basically a business plan shows that you have an understanding of the process involved with<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/56"}],"collection":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/comments?post=56"}],"version-history":[{"count":1,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/56\/revisions"}],"predecessor-version":[{"id":57,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/posts\/56\/revisions\/57"}],"wp:attachment":[{"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/media?parent=56"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/categories?post=56"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mastertheevent.com\/wp-json\/wp\/v2\/tags?post=56"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}