3. Provide an accurate definition and explanation of a business plan

The business plan is possibly the most important part of starting up your business. A business plan is a written document and it should outline what you want to gain in your business and how you plan to achieve it. A business plan should include results of market research and competitor analysis.  A standard business plan could include the following:

1.    Executive summary: Highlights the key points and summarises the business plan

2. Company Description: Start-up plans and history
3. Product or Service: What is it that you are selling
4.  Market Analysis: Who is your target audience and how do you plan to reach them
5. Strategy and Implementation: Dates, budgets and responsibilities
6. Management Team: Key team members , strengths and HR management
7. Financial Plan: Cash flow, profit and loss, balance sheets