People who read your business plan will already know a little bit about your business because they read your executive summary. But this chapter is still hugely important because it`s where you expand on your initial overview, providing more details and answering additional questions that you won`t cover in the executive summary.
Are you still unsure whether a business plan is worth the time and investment? Can`t you just jump right into starting and running your business? You could, but you`ll be missing out on some key benefits that a business plan provides.
There are four main chapters in a business plan—opportunity, execution, company overview, and financial plan. The opportunity chapter of your business plan is where the real meat of your plan lives—it includes information about the problem that you`re solving, your solution, who you plan to sell to, and how your product or service fits into the existing competitive landscape.
The vision should include tangible goals such as profits and market share, but more importantly, it should focus on the intangible/unquantifiable long-term goals, such as your willingness to adapt, emerging business-trends, and an ever-present desire to `excel.`
You should know what you want to get out of your business upfront. Are you wanting to turn a side hustle into a full-time business? Trying to expand your team or launch an additional location? Knowing what you`re trying to accomplish, and having questions like these in mind, can help you develop your business plan specifically to reach these goals.
Do not misunderstand, these are important inclusions in your plan; however, during the early stages of drafting, it is important to create a broad vision that can be adapted once your specifics have been identified.