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A business plan is a written document that sets out the details of a proposed or existing business. It is essential for anyone starting a business and is often required to secure finance. This lesson explains what a business plan includes, why it is important, and its limitations.
A business plan is a formal document that describes the business, its objectives, its strategies, the market it will serve, and its financial forecasts. It is a roadmap for the business and a tool for persuading investors or lenders to provide finance.
A typical business plan includes the following sections:
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