A business plan is a formal written document that outlines the goals of a business, strategies for achieving them, and the time frame for success. It includes market analysis, financial projections, and the organizational structure.
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Market Analysis: The evaluation of market trends, growth rates, and competition to identify market opportunities for a new or existing business.
Financial Projections: Estimates of future income, expenses, and profitability over a specific period, often included in a business plan to forecast economic viability.
Organizational Structure: Describes the hierarchy of an organization by detailing roles, responsibilities, and relationships between individuals within the company