I also said that a business plan consists of a narrative and several financial worksheets.
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
Summary Section: This section is where you will be able to attach or explain any detail not applicable to the previous sections. This section should be used to provide the financial statements of the Principle's involved in the business and any other data you think an investor would be interested in seeing.
Suggested Retail Price: Base the suggested retail price on comparable market prices and other relative assumptions and factors. For example, if the invention combines the task of two or more existing products on the market, provide the cost of using those products separately and then demonstrate how your invention is priced such that it saves the consumer time and money. A good example is a food processor. You would provide the cost of knives, cutting boards, and the time it takes to cut everything. Whereas your invention, the food processor, is priced less than all of those things combined, plus you have the added value of convenience and time savings.
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