If you searched for "Michigan business plan", you might be seeking to raise capital for an existing business in Michigan.
With a population of approximately 10.1 million and area of approximately 97,000 square miles (250,000 km2), Michigan is the 10th-largest state by population and the 11th largest state by area.
A business plan should include detailed marketing, growth, operational, and financial strategy, as well as a target market analysis of individuals and/or businesses that the Company will target. If the Company's target consumer profile will consist primarily or significantly of Michigan residents, the target market should include Michigan demographic info & figures. The business plan should be comprehensive and the financial plan should be planned on a 5 year basis with detailed revenue, expense, growth, and capital expenditure planning. The financial plan should have at least monthly detail in year 1 and quarterly detail in year 2-5. The following are a few questions to consider when starting a Michigan business plan:
- Where (in Michigan) will the business operate?
- What are the products and services that the business will offer?
- What is the target market?
- Who are the most direct competitors?
- What will the competitive advantages of your business?
- Approximately how much capital will you need to raise?
- What is the pricing strategy and revenue model?
If you are not an experienced business planner and financial planner, you might want to consider hiring a professional business planning organization. Capital West Advisors was founded in 2006 and has developed several hundred business plans including dozens of businesses in Michigan. Contact us at (888) 300-3090 for more information and a free consultation.
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