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This part of your business plan explains who will run your business and how it will be structured. It should include the following key elements:
Management Team: This should include the roles, responsibilities, and relevant experience of the key members of your management team. If you don't have all team members in place yet, that's okay. Just mention the positions you plan to fill. It's important to highlight how each person's experience and skills will contribute to the success of your business.
Organizational Structure: You can use an organizational chart to show how roles and responsibilities are distributed within your business. This chart should make it easy for anyone to understand the relationships between different positions.
Legal Structure: Detail the legal structure of your business. For example, is it a sole proprietorship, partnership, LLC, or corporation? It's essential to explain why you've chosen this structure and how ownership is divided among partners or shareholders. This information is crucial for potential lenders and investors who want to know how your business is set up.
External Support: Mention any external professionals, such as lawyers, accountants, or consultants, who are important to your business operations. This shows that you have access to the expertise needed to handle various aspects of your business.
Hiring Plan: If you still need to hire key team members, outline those plans here. Describe the roles you need to fill and why they are essential to your business's success.
To make your case strong, especially when writing this section, briefly highlight any relevant experience your team members have that is directly related to your industry. For example, if someone on your team has previously led a successful startup, mention it. Stakeholders want to see that you have the right team in place to bring your business idea to life.