Topic: Starting a business 2: Business Plans

VOCABULARY REVIEW: Business plans

Need to review common terms relating to (and used in) business plans? We've got you covered!

Unique selling point (USP)
Definition:
A unique selling point is the feature or benefit that makes a product or service different from competitors.
Example:
Fast delivery is the company's unique selling point.

Revenue model
Definition:
A revenue model explains how the business will earn money, such as through sales, subscriptions, or advertising.
Example:
Their revenue model is based on monthly subscriptions.

Operating costs
Definition:
Operating costs are the regular expenses needed to run a business, including rent, salaries, and utilities.
Example:
High operating costs can reduce profits.

Break-even point
Definition:
The break-even point is the stage at which a business earns enough money to cover all its costs, without making a profit or a loss.
Example:
The company expects to reach the break-even point within one year.

Financial forecast
Definition:
A financial forecast is an estimate of future income and expenses, based on research and assumptions, to show whether the business can be profitable.
Example:
The financial forecast predicts steady growth over the next three years.

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