Welcome to How To Write a Business Plan To Start Your Own business
if you're thinking of starting a business you should know how to write a
business plan
it is usually observed that despite having a great startup idea
most businesses are not successful according to common statistics within
the first five years of operations
ninety percent of businesses fail and of the remaining ten percent only one of
the ten businesses last past the first five years
so what makes some businesses fail while others prosper
there may be several reasons including but not limited to or customer service
poor logistics and cost management and inadequate product but the major reason
is the lack of a business plan business plans help define goals and achieve them
if you take out time to set concrete but achievable goals and chart a plan to
success
it can help you realize your dream and make your business flourish
I have compiled an all-inclusive list of areas that need to be considered while
writing a business plan
these will help you in defining your goals and the path your business needs
to take to achieve them
step 1 defying your vision when you start a business you have a clear goal
in mind
you know exactly what you wish to achieve with your business
however after some time the clarity of your vision will become blurred and
you'll forget some of your brilliant ideas writing down your vision for the
company will help you to define it
and moreover it will help your staff identify with the mission
all daily activities of the business can then be aligned with your vision for the
business
this should be the first step of writing a business plan
step 2 set your goals and objectives for the business
never assume that your goals need to be small to accommodate your limitations
think big clearly define your short-term goals
the ones that you wish to achieve within 12 months mid term goals
those that will take between two to three years and long-term goals consider
all aspects such as the revenue you wish to generate number of i'll let you on
the number of customers you need in your database the target population and age
groups as well as the amount of passive income that needs to be generated in
future
step 3 define your unique selling proposition
what is it about you that is different from the crowd
your unique selling point or USP will make you more attractive to potential
customers
I was your product or service different from others in the parkin it could be
anything from additional services to personalized customer service you can
even offer them better after sales warranty and support while writing a
business plan
you just need to highlight the extras that your customers are getting from you
to make your business stand out
step 4 know your market
it often happens that you have a brilliant idea but someone else has
already started a business with a similar plan
this is a very common occurs but you should not let this start - how many
petrol stations are there several businesses can provide the same service
and still survive as the market place is huge and it can sustain multiple
businesses but for this you should know your market like the back of your hand
research and find out how many competitors you have what services they
offer
what are the current and future trends of the industry
no the larger picture are there certain benchmarks that can be used to gauge
your business performance such as gross turnover profit margins etc once you
know the inner workings of the market you can manipulate them in your favor
this is an important part of learning how to write a business plan
step 5 know your customer
this goes without saying customers are the most important part of any business
and you should know the customers your business caters to today
customers are spoiled for choice and they have thousands of options for every
product so if you want them to buy your product
you should know what your ideal customer ones this is the reason why you need to
define your target populations and research their habits while writing a
business plan
understanding the motivation behind customers actions can make your business
successful
you can focus on the areas that grab your customers interests and stop
wasting energy on the rest
put yourself in their shoes and then think what would make them choose you
each time write down the ideas and implement them
step 6 research the demand for your business
you must have studied the demand and supply curve
even if you have it it stands to logic that there should be ample demand for
your product find out the demands before investing in a new business
the basic rule is the man should be more than supply if this holds true for your
market your business will thrive but if the demand is less than the supply your
business will eventually die out
so do your homework and gather as much information as you can
you can do a secondary search right from your home over the internet or your
Public Library
you can even visit government offices for this information but by far the best
option is primary research for you directly interact with your target
audience to know their preferences and how ready they are to buy your product
so hit the road and note down all the interesting ideas you get to increase
the demand be smart and invest your life savings
only after ascertaining that there is a demand for your product
step 7
set your marketing goals so you have finished the research and define your
business vision
the next step in writing a business plan is setting out marketing goals these for
those goals that define how your product would look like what it will cost how
you distribute it and the ways in which you can promote it
most businesses do plan this but they neglect the most important areas
you should set up measurable marketing goals that will help achieve your
primary business objectives questions like the number of products yourself
what will be your product development strategy your price margins delivery
methods and promotion plan should be duly considered when you ask yourself
these questions they will help to find the goals for marketing your business
step 8 define your marketing strategy
now that you have your marketing goals you need a plan to achieve them
how many products you need to produce himself and at what profit margin so as
to get your desired revenue
what will be your system of delivery and your coverage area
what will be the strategies to promote your business the media that you will
use be very specific as these will translate to action and your ultimate
success or failure plan for every venture ality while writing a business
plan
this is a very vital step of writing a business plan so acquaint yourself with
it so that you can easily navigate through each .
step 9 take action
and of course without action all else is a waste
this is the most important part of writing a business plan you can plan all
you want but unless you do the actual work and bring customers to your
storefront you won't earn anything even if you find that according to the
business plan your idea isn't viable
don't give up there are thousands of other ideas out there and you can
ultimately find one that suits you
if you wish to be wealthy healthy and happy
there is a business waiting for you to grab your business plan will provide the
direction and focus but you will need to take the first step
writing a business plan isn't difficult if you know what you should focus on you
now have an idea of what is important and how you should tackle the task of
writing a business plan and you are now better equipped to start a successful
business start your research today
jot down all those brilliant ideas set your goals
the find a path and don't let anyone stop you
now you know how to write a business plan and the manager for success is in
your hands
make the best of it
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