Starting a business is perhaps the most difficult step in case you want to become an entrepreneur. You might have a lot of zeal and enthusiasm coupled with the right amount of resources in your hands. But is that enough to start your venture successfully? The answer is simply, no. Without a proper business plan your best efforts might go to waste.
So what is a business plan? It is simply a written outline that evaluates all aspects of the economic feasibility of your business and defines the prospects that can drive you forward. No matter whether your business is small or large, a business plan can serve as a blueprint for success. Once you are into it, you’ll realize that business has only one rule; ‘survival of the fittest’. And you need to make sure that you are the ‘fittest’!
A business plan has several benefits for you:
•Most importantly, it defines your objective using appropriate information and analysis.
•You can use it to ‘sell’ your business to future partners such as creditors, investors and banks. If they see that you have a sound scheme, they will be more than happy to finance your venture, knowing that their money is safe and returns are assured.
•It is something you can fall back on in times of crisis. If your long term goals and how you can get there is clear to you, there is no reason why temporary hiccups can derail your business.
•The best thing that a business plan can give you is scope for improvement. A business plan is like software that can be updated continuously to make it work better and eliminate the shortcomings.
Now, you may want to know about a business plan format. Here’s a look at what goes into making a great business plan.
•Vision and Mission: You must define what your long term goals are and also clearly state how your business is going to help your future customers.
•The Key Personnel: A business does not run on its own and so, the people who form the ‘think tank’ must be highlighted. You can do this by preparing detailed resumes of all your partners and yourself. This can illustrate how well suited you are for your chosen area of business, by means of emphasizing your relevant education and expertise. Also include profiles of key people you will hire as part of the management team.
•Business Profile: This is the part where you specify your chosen field of business and your offering. You need to illustrate how different your product or service is from what is already available. This is your unique selling proposition and the cornerstone of your success.
•Economic Analysis: you must clearly state the dynamics of the market which you are getting into. This can help you understand how suitable your business is for your target market. A demographic assessment is necessary here.
•Marketing Strategies: define how you plan to promote your business and thus ensure growth.
A business plan, as you may have understood by now, is an indispensable part of your business. So, plan well!
Author Resource:
Simon Johnnson is the director of content for http://www.executivegiftshoppe.com . They specialize in business card holders and other desk accessories.
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