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How do you write a simple and effective Business Plan to ensure business viability and growth?
By admin | September 26, 2008
Okay, so you’re ready to blast off on your own venture with a great business idea- where do you start?
With a business plan, of course!
Whether you want to start a small home-based business, or want to take on the big auto manufacturers with a huge new company that manufactures a line of alternative-energy super sleek cars that everyone will want to drive… you need a business plan. Yes, even if you’re starting up with a networking marketing company or some other “business in a box,” you STILL need a business plan.
Why? Well, to make sure that your business is viable, for one. Also, you’ve got to have a good strategy to make sure that you succeed. And, assuming that it’s viable, the more aspects of your business that you plan from a knowledgeable frame of mind, the better your business will take off!
We’re going to briefly discuss the business plan basics here, and then later on, go into some strategies that will turbo-charge your business.
Here are The Basics:
1. Executive Summary: This is where you give a brief description of your business and your Vision. This should be more than a page or two.
2. Company Overview: Describe your company’s mission and values, the products you will offer, your distinctive approach to the industry or niche that you’re entering, and why now is a good time to go into this particular business.
3. Business Environment: What’s the marketplace like for your industry, who are your customers, what do they want, who’s your competition etc.
4. Strategy: What are your plans for setting up the business and entering the marketplace? What are your short-term and long-term growth strategies? Marketing strategies? Product fulfillment strategies? Administrative strategies?
5. Financial Plan: Plan out your current income and capital sources, projected costs and projected profits, etc. Be sure to leave room for marketing and expansion from your initial profits.
6. Getting Started Checklist: What action steps will you take to get your business machine going?
Here’s some things you need to consider both before and during your business planning:
* Do you like the business that you’re going into? In other words, if you’re going to be slaving away long hours in the launch phase (and chances are, you will be), then will you still be excited about where you’re going with the business at 1 a.m. when you’re filling out more loan documents or writing more ad copy?
* Is there an active market for what you’ve got to offer? Make sure that you’re filling and serving a need that already exists, rather trying to create a need for what you want to offer. Are there people making money already?
* How can you stand out from the competition? Quality? Customer Service? Unique features or benefits? Quantity?
* Do you have the knowledge and experience to get this business off the ground? If you’re lacking in some areas, where will you find the people and resources to fill in for you to ensure that you’re successful?
Once you’ve got these basics down, then you can work more on the details, which are likely to evolve as you go along.
If (or I should say when) you find yourself stalled by brick walls because you just don’t know what to do next, seek out experts who are already good in that particular area. It really does pay to spend a little money to find expert answers quickly, rather than staying stalled in your business implimention so that you can “save a few dollars and figure it out yourself.”
Spending nothing in order to save money makes no sense if you’re not making any money in the mean time!
If you’re not sure how to get started and need to “just get something going,” or would like to model after somebody who’s not only doing well for himself but has taught many others to also make money, check out this great resource:
No Monkey Business: Money-Making Secrets Revealed
No Monkey Business lays out how to make money online ($300–$500 per day, quickly), details you need to get your business started, and options to fit your personality, knowledge and expertise, and time frame. I found it to a breath of FRESH AIR with real strategies that are simple to put in action.
And, it’s written by a family man who values and understands the importance of spending time on your family– which is great for women entrepreneurs in busines. Huey shows you how to get going and make between $300-$500 per day, walking you through each step of proven and simple ways to make money.
In addition to getting you on track to entering a profitable business, marketing it and actually making money, Huey adds some really important bonus resources:
* How to get and stay on track
* How to Focus (really important- and if you’re lacking this- it will be hard to succeed in anything!),
* A newsletter to keep you updated on the latest strategies and time-saving tips and others.
So, ‘got your business plan yet? No?! Well get writing then!
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Topics: Women in Business |
July 21st, 2009 at 11:11 am
just when I thought I already know what Im going to do on writing a Business plan. Thanks for these tips, these will help me a lot.
October 10th, 2009 at 9:34 am
Great guide. This is perfect for my business. Thank you for sharing.