How To Write a Business Plan To Start Your Own business

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 abusiness planit is usually observed that despite having a great startup ideamost businesses are not successful according to common statistics withinthe first five years of operationsninety percent of businesses fail and of the remaining ten percent only one ofthe ten businesses last past the first five yearsso what makes some businesses fail while others prosperthere may be several reasons including but not limited to or customer servicepoor logistics and cost management and inadequate product but the major reasonis the lack of a business plan business plans help define goals and achieve themif you take out time to set concrete but achievable goals and chart a plan tosuccessit can help you realize your dream and make your business flourishI have compiled an all-inclusive list of areas that need to be considered whilewriting a business planthese will help you in defining your goals and the path your business needsto take to achieve themstep 1 defying your vision when you start a business you have a clear goalin mindyou know exactly what you wish to achieve with your businesshowever after some time the clarity of your vision will become blurred andyou’ll forget some of your brilliant ideas writing down your vision for thecompany will help you to define itand moreover it will help your staff identify with the missionall daily activities of the business can then be aligned with your vision for thebusinessthis should be the first step of writing a business planstep 2 set your goals and objectives for the businessnever assume that your goals need to be small to accommodate your limitationsthink big clearly define your short-term goalsthe ones that you wish to achieve within 12 months mid term goalsthose that will take between two to three years and long-term goals considerall aspects such as the revenue you wish to generate number of i’ll let you onthe number of customers you need in your database the target population and agegroups as well as the amount of passive income that needs to be generated infuturestep 3 define your unique selling propositionwhat is it about you that is different from the crowdyour unique selling point or USP will make you more attractive to potentialcustomersI was your product or service different from others in the parkin it could beanything from additional services to personalized customer service you caneven offer them better after sales warranty and support while writing abusiness plan you just need to highlight the extras that your customers are getting from you to make your business stand outstep 4 know your marketit often happens that you have a brilliant idea but someone else hasalready started a business with a similar planthis is a very common occurs but you should not let this start – how manypetrol stations are there several businesses can provide the same serviceand still survive as the market place is huge and it can sustain multiplebusinesses but for this you should know your market like the back of your handresearch and find out how many competitors you have what services theyofferwhat are the current and future trends of the industryno the larger picture are there certain benchmarks that can be used to gaugeyour business performance such as gross turnover profit margins etc once youknow the inner workings of the market you can manipulate them in your favorthis is an important part of learning how to write a business planstep 5 know your customerthis goes without saying customers are the most important part of any businessand you should know the customers your business caters to todaycustomers are spoiled for choice and they have thousands of options for everyproduct so if you want them to buy your productyou should know what your ideal customer ones this is the reason why you need todefine your target populations and research their habits while writing abusiness planunderstanding the motivation behind customers actions can make your businesssuccessfulyou can focus on the areas that grab your customers interests and stopwasting energy on the restput yourself in their shoes and then think what would make them choose youeach time write down the ideas and implement themstep 6 research the demand for your businessyou must have studied the demand and supply curveeven if you have it it stands to logic that there should be ample demand foryour product find out the demands before investing in a new businessthe basic rule is the man should be more than supply if this holds true for yourmarket your business will thrive but if the demand is less than the supply yourbusiness will eventually die outso do your homework and gather as much information as you canyou can do a secondary search right from your home over the internet or yourPublic Libraryyou can even visit government offices for this information but by far the bestoption is primary researc

Leave a Reply

Your email address will not be published. Required fields are marked *