Plan your Business
Develop your Business Plan
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- Develop your business Plan
- Business Start Up Cost
- Securing Property for your business
- Business Legal Structure and Name
A good business plan helps entrepreneurs prepare for the future. A business plan is most often thought of as a tool to obtain financing. An effective business plan also aids the business in several other ways. While the development of a business plan does not guarantee securing a loan or achieving success, objective preparation will prepare the entrepreneur for what lies ahead.
Your business plan can vary in length depending on the complexity of the business. It is a matter of addressing the subject matter as thoroughly yet concisely as possible. Whether you use an online site, a workbook, or computer software, any complete business plan will cover the following major sections.
Introductory Page
This cover page includes a brief summary of the business plan that includes the business name and address, entrepreneur's information (name, address, email, phone), brief description of the nature of the business, and a brief description of the funds required.
1. Executive Summary
The executive summary is a snapshot of the main points of the business that usually includes the following information:
1. What is a business concept or model?
2. What is unique about this business concept or model?
3. Who is in this business?
4. How will they make money and how much money will they make?
2. Environmental Analysis
Assessment of external and internal variables that may impact the business plan. Environmental factors include Economy, Culture, Technology, Legal Concerns.
3. Industry Analysis
After an entrepreneur has completed the environmental analysis, he or she should conduct an industry analysis targeting specific industry trends. The two main players are industry demand and competition.
4. Description of Venture-
Provides a complete overview of the product or service and the operation of the new business. It states the mission statement or company mission of the new enterprise. The statement describes the nature of the business and the goals the entrepreneur hopes to achieve.
5. Production Plan
Describe the complete manufacturing process of the business, that is, the physical layout, the machinery and equipment needed to carry out the production operations, raw materials and suppliers, manufacturing costs, and any future capital equipment requirements.
6. Operations Plan
Describe the flow of goods and services from production to customers. It may include inventory or storage of finished products, transportation, inventory control procedures, and customer support services.
7. Marketing Plan
Describes market conditions and strategy related to how the product(s) and service(s) will be distributed, priced, and promoted.
8. Organizational Plan
Describes the form of ownership, whether it is a joint venture, sole proprietorship, partnership, or corporate form. If the joint venture is a partnership, the terms of the partnership should be included, but if the joint venture is corporate, it must list in detail the authorized shares and share options, as well as the names, addresses, and resumes of the company’s directors and officers. It also indicates the scope of authority and responsibilities of the members of the organization.
9. Assessment of Risk
Identify potential hazards and alternative strategies to achieve business plan objectives.
10. Financial Plan
Forecast of key financial data to determine economic feasibility and necessary financial investment commitments.