Monday, February 25, 2013

How Do Create a Business Plan? For Small Business; Online Business or Anyone Else?

How do you create a business plan? When it comes to business plans I am often asked the same questions. Do I need a business plan? How to write a business plan as a promoter? How do you write a business plan for a startup? How do I write a business plan for online business? What should I include in my business plan? Let’s see about answering these.
To answer the primary question, “Do I require a business plan?” The answer is YES!!!

How do you expect to be successful in business if you don’t have a clue as to where you are taking that business? If you don’t know – no one else will either. It’s like trying to build a house without a blueprint. It’s not going to work and the structure will collapse; so will your business and the dreams you had for that business right along with it.
Now the real trick knows how you write a business plan for the right audience. Since the majority of new businesses and ones which require investment by way of a loan or a business partner, a business plan is a must. Any potential investor will want to see for example, your future growth projections before they commit to invest.
The business plan will aim to show its readers all about your aims for your business and how you are going to reach these targets. You need to have a strategy firmly in place before even attempting to write the plan. You should know the direction you are going to take, the investments you are going to make in staff, equipment and machinery. You need to have business goals and an idea of when each target is likely to be met.

In most cases a business plan is used to try to attract people to invest into your idea and business. It is your sales copy in effect and therefore if you create a professional, well laid out and strong business plan, people are more likely to take you seriously and to invest.
What should be included in my business plan?
Your plan will include the following (Taken from my 35 Hour Business Plan Workshop):
  • Settings/Goals (Executive Summary/Company Description/Background) Write down all of your ideas and really sell the positive side of your character to them. The fact that you are really hard working and that you thrive under pressure. You love a challenge and can not only work well as part of a team but also on your own. 
  •  Team Building (Administration/Management/Executive Team) Give them a brief summary of your history and what you have achieved in the past. Then show others who will help you make your business grow – they can be ad-hoc 
  •  Making Money (Financials) These change in delivery based upon whom you request money from. Angel investors, Venture Capital and Banking institutions all want to see something different. 
  •  Getting It Sold (The Market) Describe the market place that your business is a part of, the competition and also the opportunities for growth in that market. 
  •  Getting It Done (Strategy & Implementation) There is also the point where you may not want financials but you will need to show how you plan to make your money and what bills you need to pay from that money.
  • Making Sure (Quality Assurance) Finding out how your clients and customers feel about your brand, business, product and service is essential to fine tuning your business. This is how you grow.
But not all businesses require loans. There are several types of these businesses:
  • A business which is happy to stay as it is and which has no plans to expand.
  • A business which is a one man band and is self-sufficient, without the need of any outside help.
  • Direct sales businesses that require small initial investments – but grow based on enrolling others under you (also MLMs).
I hope this information has helped give you an idea of how to create a business plan. 

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