Business Plan

Its primary purpose is to fully understand how a certain business should be properly managed. Planning a biz needs a systematic approach in conceptualizing and formulating your ideas, thoughts, knowledge and experiences concerning your biz.On the other hand a start up plan involves market research, company’s mission and vision and some finance and administrative study.

Take into account a standard business plan.This should include all the business essentials that will surely be beneficial to the whole business operations. Product branding emphasizing on the features and benefits, detailed sales projection, market research and finance and administrative factors shall not be overlooked in making a standard business plan.

The content of a well prepared business plan should both benefit the investors and the business owners like you. The details must be very distinct so as to avoid conflicts or confusion in the future. Here are some of the crucial factors in doing your business plan.

Financing – this should give the investors the assurance that they will positively get revenues based on the proposed sales forecast

Contracts – agreements between the investors and the sellers are very significant. The main reason for having one is for both parties to have a secured business relationship. This applies also the sellers and buyers sales deals indicating products and services purchase details.

Product Developement – minor or major moves as far as this aspect is concerned should not compromise the company’s current standing in the market. A comprehensive market research with the emphasis on the direct competitors is the best thing to do before executing any plans of modifying products or services

Break-even profitability – have factual information in presenting your plan.If your figures promise that your business will get an income for a certain period of time then that should be backed up by a real sales forecast that will give both the investors and the business owners the assurance of having a high percentage of profitability

Additional Expansion and Investment – some sellers or business owners may be carried away with their enthusiasm in adding another business venture. There’s nothing wrong with that, but better if you as an entrepreneur should make your existing business a success before seeking the support again of your investors. Both of you will not waste time, money and effort as you will be focussing only on one concern. Manage your business slowly but surely.

Nobody’s perfect. Yes even in preparing your own business plan. Take note of these frequent mistakes committed by the entrepreneurs in starting a business.

Not Having Enough Money – opening a business needs more than enough capital than what you expect it. Sufficient funding for your biz will avoid you from closing, losing and other conflicts such as seller –buyer transaction and others. You may choose to have an investor to support you in your venture or you may consider a loan from the bank. You must have a definite budget planning before you open a biz.

Not Thinking Of Survival – I am sure the reason why you are putting a business is to help you survive the standard of living. The secret of success in a business lies in the proper way of planning so as to have high profit out of that biz.

If you are considering to have private investors or to loan from the bank for your business, then check out the important tips below that will help you avoid committing mistakes.

1. You must prove to your investors that you have strong management behaviour and that your team are competitive enough to give you high sales output.

2. You should be able to show your projections in a manner that will show your investors a clear figure of the expected revenues, with the emphasis on the consumers getting their money’s worth when they purchase your product or hire your services.

3. Present a business model that will show your precise profit margin. In doing so, you will be assured of a high sales output giving you high revenues.

4. Presentation of products and services should be handled meticulously so that your buyers can easily comprehend what you are trying to share with them. Otherwise, they will not be able to realize your products and services features and benefits.

5. Learning all the aspects of the market you are getting into will give you a great advantage.

6. Identify clearly who your competitors are and how to surpass their sales performance. Your investors will certainly be impressed if you do this.

7. Study your prospective and current buyers. You must be able to provide them with the products or services that they need not just want.

8. Start your planning with a well prepared executive summary. This will lead you in the succeeding moves concerning your business.

9. Proofread your business plan. Not just once, twice but a lot of times. This will give the reader that you are very precise in everything that you do.

10. Elaborating too much a in a certain point in your business plan will bore your investors. Save the rest for personal discussion. This will add enthusiasm with your dealings with them.

any kind of business has a risk. It only depends on the business owners on how to handle those risks. Factors like rent, income expectations, competition, occupancy, and management upholding are just some of the concerns we should give emphasis in planning our business. Investors give high weight on this so better yet identify some of the risk aspects in having and planning a biz and that involves the following:

1. Economic instability
2. Operational income and history
3. Repeat profits
4. Facets of financial statements
5. General administration
6. Outcome of associated participant dealings
7. Concern for strength and supplementary funds
8. Short of cash converted assets
9. Voting status
10. Call to keep performing employees
11. Unpleasant changes, administrative helpfulness and enhancing cost modification
12. Outcome of sales agreements, purchases and dealings
13. Loans and communication

In stating the risks in your plan, you need to take into account these important factors: Market and sub-market research, comparative studies, property state scrutiny, management modifications, appraisal assistance, investment and financial organization, management, system, finance and accounting planning and assets and liabilities.

Recycling a business plan is a must in every entrepreneur’s business presentation to his or her investors. Revision can be another term for this. After addressing all the questions and concerns raised by your investors, then that’s the time to recycle or reprocess your business plan.

Re- identify your objectives, goals and sales and marketing strategies

You must make sure that you emphasize on the opportunities of the business, operating plans and financial concerns that will give you a positive sales output and high revenue

Briefly illustrate your marketing strategies, concept, business model and catchphrase on one page

Be consistent with your skills, business knowledge and experiences with your business goals

Be very much aware of the market trends, competitors and their tactics and take some alternative approach to be more competitive

Sales projections, reviews, operational costs and other relevant figures should be thoroughly scrutinized to guarantee you and your investors of a high profit

Finally prepare all these in a power point presentation not just to impress your investors, lenders and management team but more so to have a very clear scenario of your whole business plan.