Business plan is a key factor to start successful business.

Planning is a key factor of success. It helps you identifying your goals and the ways to reach them clearly.

One of the most Important action to start your own business is to create business plan. It shows you the road you should go through to achieve success, it is also your reference that you measure your progress against to take corrective actions when it is necessary. one of important side of business plan it shows you if the data you collected during market research phase is enough for starting your business or you need to gather more information. you should start business plan by descripting your product / service and mention the ways you are going to introduce it. Then you add details of target market to determine the need for your business. Also you should describe you weak and strength points, opportunities and threats in SWOT analysis part. in Management part you demonstrate company structure and needed personnel to run business. then in operation plan you Provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory. Then you come to a very important part which is sales and marketing plan that shows how the company plans to sell its products to the target market. the channels it will use to sell its goods and services. The last part of your plan shows financial requirements and expected revenue, you add funding sources, cost items, expected revenues and some indicators like NPV ( net present value) that shows todays value of future earned money, ROI ( Return on Investment), Payback Period, and breakeven point ( when the revenue equal the cost). you may add other sections to you plan like risk analysis, company mission and vision and executive summary.

The most important part here is to start your business by clearly defining your product / service and how you are going to introduce it, don't jump to sales and marketing part until you define you scope of work clearly and define your tools and requirements to introduce your work.


Popular posts from this blog

Information is an important success factor , but how do we get it?

Market Research: Get the right information, Take the right decision