Formulating A Business Plan

Unfortunately, many prospective business owners are convinced that their idea for a product or service is a "can't miss" proposition, and don't take the time to do the necessary research and work through a proper business plan.The more you know about your industry, your prospective customers, and the competition the greater the likely hood that your business will succeed.Therefore, every well thought-out business plan includes a description of products and services, a competitive analysis, a marketing plan, a management plan, and a financial plan.

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A business also needs money to start, to operate, and to grow.

By expending the effort to develop a comprehensive business plan, you will have a powerful tool for attracting investors.

The exercise of budgeting and market planning will help you define your Target Market, your Unique Selling Proposition, optimum pricing strategies, and outline how you intend to sell/deliver your products to customers.

In addition, developing a budget for implementation will assist with determination of your startup and operating capital requirements.

The process of writing a business plan can do wonders to clarify where you've been and where you're going.

WHAT TO EXPECTFor any business to be successful, it must be started and operated with a clear understanding of its customers, its internal strengths, its competitive environment, and a vision of how it will evolve to compete in the future.

But in actuality, the business plan for any business will change over time as the business develops, and any particular business may have multiple business plans as its objectives change.

In the growth phase an updated business plan is useful for forecasting or raising additional capital for expansion, and if you decide to sell or close the business the business plan can include strategies and timelines for the transfer to new ownership or dissolution of the company.

WHAT YOU SHOULD KNOW BEFORE GETTING STARTED [top]Why Write a Business Plan?

Business plans are prepared as a necessary instrument for raising capital from potential investors, bankers and other lenders.

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