BUSINESS PLAN
Learn How to Make a Business Plan?- A business plan is a written document that describes a business. Its objectives, its sales & marketing strategies. It focuses on the market it is in and its financial forecasts.
A business plan lays out a written plan from a marketing, financial and operational view point. An effective business plan is also a road map that provides directions.
In order to business can plan its future and helps it avoid failure.
There are many functions of a Business Plan, from securing external funding to measuring success within the business.
BENFITS OF BUSINESS PLAN FOR A START-UP:
The main reasons why a start-up should produce a Business Plan are:
Provides an insight about the business idea. To assess if is really a good one,or bad and why?
Producing a document that helps clarify the thoughts about the product to be produced or services to be provided. Also, the customers to be served.
It also helps to identify the gaps in information.
The plan provides a logical structure of thinking to the business, also it encourages the entrepreneur to figure out how customers and financiers/investors can be convinced .
It helps in testing the financial viability of the idea like, can the business achieve the required level of profitability and not run out of cash?
The plan provides to help in measuring actual performance and to avoid risks in a new business
A business plan is essential to raise finance from the potential investors. Particularly, investors and banks.
QUESTIONS A START-UP BUSINESS PLANNER SHOULD ANSWER:
Learn How to Make a Business Plan?- A business plan needs to address the issues of interest to the reader. In particular, to the potential financial investors. It shall provide convincing and realistic answers to questions such as:
What is the business idea or opportunity?
Who are the potential competitors?
What will it cost to produce and sell the product?
How much capital is required to launch and run the business?
[…] is still a lot you can do to make yourself busy. For instance, write a short story, or create a business plan. Watch Netflix, do some yoga and gardening etc […]