Free Business plan/Feasibility study template and specialist writer
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What should you understand by the word Business Plan?
As a matter of fact, the primary value of your business plan is to create a written outline that will help evaluates all aspects of the economic viability of your business venture which including; a description analysis of your business prospects. Most successful businessmen and business specialist believe that preparing or developing or managing a business plan is important prerequisite for any business success regardless of its size or nature. Although, this does not ensure your full success in the business, unless you engage a diligent hand to deliver success via following the laydown roadmap for such business. Furthermore, if you maintain a correct assessment of the changing economics on your business, your plan will provide a useful roadmap as well as a financing tool. Not only but also if you have miscalculated the potential, then your business plan could become a roadmap leading to failure at last.
Nevertheless, always know that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of his or her business. Although, this step is often skipped, but we have made it easy for you by providing this ready format to build your plan as you progress through this comprehensive article.
Before entering or doing any business, take out time to know the business viability, for most start-up entrepreneurs now are reluctant to write down their business plan and at the long run, they face business failure. We will advise that you complete each segment of this plan as you progress through this comprehensive write up.
General speaking, do not expect that all your initial assumptions will be correct in all. Rather, look at your business plan as an ongoing assessment project that you will frequently review. This will give you a continuous ability to change and adjust relevant things in line with the actual operating experiences. For example, your cash flow projection should be updated frequently to ensure ongoing liquidity (not running out of cash) in the business.
Always know that your business plan will become your roadmap to track your business. Although, one may not predict all of the changing conditions that will surface later. That is more reason why you have to periodically review and update your business plan to suit concurrent changes as they come.
- In the first place, it will help you define your focus and your objective using appropriate information and analysis.
- It will serve as a selling tool in dealing with important relationships which include your lenders, investors and banks.
- Your business plan can help you uncover omissions or weaknesses in your planning process
- You can use the business plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice.
- Oftentimes, entrepreneurs go ahead without the benefit of input from experts who could save their neck from potentially disastrous or mistakes in the business venture. “Your opinion” is a great song, but in practical result, it can lead to unnecessary hardships or frustration in the business. Expert you can consult in your business venture include your investors, family members, banker, lawyer, attorney, business mentors, trusted business friends, potential customers, competitors (distant ones), potential landlords, and the U.S. Small Business Administration.
Avoid unnecessary things from Your Business Plan
- As a matter of fact, there needs to place some reasonable limits on long-term, future projections and concentrate on immediate needs. In like manner, stick with short-term objectives and modify the plan as your business progresses generally. Most times, long-range planning becomes meaningless because the reality of your business can be different from your initial concept.
- By the same token, avoid optimism. As a matter of fact, offset optimism, be extremely conservative in predicting capital requirements, timelines, sales and profits of the business. Not too many businesses plans correctly, in anticipate of how much money and time will be required per time.
- Always remember to avoid language or explanations that are too difficult to understand by your team. Spell out your strategies in the event of business adversities I general.
- In like manner, don’t depend entirely on the uniqueness of your business or even a patented invention. Most Success comes to those who start businesses with great economics concept in mind and not necessarily great inventions in an overall view.
Business Plan format has been defined in several ways, but for this contest, it is a systematic assessment of all the factors, critical to your business purpose and goals. Below are some suggested topics you can tailor your business plans into:
Vision Statement: This will be a concise outline of your business purpose and goals.
People: the most important ingredient for your success will be yourself. In the same fashion, focus on how your prior experiences will be applicable to your new business idea. Start by preparing your résumé and one for each person who will be involved in starting the business with you. Moreover, be factual and avoid hype in general. Most importantly, this part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. Templates for preparing résumés are available online.
Nevertheless, you cannot be someone who you are not. As a matter of fact, if you lack the ability to perform a key function, include this in your business plan. For instance, if you lack the ability to train staff, include an explanation how you will compensate for this deficiency. In like manner, you could add a partner to your plan or plan to hire key people who will provide skills you don’t have. Also include biographies of all your intended management.
Business Profile: this is done by defining and describing your intended business and exactly how you plan to go about it. Endeavour to stay focused on the specialized market you intend to serve. As a matter of fact, specialists do better than non-specialists.
Economic Assessment: you have to provide a complete assessment of the economic environment in which your business will become a part. Try to explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. In an appropriate manner, provide demographic studies and traffic flow data normally available from local planning departments.
Cash Flow Assessment: this include a one-year cash flow that will incorporate your capital requirements. Include your assessment of what could go wrong and how you would plan to handle problems.
Marketing Plan and Expansion Plans: Always remember that your expansion plan should describe how you plan to test markets and products before rolling out your product. Also know that; SCORE offers a great marketing plan guide.
Damage Control Plan: in addition, all businesses will experience episodes of distress. Survival of the business will depend on how well you are prepared to cope with them as they come. Also know that, your damage control plan should anticipate potential threats to your business and how you plan to overcome them is very important.
Free Business plan; Here are three instance:
Firstly; Plan for 35% loss of sales. During economic downturns, your survival will depend on your ability to maintain liquidity for a period of at least 12 months. Can your Damage Control cash flow plan show how to avoid running out of cash?
Secondly, Plan for a catastrophic incident. Businesses can be overturned by unforeseen disasters which can be avoided by maintaining appropriate insurance. You will need the assistance of a qualified business insurance agent.
Thirdly, Plan for product obsolescence. If your business is in a rapidly changing technology area such as Netflix’s home delivered DVDs, you will need to plan now to keep a step ahead of technical changes or advancements.
Eight Steps To A better Business Plan
- Set time aside to prepare your business plan as you work through the MOBI courses.
- Focus and refine your concept based on the information you have collected.
- Gather all the data you can on the feasibility and the specifics of your business concept.
- Outline the specifics of your business, using a “what, where, why, how” approach.
- Include your experience, education and personal information.
- Fill in the templates at the end of each session. Use clear language and realistic projections.
- You may wish to enhance your presentation with bar charts, pie charts and graphics.
- Share a draft of your plan with trusted advisers. Use their feedback to improve the plan.
A Sound Business Concept: The single most common mistake made by entrepreneurs is not selecting the right business initially. The best way to learn about your prospective business is to work for someone else in that business before beginning your own. There can be a huge gap between your concept of a fine business and reality.
Understanding of Your Market: A good way to test your understanding is to test market your product or service before your start. Do you think you have a great kite that will capture the imagination of kite fliers throughout the world? Then craft some kites and try selling them first.
A Healthy, Growing and Stable Industry: Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit for many of those who tried to exploit these great advances. For example, the cumulative earnings of all airlines since Wilber Wright flew that first plane are less than zero. Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind.
Capable Management: Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths.
Able Financial Control: You will learn later the importance of becoming qualified in accounting, computer software and cash flow management. Most entrepreneurs do not come from accounting backgrounds and must go back to school to learn these skills. Would you bet your savings in a game where you don’t know how to keep score? People mistakenly do it in business all the time.
Financial Management Skills: Build a qualified team to evaluate the best options for utilizing retained earnings.
A Consistent Business Focus: As a rule, people who specialize in a product or service will do better than people who do not specialize. Focus your efforts on something that you can do so well that you will not be competing solely on the basis of price.
A Mindset to Anticipate Change: Don’t commit yourself too early. Your first plan should be written in pencil, not in ink. Keep a fluid mindset and be aggressive in making revisions as warranted by changing circumstances and expanding knowledge.
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Similarly, it shows how much it will cost you to own your desired business, what your money can afford. The kinds of product you will need to minimize input in other to maximize output. Likewise, how much returns you will get at the end of each accounting year until your business break-even on its initial investment capital. Lastly, this will give the intending business person or investor or farmer, a vivid idea on the possible benefit he or she stands to gain, when he or she starts doing the business. However, the intending business person or investor or farmer will not need a soothsayer to make decision for him or her.
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