How do I build a winning business plan?

Starting or running your business without a business plan is like being a human without a skeleton!

Not only will the use of a sample structure highlight any areas that you haven't fully thought through, but it will also give you a good idea of what makes a good business plan, and what doesn't.

The importance of your business plan as a motivating factor in running or starting your business cannot be underestimated. You will find that your commitment continues to build as you gather information, research and write each section.

Your business plan should always accompany applications for Small Business Loans, and lenders or any kind of angel investor will simply refuse to consider your business proposal without one.

Once you've commenced trading your small business plan will act as a steak in the ground, and help you measure where you expected to be against where you actually are. It will help you take corrective action as necessary.

Sample Business Plan Structure:-

All plans should include at least the elements listed below, and perhaps additional sections depending on the type of industry.

1.Executive Summary
2.Company Background
3.Products or Service Overview
4.Unique Selling Proposition and competitive advantages
5.The Marketplace
6.Operations
7.Leadership and management profiles including professional competencies
8.Professional Support
9.Risks and Threats assessment
10.Financial forecasts including key assumptions
11.Relevant appendices

Collecting information for all sections is time-consuming and sometimes difficult. The business section of your local library is always a good place to start your research. Ask your friendly librarian how to look at market research reports and how to investigate competitors.

If you are not familiar with spreadsheet software, building the necessary financial forecasts is a major hurdle. You've got two choices:

Pay someone to put some or all of the plan together for you, or a small investment in some business planning software.

The advantage of using a professional is that you will receive the benefits of their experience, combined with a professional-looking plan.

The disadvantage is that it wont be easy to make changes, and more importantly, because you will not have been as involved in its preparation, you wont be as familiar with its contents as you should be. Make sure to learn the contents well.

One final tip though, remember its the quality of the information you put into it that determines what comes out.

Comments

What Does Your Logo Color Say About Your Business?

And not only your logo, but also your website, brochure, business cards, and marketing materials. Yes, colors do matter They communicate feelings and emotions. They represent ideas and thoughts. So before you create a logo or any other piece of marketing make sure you select the right colors to communicate a personality that accurately represents you and your business. Following are some generally accepted principles of color and the emotions they evoke. Keep them in mind when selecting colors to represent your business. White/Silver: purity, truthfulness, faith, contemporary, refined, wealth Black : seriousness, distinctiveness, boldness, power, sophistication Blue : authority, dignity, security, faithfulness, heritage, trust Brown / Gold : history, utility, earthiness, richness, tradition, conservative Gray / Silver : somberness, authority, practicality, corporate mentality Green : tranquility, health, freshness, stability, appetite Orange : fun, cheeriness, warm exuberance, ap...

WebSite Promotion Ideas for Small Businesses

Website promotion You've already figured out that your small business needs a website to compete with the big boys and maintain every aspect of your relationship with your customers. But once you have your website up and running, you'll need website promotion ideas so that people know about your website. After all, no one will visit your website if they do know it exists. The first of your website promotion ideas is submitting your website to all the major search engines. Search engine traffic is a major draw to websites and most web masters will tell you that the vast majority of their traffic comes from search engine clicks. Most of the major search engines have a specific page you can use to submit your site. Once it is submitted, it will usually take a few days to a week before it starts showing up in keyword searches. Other website promotion ideas include advertising your website on internet message boards and discussion forums centered on subjects related in some way to...

Why Incorporate Your Business?

Entrepreneurs embark on costly business ventures without first looking into the form of business that would be most suitable for them given their business experience and financial capability. Deciding on what legal form your venture is going to take will spell the difference when you experience difficulty in your business later on. A businessman can choose from different business forms including sole or single proprietorship, partnership, or a corporation. Each of these legal forms has its advantages and disadvantages and a businessman should be well aware of their implications on his business venture. The sole proprietorship is the easiest business venture to put up because you only have yourself to disagree with. This means you can go ahead with whatever plans you have and you can implement them anytime. It means that when your venture succeeds then you will reap all the financial rewards of your business. The sad fact is that this can also be a disadvantage since it can also m...

Tech Learner

Search This Blog