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It's a common saying that..
Those who never plan and already plan to fail already.
Even God himself had a plan for what the world would look like. Everyone has a plan to achieve something. And so also is a business, every entrepreneur always have a plan for the business they want to venture into
So we will be looking into how to have a successful business plan...
A business plan is a formal statement of your business goals, reasons they are attainable, and plans for attaining them. It may also contain background information about the organization or team attempting to reach those goals. Written business plans are often required to obtain a bank loan or other financing.
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their investment return in that timeframe.
First is to have a fiscibility study
Have a knowledge of what you are going into
Many businesses have failed because many took things for granted like seeking advice and making enquiries about the business they want to venture into .
For example, I want to start selling pure water in a community. In my plan.. I have to make enquiries on how much I can produce to meet the needs of consumers, and the availability of the resource( water ) itself
2 . Work Force
Every business involves labour, the set of people who are going to be paid for their service. These are people who would be involved in carrying out different process in different areas . Such as security, production, sales, etc
3 . Environment
What kind of arrangement would be suitable to move your business forward..
A business must be in a area where it won't only survive but thrive... A good business plan should should have an analysis of where the business would be located and would bring enough income for the investor
Many businesses proposals has been threw into the bin because the investor feels the enterprise wouldn't survive in such location
4 . Advertisement
People say advertisement is a legal lie... But it's a powerful tool to make the business stand the test of time..
Advertising a business makes it easier to communicate with the consumer more efficient and effective Learn to have a way to advertise your business. There many advertising opportunities but choose the best suitable for your business.
For example, someone who wants to start a restaurant where they eat confectioners like cakes, hamburger, doughnuts and etc. The best ways is organizing a page on facebook or instagram where you can share pictures of what you are doing or selling. People who find it interesting would come over to buy
5 . And another important thing to note in the business plan is
CONSUMER AND COMPETITIVE ADVANTAGE
There's a saying that...
Customers are always right.
An ideal business should have a goal of getting more customers by offering friendly service and price enticing products.
Competitive Advantage, there always competition in any sphere of business. So, you have to get a standard that is evenly matched with other competitors in the market. If you don't have a plan to overcome this, even when you have nice business plan, you may not last long enough in the market because you would lose more customers. Learn to have a standard that can be a viable alternative for people to choose.
6 . FINANCE
Whenever business plan is being talked upon, many focus on this part. It's one of the very hard part in making a business plan. This part includes :
These are the major things capital is spent upon and derived from if you know what you are doing.
Financing a business is very important. Don't expect to get your gain in a month or less.. Most business that flourish today didn't make much profit in the early days. Have a solid financial backbone. Don't get too deep in debts. Invest more on assets and reduce cost of expenses to the bearable
Lastly.
7 . Insurance, Security and Risk Management
There are times things wont go rosy, you should have in your business plan what do ahead of unforeseen circumstances that could come.
Take reasonable risks, it's not advisable to risk your capital to invest in a business where you not guarantee more than 75% that your capital is safe.
Always have a backup plan to follow up if things don't work the right way...
