If 2012 is the year you plan to start your own business, best be sure you have a good business plan in place before you get started. A comprehensive business plan can mean the difference between seeing your new business flourish and having it fail before it’s even really started.
Before going further, question arises is that, What is Business Plan?
A Business plan is the foundation, or rather a springboard, towards the establishment ad growth of a new business, particularly in the later stages of growth. It is an essential tool for companies rising capital and your business plan needs to be “investor ready”.
An investor ready business plan demonstrates to the potential investor that you are an expert in your industry and that you have a clear mission. An entrepreneur addresses these needs by preparing a comprehensive and detailed view of his//hers business objectives and goals.
Important parts of a Good Business Plan:
· Preliminary Materials: you title page, executive summary and project introduction.
· Product & Service: Describe what your new business is planning to offer the market.
· Marketing and Sales Strategy: Describe why the product is necessary and important, and how you plan to market it to the public.
· Organisational Structure and Personnel: Describes the form your business will take and outline which skills and people you will need.
· Legal Requirements: Outline the laws and regulations your business needs to comply with.
· Financial Plan: Lay out the business’s budget, costs and other financial matters. Like investment needs.
· Risk Strategy: Describe the biggest risks to your business and outline how you plan to mitigate or eliminate them.
Last but not the least “Grow Up Once Again”
References:
- http://www.vcgate.com/The_importance_of_a_business_plan.asp
- http://www.ideate.co.za/2012/01/19/the-importance-of-a-business-plan/?utm_source=Ideate&utm_medium=email&utm_campaign=eb3f9d6c3d-RSS_EMAIL_CAMPAIGN
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