Business Plans: the backbone of your business

A well-written business plan is always the backbone behind the success of most businesses. It will basically outline all the answers for the doubts that your investors or lenders might have on your new business. Below are some questions and the ways of answering them in your business plan:

  • What is the reason behind the venture? If you don’t know how to answer this question, you will face a hard time trying to convince the banks and your investors about the positive prospects of your business. A clear goal will be always be an advantage in getting funded. Also, your future employees will need to know why they are going to work for you. There are many purposes of a business, but commonly it would be either to help consumers and retailers complete tasks more efficiently, and also reduce their workload. And at the end of the day, it is going to be the business plan which will lay out all of these in clear-cut writing.
  • What products or services are you’ planning to sell? This part of the business plan is very important because you are going to describe in detail all the aspects and functions of the products or services you offer. If you are selling more than one product or service, it is better if you could describe each on a separate page, including as much detail as possible.
  • Is there a market for your business, and who is it targeting? It does not matter what type of company you are starting, whether it is from scratch or from an existing idea, some research is a must apart from clarifying the current market need for the product or service you are offering or selling, it will also pinpoint the various groups of people who will be your potential customers. Include such sources as annual reports of other companies in the same industry or business field, and by undertaking some surveys.
  • How much does your business cost? These are usually production costs, creative and marketing costs, and operational costs. You need money for things like factory and office equipment, phones, computers, desks, property and building, utilities and bills, and much much more more. Not to forget the costs involved in doing the research to find out the potential of your business in the industry, as well as promoting it.
  • What are the materials and equipment needed? To make and produce quality customer service for your business, you must have both the equipment and good supplies. Everything that is basically needed to successfully produce and market your business must be listed here.
  • What are your goals? Goals are very important for a business, because it will set the company towards something to be successful, especially in the long run. It would be good if you can estimate how much you can make in 3 to 5 years.

Optionally, you can put in management and communication goals too. You have the choice in whichever way you want to write your business plan. You can seek a business professional to help you, or you can simply refer to this article as an outline. In short, the better your business plan document is, the better chances you have in getting investors and loans.


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