How To Write a Business Plan To Start Your Own Business

If you are thinking of starting a business you should know how to write a business plan, is usually observe that the despite having a greater startup idea most businesses are not successful, according to common  statistic within the first 5 years of operation, 90 percent business fail and the remaining 10 percent only 1 at of 10 business lasts past 1st 5 years. so what makes some businesses fail while other prosper?

Business Plan


there may be several reasons including but not limited to.

* Poor Customer Service

* Poor Logistics And Cost Management

* Inadequate Product

but the major reason is the lack of the business plan, business plan help to find a goal and active them if you take your time to set concrete but achievable goal and chart a plan to success, it can help you realize Your Dream & Make Your Business Flourish.

I have compiled a list of Area that needs to be considered while writing a business plan. this will help you define your goal and path your business need to pick to active them.

1. Define Your Vission


When you start a business you have a clear goal in mind, you know exactly what you wish to achieve with your business. however, after something the clarity of your vision will become blood and you will forget some of your brilliant ideas. writing down your vision for the company will help you to define it and moreover, it would help your staff identify with the mission.

all daily activity with the business can then be a line with the vision for the business, this would be the first step of writing a business.

2. Know Your Market


It often happens that you have a brilliant idea but someone else is already started the business with a similar plan, this's very common of course, but you should not let this stop you. How Many Petrol Station Are There?

several businesses can provide the same service and still survive, as the marketplace is huge it can sustain multiple businesses. but for this, you should know your market like the back of your hand. Research and find out how many competitors you have, what service they offer? what are the current and future trends of the industry?

know the largest picture and certain things that can be used to gauge your business performance such as Gross Turnover, Profit Margins etc.... once you know what works in the market, you can manipulate them in your favor.

3. Set Your Goals & Objectives For the Business.


Never assume that your goal needs to be small to accommodate your limitation, THINK BIG. 

clearly, define your Short Term Goals the ones you wish to active within in 12 months

Mid-Term Goals, those that would take between 2 to 3 years and long term Goals. consider all aspects such as 

* The revenue you wish to generate, 

* Number of outlets you want, 

* Number of customers you need in your database, 

The Target Population and Age groups as well as the amount of passive income that needs to be generated in the future.

4. Define Your Unique Selling Proposition


what is it about you, that is different from the crowd, your unique selling point will make you more traffic to a potential customer. How is your product or Service different from others in the market? it could be anything from additional service to personalize customer service.

you can even offer them after sales warranty & support. while writing a business plan you just need to highlight the extra that your customer is getting from you to make your business stand out.

5. Know Your Customer

The customer is the most important path of any business and you should know the Customer for your business, today Customer is spoil for choice. they have thousand of option for every product, so if you want them to buy your product you should know what your idea customer wants?

this's the reason why you need to define your target population and research their habit while writing a business plan. understanding the motivation behind Customer's Actions can make your Business successful. you can focus on the area that grabs your customer interest and stop wasting energy on the rest.

Put yourself in their shoe and then think what would make them choose you each time. write down the ideas and implement them.

6. Research The Demand For Your Business


you might have studied the demand and supply course, even if you haven't, there should be ample demand for your product. find out the demand before investing in a new business. the basic rule is, Demand Should Be More Than Supply. if this whole true for your market, your business will rock. 

if the demand is less than the supply your business will eventually die out.

So do your homework and gather as much information you can, you can do a secondary search right from your home over the internet or your public library. you can even visit government office for this information.

but the best option is primary research where you directly interact with your target audience to know their pretenses and how ready they are to buy your product. 

so hit the road and note down all the interesting idea you get to increase the demand. be smart and invest your life saving only after ascertaining that there is demand for your product.

7. Set Your Marketing Goals.

so you have finished the research and define your business vision, the next step in writing a business plan is setting up marketing goals. 

this are those goals that define How Your Product Would Look Like? 

* What It Will Cost?

* How You'll Distribute It?

* The Ways In Which You Can Promote It?

most businesses do plan these but they neglect the most important areas, you should set-up marketing goals that would help active your primary business objective. 

Question like 

* The Number Of Products You'll Sell

* What Will Be Your Product Development Strategy?

* Your Price Margins

* Delivery Methods & Promotion Plan 

should be truly considered, when you ask yourself this questions they would find the goal for marketing your business

8. Define Your Marketing Strategy


Now that you have your marketing Goals, you need a plan to active them. 

* How many products you need to produce and Sell and at what profit margin so to get your desired revenue?

* What will be your System of Delivery & your coverage are?

* What will be the strategies to promote your business.

the medium that you would use, be very specific as this will translate to action into your ultimate success or failure. plan for every eventuality while writing a business plan.

9. Take Action

Without action all else is a waste, this's the most important path of writing a business plan, you can plan all you want but unless you do the action work and bring a customer to your store front you wouldn't earn anything. 

Even if you find that according to the business plan your idea isn't viable Don't give up.

there are thousand of other ideas out there and you can ultimately find one that suit you. if you wish to be happy and healthy there is a business waiting for you to grab it. your business plan will provide the direction and focus but you would need to take the first step.  

Writing a business plan isn't difficult if you know what you should focus on.

you now have an idea of what is important and how you should tackle the task of writing a business plan and you are now better equipped to start a successful business.

start your research today, jot down all those brilliant ideas, set your goals, define a path and don't let anyone stop you. now you know how to write a business plan and the better for success is in your hand. make the best today.

I hope you learn something from this article feel free to drop a comment below


Author:

Hi, i am Micheal, the guy behind Roadtosuccesse. I share tips and tricks to help take a business to the next level, show which systems I personally endorse and use, share what I learn as a student of the game, and help people with personal development so that they can reach their full potential.

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