Pointers of developing a Business Plan:

  • Research: Research what is needed by your audience; what can lead your business to success.

  • Concept: Develop the concept of your business in your mind; it contains information about your business and your product or service; in short, overview of your business.

  • Establish your vision/mission: After establishing the concept, establish vision/mission of your business. Establishing mission/vision helps you to focus on one point.

  • Goals and Objectives: Set goals and objectives of your business.

  • Create outline: It contains information about the company & industry, products & services, market, management, financial plan and funds required.

  • Products/Services: Description of products or services and their features and benefits are included in this section.

  • Define target market: It contains proper research about market; you should have knowledge about your target market.

  • Know your target customers: It is one of the most important steps of writing a business plan, as well as for stating a business. You must know about your customers, their needs and desires.

  • Demand for your product: Before spending large amount of capital, research the demand for your product.

  • Competitive analysis: This includes description about your competitors. You must have proper knowledge about your competitors for running successful business.

  • Marketing strategy: This section includes sales target, future products, budget for marketing, etc.

  • Financial projection: It contains your financial highlights, cash flow projections, statements showing the financial position.

  • Review & Editing: When you are done writing a business plan, it is necessary to proofread and edit it where required.

 

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