Wednesday, October 5, 2011

How to Prepare an Effective Business Plan....

Do you have a cool business idea? Are you convinced that you have a unique product or service to offer that you know would be a great success? Well then, you probably do! And, you have already accomplished the first step in the right direction for making it a success.
 You have everything in common with the millions of other successful business entrepreneurs on the planet. All businesses start with an idea or a vision. It's just that simple!
The next step in your move towards business success is to carefully think through the 6 major aspects of your idea or vision. Here again, it's simple... Focus on the who, what, why, where, when and how - otherwise known as your business plan.
One of the keys to starting a successful business is developing a robust business plan. This will assist you with the planning and implementation of your business, and will serve as an effective means to raise the necessary funds required to get it started!
A business plan is your outline, your strategy, your guide and ultimately YOUR BUSINESS!!!
A robust business plan consists of 9 DO's. Follow these simple guidelines and you will be well on your way to establishing a successful and promising business venture.
1. Be specific and concise. Focus on the key elements that drive your business. Break it down into simple terms and concepts. Then summarize.
2. Do your research. Prove that there is a market or demand for your product or service. Use current market data and case studies to justify it.
3. Define your goals and objectives. Determine what you want to accomplish. This can be in measurements of volume, sales, costs, profits, community benefit, environmental impact, etc. Goals will help you keep track of your progress throughout the business plan development process.
4. Understand your competition. Figure out how to do what they do better and don't do what they do badly. Make sense?
5. Have faith. Starting a business can be overwhelming, especially if you have never done it before. Take a deep breath, and then focus on your goals and the bigger picture.
6. Have patience. Rome wasn't built in a day, an most likely your business won't be either. Take the necessary time to think through the details and focus on your progress.
7. Be cautious and conservative. Always error on the side of caution when it comes to your assumptions. It is often hard to predict your actual business performance or position in the beginning, so be reasonable and sensible and never too aggressive.
8. Be realistic. If you find yourself at a cross roads, critical road block, or it becomes apparent that the plan is not feasible, reassess your objectives. Never force a result and don't continue with something that doesn't make sense.
9. Seek professional assistance. Sometimes you may need an expert's advice on how to develop your idea, write your plan, or just to insure you haven't missed any key concepts or information that could result in untimely or costly mistakes. In the end, it will be worth it because you will gain additional assurance and confidence that you have made good decisions, based on realistic assumptions and that you are on the correct path to making your business venture a great SUCCESS.

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