How to Write a Small Business Plan of your Own
Preparation and careful planning is the key to starting your own business as well as getting investors to invest in your start-up company. Any business needs a good business plan to steer its course as well as anticipate possible problems.
Here are a few things that you must consider and include in writing your own small business plan.
The most important parts of your small business plan include a description of your small business, a developed marketing plan, and a management plan. In describing your small business, you have to be able to describe what business you are in. In this part of your business plan, you should be able to put the goods and services you plan to sell as well as the location or place of your business. Indicate why you have chosen such location as well as the advantages and disadvantages of your location. You may also seek to be more detailed in the description of your business by including the special aspects of your business and why you think your business would appeal to your target market. In your description you must clearly point out the purpose of your business as well as the goals and objectives of your business.
In the description of your business, you must be able to describe the products and services that you are offering. Why did you choose to offer such products? What are the strengths of your product and possible weaknesses? How is your product or service better than your competitors? What possible benefit or good will your products have on your consumers?
In the location part of your business plan, it is important to remember that in choosing your location, you must take into account the accessibility of your business as well as the needs of your target consumers. Your business must be in a place where your market can easily reach you as well as adequate in space to accommodate your customers. Indicate in your business plan the expected needs of your location. Is it accessible enough? Big enough? Is your location beneficial or not?
In the marketing part of your business plan, it is important to get to know your consumers and address their needs. You must be able to develop a marketing plan that would both address the demands of your consumers as well as potential needs or wants of your target market. In this part, you must provide in detail your target market. Provide demographics, economic and socio-political trends, the expectations of your customers, as well as your advertisement and publicity plans.
Also provide a management plan in your business plan. This includes your financial management plan as well as your personnel management plan. In the financial management plan, be able to show budgetary allocations, projections in profits and losses and ways to address these losses. In the personnel management plan, indicate the employees you would need, their positions, salaries and rules and regulations they need to follow.
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