if you're thinking of starting a business. you should know how to write a business plan. it is usually observed that despite having a great startup idea, most businesses are not successful according to common statistics within the first five years of operations 90% of businesses fail and of the remaining 10% only one at 1/10 businesses. last past
the first five years so what makes some businesses fail while others prosper there may be several reasons including but not limited to or customer service.
poor logistics and cost management and inadequate product but the major reason is the lack of a business plan. business plans help define goals and achieve them if you take out time to set concrete but achievable goals and chart a plan to success.
it can help you realize your dream and make your business flourish. I have compiled an all-inclusive list of areas, that need to be considered while writing a business plan. these will help you in defining your goals and the path, your business needs to take to achieve them step 1 define your vision, 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 some time the clarity of your vision will become blurred and you'll forget. some of your brilliant ideas writing down your vision for the company will help you to define it and moreover.
it will help your staff identify with the mission all daily activities of the business can then be aligned with your vision for the business this should be the first step of writing a business plan.
you just need to highlight the extras that your customers are getting from you to make, your business stand out step 4 know your market it often happens, that you have a brilliant idea but someone
else has already started a business with a similar plan, this is a very common occurrence but you should not let this stop. you how many petrol stations
are there several businesses can provide, the same service and still survive as the marketplace is huge and 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 services. they offer what are the current and future trends in the industry know, the larger picture are there certain benchmarks that can be used to gauge your business performance such as gross turnover profit margins etc. once you know the inner workings of the market .you can manipulate them in your favor this is an important part of learning how to write a business plan.
step two set your goals and objectives for the business never assume that your goals need to be small to accommodate, your limitations think big clearly define your short-term goals, the ones that you wish to achieve within 12 months midterm goals. those that will take between two to three years and
long-term goals consider all aspects such as the revenue, you wish to generate number of outlets, you want the 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 future step 3 define your unique selling proposition. what is it about you that is different from the crowd, your unique selling point or USP will make you more attractive to potential customers, how is your product or service different from others in the market. it could be anything from additional services to personalized customer service, you could even offer them better after sales warranty and support while writing a business plan.
step 5 know your customer this goes without saying customers are the most important part of any business and you should know the customers, your business caters to today customers are spoiled
for choice and they have thousands of options for every product. so if you want them to buy your product .you should know what your ideal customer wants this i the reason why you need to define. your
target populations and research their habits while writing a business plan understanding the motivation behind customers actions can make your business
successful.you can focus on the areas that grab. your customer's interests and stop wasting energy on the rest put yourself in their shoes and then think. what would make them choose you each time write down the ideas and implement.
them step 6 research the demand for your business.
you must have studied the demand and supply curve. .even if you haven't it stands to logic that there should be ample demand for your product find out. the demand before investing in a new business. the basic rule is the man should be more than supply if this holds true for your market .your business will thrive but if the demand is less than the supply. your business will eventually die out. so do your homework and gather as much information. as you can you can
do a secondary search right from your home. over the internet or your public library. you can even visit government offices for this information but by far
the best option is primary research. where you directly interact with your target audience to know their
preferences and how ready. they are to buy your product to hit the road and note down all the interesting ideas. you get to increase the demand be smart and invest your life savings only after ascertaining that there is a demand for your product.
step 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. these are those goals that define how your product would look like what it will cost how you'll
distribute it and the ways in which you can promote. it most businesses do planets but they neglect the most important areas. you should set up
measurable marketing goals, that will help achieve your primary business objectives questions like the number of products. you'll sell what will be your
product development strategy. your price merchant delivery methods and promotion plan should be duly considered .when you ask yourself these questions they will help define the goals for marketing
business step 8
define your marketing strategy now that
you have your marketing goals. you need a
plan to achieve them how many products.
you need to produce and sell and at what
profit margin so as to get your desired
revenue what will be your system of
delivery and your coverage area. what
will be the strategies to promote your
business the media,that you will use be
very specific as these will translate to
action and your ultimate successor
failure plan for every eventuality while
writing a business plan. this is a very
vital step of writing a business plan so
acquaint yourself with it so that you
can easily navigate through each point.
step 9 take action and of course without
action all else is a waste this is the
most important part of writing a
business plan. you can plan all you want
but unless you do the actual work and
bring customers to your storefront you
won't earn anything even if you find,
that according to the business plan your
idea isn't viable don't give up there
are thousands of other ideas out there
and you can ultimately find one that
suits you if you wish to be wealthy
healthy and happy, there is a business
waiting for you to grab it
your business plan will provide the
direction and focus. but you will 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 mantra for success.
is in your hands make the best of it