For all the new entrepreneurs, one of the most important tasks after investigating about the feasibility of their business idea is chalking out a business plan. A comprehensive, properly structured and well-researched business plan provides a direction to your business activities and assists in making your business a hit.
The first and the most crucial step towards writing a business plan is to clearly state your objectives and mission for the first year. This should be kept in mind that business plan writing is a continuous process and must be done on annual basis so that the management knows what goals are to be accomplished throughout the year and how. Your customized business paper should also include your core competencies and elements that will serve as you keys to success.
Next comes the start-up summary section in which you have to include the start-up cost and initial assets (cash and non-cash) and liabilities. This will give you a clear idea of the financial standing of your business. It is also compulsory to include details about company location and facilities and its pros and cons.
The chief part of the business paper is marketing analysis which examines the industry in which you are making an entry. It includes market segmentation, target market and industry analysis.
After this, operational plan should be clearly stated. It encompasses how you will locate; regulate the business and what will be the structure of your organization. It is followed by management plan which would be all about how you plan to run your company, what will you look while hiring employees and how will you manage team conflicts. In the end you need to state your financial plan which would contain your estimates of sales and profit forecast. It also includes break-even analysis and primary financial indicators.
If you successfully incorporate all of the aforementioned info in your business plan, it will serve as a tool to keep your priorities focused.
