Business Development Series 1

Quotes of the day: 

a. The big shots are only the little shots who keep shooting -Christopher Morley

b. Paying attention to simple little things that most men neglect makes a few men rich - Henry Ford

With the global economy in a turmoil and with companies declaring losses left right and center with job cuts and or layoffs-it is time for us as individuals to sit and start our thinking processes so as to let our creative juices flow. 

I mean haven't you always dreamed of owning your very own business, don't you want to be your own boss someday soon -instead of an employee doing the 9-5 job ?

Well if your answer was a yes to the questions, then sit back and take a look at what you'll be needing to take your business idea off the ground. 

What Is A Business Plan?

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals. Wikipedia

The primary value of your business plan will be to create a written outline that evaluates all aspects of the economic viability of your business venture including a description and analysis of your business prospects. 

Why Prepare A Business Plan?   

A business plan comes in handy because of some of the following reasons: 

1. It will define and focus your objective using appropriate information and analysis.

2. You can use it as a selling tool in dealing with important relationships including your lenders,          investors and banks.

3. Your business plan can uncover omissions and/or weaknesses in your planning process.

4. You can use the plan to solicit opinions and advice from people, including those in your     

     intended field of business, who will freely give you invaluable advice. 

Also you can have the following inputs in your plan:

A Vision Statement: This will be a concise outline of your business purpose and goals.

The People: By far, the most important ingredient for your success will be yourself. Focus on how your prior experiences will be applicable to your new business. Prepare a résumé of yourself and one for each person who will be involved with you in starting the business. Be factual and avoid hype. This part of your Business Plan will be read very carefully by those with whom you will be having relationships, including lenders, investors and vendors. 

Your Business Profile: Define and describe your intended business and exactly how you plan to go about it. Try to stay focused on the specialized market you intend to serve.

Economic Assessment: Provide a complete assessment of the economic environment in which your business will become a part. Explain how your business will be appropriate for the regulatory agencies and demographics with which you will be dealing. 

Cash flow assessment: Include a one-year cash flow that will incorporate your capital requirements. Include your assessment of what could go wrong and how you would plan to handle problems.

Include your marketing plan and expansion plans.

Do a research of the business that you plan on going into. Who are your competitors and whom is it that you are selling your products or services to? 

Outline the specifics of your business. Using a "what, where, why, how" approach might be useful.

to be continued....