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Business Planning
A written business plan is just a thoughtful analysis of a market and the business resources needed to serve that market. The plan helps you develop reasonable, realistic, strategies and acceptable levels of risk. The plan identifies the facilities, equipment, personnel, suppliers and money required to operate the business.
Your business plan should answer these questions:
Describe your Business:
- What is
the legal form of your business?
- Who is
the owner and how long has it operated?
- Where do
you do business?
- How big
is your company? (revenue & customers)
- What are
the growth opportunities in this industry?
- Why does
this industry promise to be successful?
- What is
unique or different about your company?
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Describe your Customers:
- Who are
your Customers?
- How many
are in your area or niche?
- What are
their buying patterns and cycles?
- Why do
they buy your product or service?
- How many
times do they buy and when?
- What price
do they want to pay?
- Who makes
the final decision to purchase?
- Can you
describe the typical customer?
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Describe your Product or
Service:
- What are
the products or services?
- What are
the customer benefits of each?
- How are
the products or services packaged?
- What patents
or permits are required?
- Who manufactors
or supplies your products?
- How are
the products and services delivered?
- Does it
come with any warrenty or maintenance?
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Describe your Competitors:
- Who are
your Competitors?
- How many
are in your area or niche?
- Where are
they located?
- How are
you different?
- Compare
advantages / disadvantages?
- Are customers
more likely to use your product?
- Will any
trends or new inventions impact your product or service?
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Describe your Operations:
- How are
business functions organized?
- Who are
the managers, what are their qualifications?
- How many
employees are required?
- How much
will they be paid and how often?
- What equipment
and facilities will be necessary?
- What influenced
your choice of location?
- How will
you keep records and inventories?
- Are there
any specific measures you can use to identify , quality, effectiveness
and efficiency?
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Describe your Marketing Plan:
- How and
where will you promote or advertise?
- How often
will you use advertising?
- What are
your strategies for obtaining PR?
- What are
your sales strategies and tactics?
- How long
does it take to make a sale?
- How will
you attract new customers?
- How will
you hold existing customers
- What are
your pricing / packaging strategies?
- How much
will you spend on marketing and sales?
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Describe your Financial Requirements:
- How much
money will you need? When? How often? For what? Why?
- What sources
of funding have you identified? Can you qualify? What's it
cost? Can you pay it back? When?
- What are
the tax consequences of your decisions? For the business?
For your personal situation?
- Is there
a profit? When? If not, what can you change to make it work?
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