PART6 (How To Establish A Successful Business Empire)
- Post By Grace Alonge
- 3 weeks ago
HOW DO YOU FAST TRACK ATTAINING YOUR DESIRED HEIGHT IN THE BUSINESS WORLD?
You have to:
Write your business plan
Fund your business
Start with a good product
Pick your location
Choose a business structure
Choose your business name
Register your business
Apply for licenses and permits
Open a business account
Invest in insurance
Take advantage of free marketing tools to promote your business
Keep upskilling and continuously educate yourself
Build a winning team.
Aiming to get the list of successful entrepreneurs equals more challenges and requires greater efforts.
The information you've been able to gather from your market research coupled with your mentor's advice will make it easier for you to thrive.
Putting the needs of the market into consideration...
Write your business plan.
What is a business plan?
A business plan is a documented strategy for a business that highlights its goals and it's plan for achieving them. It contains tge goals of a business and methods for attaining those goals.
A good business plan guides you through each stage of starting and managing your business. It will be used as a road map for structuring , running and growing your new business.
How To write a business plan.
There are a number of things you should consider when writing your business plan.
What do you intend to gain from the business?
How will the business solve the problem of your target market?
How big is the market?
Putting all these into consideration, you can now proceed to write your business plan. Mind you, a well written business plan should include details about your business's goal, products or services and finances.
There are seven major things to be included in your business plan.
1. Executive summary
This is an overview of your business and your plans which includes a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).
2. Business Description
3. Market Strategies
4. Competitive analysis
This is to determine the strengths and weakness of competitors within your market and strategies that can be put in place to prevent competition from entering your market.
5. Designs and Management Plan.
This is to provide investors with a description of your product's design, chart its development within the context of production and marketing and create a development budget that will enable you to reach your goals in your business.
6. Operations and Management Plan.
This will describe how the business will function and everything related to the operations of the business.
7. Financial Plan and Projections.
This aspect should contain everything as regards your expenses, resource allocation and how you intend to fund your business.
After writing your business plan, you can now proceed to the next stage.
To be continued...