Tuesday, 9 December 2008

Starting A Business? - A Simple Business Plan is Needed

Starting A Business? - A Simple Business Plan is NeededStarting any form of business from scratch is an exciting time. most people have an idea and can't wait to get started, most people have and idea and do start straight away - and fail! Why?

Simple, the urgency to start earning and getting you business up and running has to have a little pause and thought behind and be done properly. It has to be planned and measured for success. Anyone who misses this vital link in planning a business process is doomed to fail. No matter how big or small you business idea is, it needs to looked at in detail before you can start. It is a simple process of making up a business plan, if you don't it's a bit like diving into the shallow end of the swimming pool - we all know what happens once you dive without checking the depth beforehand.

A simple business plan should give you answers you need to know in order for you to be sure that you business has a chance of success.

I have drawn up a list of questions you should be able to answer. I would suggest you seriously s the following questions:

  • Why are you starting the business? - This should be answered honestly, if it is just to make money then say so.
  • What are you selling? - It could be a service, goods or product
  • Who you will be selling it to? - Important question as this will be your market
  • How will you reach them? - A question of not only logistics but advertising and marketing
  • Why will they buy from you? - Another very important question, why buy off you and not your competitors
  • What price will you charge? - Enough to make a profit; enough to compete with any competition about
  • How much business do you need to break even? - Is it realistically achievable?The ultimate question on whether you business is viable
  • What are the risks? - Try to paint a worse case scenario
  • What can you do to minimise the risks? - In the previous answer (worse case scenario) how can this be avoided

Starting A Business? - A Simple Business Plan is NeededThe best advice is to take time to answer these questions in as much detail as possible. Either copy and paste the questions onto a text document and complete or even grab a pen and paper and write it out.

Another piece of advice is to get someone to give a second option on you answers, two heads are better than one and you will get another angle or perhaps a more truthful view of some answers. This will help enormously.

Once done then you can go forward or take a step backwards, a backwards step is a positive move if the business isn't workable.

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This policy is valid from 1 January 2009 This blog is a personal blog written and edited by me. This blog accepts forms of cash advertising, sponsorship, paid insertions or other forms of compensation. The compensation received may influence the advertising content, topics or posts made in this blog. That content, advertising space or post may not always be identified as paid or sponsored content. This blog does not contain any content which might present a conflict of interest.

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