The Way to Go - A Fail Proof Plan

Many businesses fail within their first five years, mainly through lack of planning, so it helps to have a business plan.

You need a business plan to obtain finance and for contracts or agreements. Most importantly, you need it to determine your business’ viability, what you hope to achieve and how you will do so. You can also plan for challenges.

Thoroughly research and analyse your idea. Begin your business plan with a cover page, including your name, your business name, and contact details. A Contents page follows, then a summary of your business idea and why it will succeed. Then get into the guts of your plan. These sub-headings are just some areas to include:

1. The business idea
customer type
products/services
legal requirements and regulations
insurance, contracts and legal structure

2. Market Research and Analysis
current industry state
seasonal factors
competition
competitive advantage

Show there is a market for your business, and that you can offer something your competitors can’t.

3. Marketing Plan
pricing
accounting system, including credit
policies
geographical location
advertising and promotions
customer relations policies

4. Production and operations plan
occupational, health and safety responsibilities
current/potential hazards
staffing
contingency plans
equipment maintenance plan
production process
raw materials/stock requirements

5. Financial Plan
personal financial statements
establishment costs
funding sources
cash flow, profit and loss analysis
records

6. Action Plan
tasks required to set-up the business

7. Applicant Information
résumé
business advisers
references
training requirements
bankruptcy/credit problems
relevant details to show that you are capable of managing this business

8. Appendices
insurance quotes
licenses
letters

These should be listed throughout your plan and labelled as an appendix.

There are professionals who will prepare your business plan for you, pointing you in the right direction and presenting it as a well-written document, but only you can do the research and evaluations.

Your plan will constantly change. Once your business is operating, you should update your plan for at least two years ahead, even if used only by you. A business plan doesn’t guarantee a successful business – but it sure helps keep you on track.

Article Source: http://www.therepozitory.com.au

Donna-Marie is the owner of Jacaranda Business Support Services and Author of Ready, Set, Go For It! The complete women’s guide to operating a small business in Australia. Offering writing, editing and business planning support, she can be contacted at www.jacaranda-business-support.com or e-mail info@jacaranda-business-support.com

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated