Do you plan to invest or put up a small business? Then think of a good business plan to start with. You can’t start a business without a business plan.
Whether you are looking for an investment or you’ll put into action to make the investment successful, a business plan is a good choice to start with. You as an investor, if there’s a businessman approach you to invest in his business, would you take the offer right away? Would you rather not review the business plan and proposal, first?
Some may think that making a business plan is tiring and time consuming. Yes perhaps, but the only way to save you from losing money and more failures is to make your business plan feasible before you plan to start it up.
You may want to invest in a good business that will multiply your investment. I’m sure you’ll be interested to know how it will multiply and for how long you’ll get it. Reviewing the financial status (activity) and the future plans of the business is one of the ways you can have an idea how the business will profit you. Or soon you’ll find out when the business is impossible to pursue.
Don’t bother the time that can do to you for researching and business planning, just take time to care for your future investments. Doing research and reviewing a business plan is not a pain in the butt. Though it may get you more headaches but it will save your future. It will save you from losing more (mentally, physically, and financially).
What can it do to business?
A business plan will tailor everything to make your business operation successful. Its value lies in the course of researching, to make the business into more manageable and systematic. The plan helps you think the thorough process; thus helps you avoid terrible mistakes later. The question is, why you should have to write it on the paper? Why not put into action right away on what you’ve been planning, without getting yourself troubled in writing a business plan? The answer is, it’s a protocol in business. If you are going to look for a business partner, a business plan is the first thing you consider to let your business partner look at it. The more thorough and effective your plan is, the more confident you are to attract business partners and investors. In the same way, if you are going to loan in a bank, you have to prove yourself to the bank manager that you have the capacity not just to repay the loan but to prove as well that your business makes more returns.
Making a business plan doesn't need to be a corporate-like. The practical method will make your business plan tidy and concise enough to detail on how you’re going to make your business successful and profitable.
Questions to consider in a business plan:
- What type of business you are into?
- Why is your business feasible?
- What are the products or services to provide?
- How your business will be protected?
- Who are your target markets?
- Do your markets exist?
- Are you capable of running your business?
- Do you have skills to develop your ideas?
- Do you know your competitors?
- How your business can make a difference from your competitors?
- How you can bring your business to the market?
- Are you capable to finance the business?
- How long can your business survive?
- How your business can generate income?
- How much do you expect your business can earn in a month/year?