Example of a Business Plan
According to most business surveys, one-third of small businesses fail in the first two years and one-half fail within the first five years. Such statistics might discourage even the most determined potential entrepreneurs from trying to realize their business dreams. But a properly constructed business plan can help an entrepreneur avoid some of the most serious pitfalls that can be encountered in business.
In every aspect of our lives the importance of planning is clear to our achieving success. Having a good business plan is a key feature of being a success in any business but especially for a small establishment. A business plan is like a road map or charted course to success for your business. By its very nature a business plan can never be one hundred percent (100%) accurate as it is written in advance and cannot take into account unexpected changes in the marketplace.
Business plans are usually drawn up prior to the commencement of the business. There are several reasons why they are drawn up at this point such as:
• For the bank
One of the major problems of new start up business is adequate capital. Banks tend to be more favorable to capitalizing a new venture or business idea that has a properly constructed business plan. Banks will want to see a business plan in order to assess the potential viability of the new business.
• For the business owner
Again a business plan is like a road map or plan of intent not only for the potential investor but also for the business owner. Therefore business plan can give the small business owner more comfort and security that they have made the right decision.
Some areas that a business plan should cover include:
• Nature of the business -
This is an outline of the type of business and what are the trading activities of the business
• Business background -
A detail of your experience in the area of your new business
• Business aims and objectives -
State what do you want to achieve? They should be quantifiable and include both short term and longer term objectives
• Main products and services -
Describe the main products and services that your business will be providing
• Market research -
A detail research of your market is an essential component of a business plan as this will give you an idea of the areas in which you can capitalize and that there is a need within the market place for what it is that your business will be providing
• SWOT (strengths, weaknesses, opportunities and threats) Analysis -
This is an analysis of your new business and that of your competitors. This process can identify areas of opportunity for your new business which you may not have previously considered
• Marketing strategy -
This a strategy for how you intend to market your new business as different marketing techniques will have vastly differing results from one type of business.
• Location and image
• Cash flow and profit and loss projections -
These projections should show your anticipated activity (usually for the next three years) and should be based on all of the information gathered as part of your business plan.
• Break even analysis -
Probably one of the single most important pieces of information contained within your business plan.
Finally, every business owner should make sure that they spend some time writing a business plan. Once written it should not be filed away in a drawer never to be seen again. It should be used as a map to guide you and your business towards your goals.
Example of a Business Plan - To learn more about this author, visit richard mcgregor's Website.
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