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Guest post by: Dr Don Yates Sr PhD Become an Author

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Great to have you here, in the preceding three articles Preparing Yourself to Do Business Online, we put you through various personal assessment tasks to prepare yourself for doing business. Our objective was to get you to look at yourself, your skills and to help you form your personal development plan. In this, the fourth and last article in this series “How Have You Prepared Yourself for Doing Business?” We round your preparation and introduce you to your own Business Plan. It is said that without a business plan, you plan to fail! Let us get started

Steps to a Great Business Plan

You can make a business out of your hobby; but you cannot treat your business like a hobby. Failure to plan is said to mean that you plan to fail.” Your banker, JV Partner, or sometimes a supplier usually requests business plans Even if you are not looking for a banker, Joint Venture partner, etc., it is wise to have some idea of a plan, what your product or service is, how you are going to market it, what milestones are your using, what is your budget, financial projections, etc. It should include your personal strengths and weaknesses, and your plan of action to improve your potential for success.

• Write out your basic business concept.
• Gather all the data you can on the feasibility and the specifics of your business concept.
• Focus and refine your concept based on the data you have compiled.
• Outline the specifics of your business, using a "what, where, why, how" approach.
• Put your plan into a compelling form so that it will not only give you insights and focus
• Plan should become a valuable tool in dealing with business relationships that will be very important to you.
• Keep it simple English, use graphics and tables

A Simple Business Plan typically includes

1.0 Executive Summary	Use in a formal report, 3 to 4 Pages should be fine
2.0 Introduction To YOU (The Company)	Strengths and Weaknesses, Plan
3.0 Employment Workers	None at this time
4.0 Product Or Service Development	New or affiliate
5.0 Marketing Programs	How are you going to market, where, how many times, what is budget, measure results, Marketing Plan
6.0 Financial Projections	Financial Plan
7.0 Conclusion or Appendices	Use in a formal report

• Structure your plan for your reader. If it is part of a funding request, then include your request, how much funds are requires, where and how you plan to spend the funds, when you plan to break even, milestones for each phase.
• Add a separate cover letter, personally addressed to the recipient
• Double check your facts and figures
• Spell check and re-spell check your plan
• Have someone else read it

How to set up your Business Plan

By setting up YOUR business plan, you are road mapping your way to success. It will help you to develop your business goals and strategies, as well as providing you with a better understanding of the marketplace. It will also highlight any business strengths or weaknesses that you may have, as well as providing you with an opportunity to take a close look at your competitors.

If you want, you can also include financial projections, historical data and growth expectations into your plan. With any good business plan, it should show who the target audience is, and just how the product or service that is to be provided will meet or exceed their needs and expectations.

When organizing a business plan it is best if you break it down into sections such as-

Business Summary – The product or service you want to provide.

Market Analysis – Research the product or service. Find out what the competitors are doing

Product Positioning – How to make it more prominent compared to your competitors.

Market Strategy – How are you actually going to market it?

Customer Analysis – Look at what the customer wants or needs.

Financial Analysis – What you need to invest in order to set up the business and to keep it going while it is just getting started

Overall Business Goals – What you hope to achieve in, say, a year’s time. HomeBusiness

The forgoing is another example of various online resources to help you, free. However, if you do not take the time to make and use a plan, at least prepare a schedule of things to do, and allocate the time for each task. Big jobs can be broken into daily tasks

TIP: A Smart Entrepreneur Will Have a Minimum of Two Plans; A Business Plan and an Action Plan for our personal development. Do you plan to succeed?

Summary

In Business, We Are Our Own Greatest Risk if we do not prepare ourselves and understand business

May I repeat that, “In Business, we are our Own Greatest Risk, for us, we must learn understand our business, understand the business risks, and the greater risk of Scams. We must have a plan for our business and a plan to control our Emotions. This will improve our chances of success before we lose all of our money.

YOU MUST PREPARE for success

In this series, you have had the opportunity to look yourself, your goals, objectives, mindset business and your future.

We want you to succeed, to understand your business, understand your business risks and to avoid wasting your money on the Scams. Nevertheless, in reality all we can do is give you the license, you have to do the driving.

Make a plan of action or two, for your personal as well as your business development implement them and follow your roadmap to success.

Thanks for reading and joining us in the series. Best to you

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