Welcome to How To Write a Business Plan To Start Your Own business if you're thinking of starting abusiness you should know how to write a business plan it is usually observed that despitehaving a great startup idea most businesses are not successfulaccording to common statistics within the first five years of operations ninety percent of businesses fail and ofthe remaining ten percent only one of the ten businesses last past the firstfive years so what makes some businesses fail whileothers prosper there may be several reasons includingbut not limited to or customer service poor logistics and cost management andinadequate product but the major reason is the lack of a business plan businessplans help define goals and achieve them if you take out time to set concrete butachievable goals and chart a plan to success it can help you realize your dream andmake your business flourish I have compiled an all-inclusive list ofareas that need to be considered while writing a business plan these will help you in defining yourgoals and the path your business needs to take to achieve them step 1 defying your vision when youstart a business you have a clear goal in mind you know exactly what you wish toachieve with your business however after some time the clarity ofyour vision will become blurred and you'll forget some of your brilliantideas writing down your vision for the company will help you to define it and moreover it will help your staffidentify with the mission all daily activities of the business canthen be aligned with your vision for the business this should be the first step of writinga business plan step 2 set your goals and objectives forthe business never assume that your goals need to besmall to accommodate your limitations think big clearly define your short-termgoals the ones that you wish to achieve within12 months mid term goals those that will take between two tothree years and long-term goals consider all aspects such as the revenue you wishto generate number of i'll let you on the number of customers you need in yourdatabase the target population and age groups as well as the amount of passiveincome that needs to be generated in future step 3 define your unique sellingproposition what is it about you that is differentfrom the crowd your unique selling point or USP willmake you more attractive to potential customers I was your product or service differentfrom others in the parkin it could be anything from additional services topersonalized customer service you can even offer them better after saleswarranty and support while writing a business plan you just need to highlight the extrasthat your customers are getting from you to make your business stand out step 4 know your market it often happens that you have abrilliant idea but someone else has already started a business with asimilar plan this is a very common occurs but youshould not let this start – how many petrol stations are there severalbusinesses can provide the same service and still survive as the market place ishuge and it can sustain multiple businesses but for this you should knowyour market like the back of your hand research and find out how manycompetitors you have what services they offer what are the current and future trendsof the industry no the larger picture are there certainbenchmarks that can be used to gauge your business performance such as grossturnover profit margins etc once you know the inner workings of the marketyou can manipulate them in your favor this is an important part of learninghow to write a business plan step 5 know your customer this goes without saying customers arethe most important part of any business and you should know the customers yourbusiness caters to today customers are spoiled for choice andthey have thousands of options for every product so if you want them to buy yourproduct you should know what your ideal customerones this is the reason why you need to define your target populations andresearch their habits while writing a business plan understanding the motivation behindcustomers actions can make your business successful you can focus on the areas that grabyour customers interests and stop wasting energy on the rest put yourself in their shoes and thenthink what would make them choose you each time write down the ideas andimplement them step 6 research the demand for yourbusiness you must have studied the demand andsupply curve even if you have it it stands to logicthat there should be ample demand for your product find out the demands beforeinvesting in a new business the basic rule is the man should be morethan supply if this holds true for your market your business will thrive but ifthe demand is less than the supply your business will eventually die out so do your homework and gather as muchinformation as you can you can do a secondary search right fromyour home over the internet or your Public Library you can even visit government officesfor this information but by far the best option is primary research for youdirectly interact with your target audience to know their preferences andhow ready they are to buy your product so hit the road and note down all theinteresting ideas you get to increase the demand be smart and invest your lifesavings only after ascertaining that there is ademand for your product step 7 set your marketing goals so you havefinished the research and define your business vision the next step in writing a business planis setting out marketing goals these for those goals that define how your productwould look like what it will cost how you distribute it and the ways in whichyou can promote it most businesses do plan this but theyneglect the most important areas you should set up measurable marketinggoals that will help achieve your primary business objectives questionslike the number of products yourself what will be your product developmentstrategy your price margins delivery methods and promotion plan should beduly considered when you ask yourself these questions they will help to findthe goals for marketing your business step 8 define your marketing strategy now that you have your marketing goalsyou need a plan to achieve them how many products you need to producehimself and at what profit margin so as to get your desired revenue what will be your system of delivery andyour coverage area what will be the strategies to promoteyour business the media that you will use be very specific as these willtranslate to action and your ultimate success or failure plan for everyventure ality while writing a business plan this is a very vital step of writing abusiness plan so acquaint yourself with it so that you can easily navigatethrough each.
step 9 take action and of course without action all else isa waste this is the most important part ofwriting a business plan you can plan all you want but unless you do the actualwork and bring customers to your storefront you won't earn anything evenif you find that according to the business plan your idea isn't viable don't give up there are thousands ofother ideas out there and you can ultimately find one that suits you if you wish to be wealthy healthy andhappy there is a business waiting for you tograb your business plan will provide the direction and focus but you will need totake the first step writing a business plan isn't difficultif you know what you should focus on you now have an idea of what is importantand how you should tackle the task of writing a business plan and you are nowbetter equipped to start a successful business start your research today jot down all those brilliant ideas setyour goals the find a path and don't let anyonestop you now you know how to write a businessplan and the manager for success is in your hands make the best of it yeah yeah yeah.
Source: Youtube
