Business
Start
source by: businesstown.com
STEP 2 Business Plan
Writing a business plan is your next and most important step, this is
how you and others will evaluate your business. When seeking financing
the investors or lenders will want to read your plan before they supply
you with funding. If you're financing the business yourself, you will
still want to have a written plan to develop business strategies and
financial projections.
A
key element within the business plan is the marketing plan, which explains
marketing strategies that will be used to advertise and promote the
products or services. The goal setting steps of the plan will help
you to analyze the success of the business in future years and clearly
illustrate the capital needed to operate the company to break-even.
Business Plan:
"Investors
and lenders don't want to hear phrases like - this business has incredible
potential."
Why
Plan Your Business?
Think of the reasons for your company's success. You'll probably
come up with a series of traits that are uniquely yours-characteristics
that your larger competitors can't begin to duplicate.
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Creating
Your Business Plan
The hardest part of creating a business plan is getting the energy
together to get started. At first it seems like a daunting task.
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Developing
a Business Plan
Throughout the process of creating a plan, you need to keep in mind
the objective of the plan. Why are you writing the plan? Is it to
manage the business? Or is it to raise money?
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Strategy:
"Don't
forget to reinforce your strategy-your competitive edge-in the minds
of your customers on a continual basis as well."
Fine-Tuning Strategy
" Strategy isn't just a buzzword that MBAs at huge corporations
use to sound intelligent! "
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Why Develop Strategy
" All firms, from one-person start-ups to global conglomerates,
should have a strategy. Following a good, distinctive strategy will ensure
that a business builds, maintains, and continually strengthens a specific
identity in the marketplace. "
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Creating Strategy
" While the possible elements of a successful strategy are limitless,
here are some of the most common ones. Many strategies will include several
of these elements. "
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Marketing Plan
"Don't
be afraid to run different scenarios and get feedback from prospective
customers on such issues as price or product features and benefits. "
The Lowdown on Marketing Plans
" While usually referred to as a marketing plan, a thorough marketing
plan should be thought of as a product plan. It should cover virtually
all aspects of bringing a product to market. "
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Developing a Marketing Plan
" The first step in any marketing plan should be evaluating the
entire potential market for each product category. "
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Sample Marketing Plan
" Internet Tool Company, Inc. (ITC) has been formed to create Internet
development tools. The market for Internet tools is ... "
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