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Before you embark on your road to success, the first thing you need to do is to plan, followed by its implementation. In any business, you need to research the market’s dynamics and make a plan of action. This plan includes how you venture in to target the chunk of the market. It consists of the cost and efficiency, the funds and operations, and the supply chain. All these are essential factors to start any business.
What is a business plan?
A business plan is defined as a projected timeline of your business. It represents what market segment you want to enter and how are you going to finance your business. The estimated profit, the opportunity you are going to capitalize on, your direct or indirect competition, production planning, marketing, and sales of your product or service and operations are just some of the components.
Some key factors in the business plan are :
• Financing business
• Executive summary
• Market overview and analysis
• Production process
• Marketing and sales strategy
Financing business :
Before launching any business, the first question is which source are you going to opt for to finance your business. Money is an essential component of doing any business. No matter how good your plan of action is, if you don’t have the availability of finances, you are unable to implement it.
How are you going to generate finances is the next major question. You can seek loans from family or friends, venture capitalist, or any banks and take alternative small business loans to operate the business.
Cost and revenue analysis is a must in any business; how much money you are investing and how much time you require to be in a breakeven position and profit must also be considered.
Executive Summary :
When you start up a business, you venture in with a team of qualified individuals. In the executive summary, you are going to give an overview of the company, it’s history, whether it’s a partnership or sole proprietorship, who founded the company, and previous projects, if any.
You define the hierarchy of how the chain of commands will work from top to bottom. Who performs which job, what are their specialty and experience along with who manages which department is also given in the executive summary.
Market Overview and analysis:
In the market overview, you are going to give a 360 dimension of the market; talk about the opportunity you are trying to grab, which market segment you are catering to, your competition, and the economic condition of the country.
First of all, you are going to define the market segment you want to enter and which target market you are going to specify. When entering a business, it is important to identify a market segment as all the people present in the market can’t be your target market. A company has to be specific.
If you are entering any specified market, you have to identify your competition direct and indirect both. If they are sustained in a business they are doing it right. Many companies, while launching a new product, believe that they have no competition. But if you have no competition, that means people are not interested in that niche of product or service.
You must tell the investors how different you are from your competitors and your unique selling proposition (USP).
The economic condition of a country is responsible for its market growth and downfall. While launching a business and tapping into the market you have to see the key performance indicators of the economy, how much risk you can take, and whether your market has any buying power or not.
Production process :
In this current situation of the market where customers are more prone to experience the product, by gauging the performance of the product, its design, shelf spacing, and everything else. It is necessary to focus on how the product is going to be made, from where are you going to get the raw material supply, what cost will you incur to buy the raw material from vendors, and machinery requirements for production. All these points need to be addressed first.
You have to run the production process smoothly so you can get a quality product. These are the points that need to be mentioned while writing a business plan, so investors get a proper idea about your research and costing.
In this era, the media is very vast, and the means of communicating with customers have increased. Now you can communicate through TV advertisements, billboards, newspapers, brochures, and pamphlets. A business very commonly uses online advertisements like ads on YouTube, Facebook, and Instagram.
To attract customers, proper advertisements have to be made and displayed on various mediums so that a business can get a positive response. For the sales strategy, the introductory price should be set, or free sampling can be done so that customers can experience the product. Furthermore, a few incentives can be given to stores like free products or discounts.
When you plan any business, every step you are going to take is important, from planning to implementation, and product design to marketing the product.
If you want to grab the market share and sustain, you need to make a good plan and implement it according to the situation of the market. If you face any hardships, you can make amendments and work around them. The main focus of a company is to grab market share and provide a quality product which makes their customer’s satisfied.
A business has to be efficient and divide goals, which result in more concentration and fewer chances of failure.