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Business Plan Scroll to the end of this document for an article on five steps to starting your own business.
But first read this outline of what should be included in your Business Plan: Contents Executive Summary Business Profile Product & Market Analysis Operating Plan Management & Personnel Plan Marketing Plan Financial Plan Action Plan Executive Summary
Quote (about your vision for the business) What already exists The niche - as you see it & benefits your business will bring Type of business proposed - benefits you will bring to the market niche Overall financial goals - anticipated sales & profits Funds required to start up business Business Profile Business name Principals Description of business: Vision - ultimate goals Mission - value, service you'll offer Competitive advantage you have - e.g. flexibility, able to draw on wide base of
talents, connections in the industry etc SWOT analysis
(Be honest with these - but only put in threats, weaknesses that you know you can meet & overcome successfully) Objectives:
Product & Market Analysis Product / Service - description of what you're offering Features Benefits Price structure Industry description & outlook Market demand - percentage of market you think you can capture; competition share you think you can take etc Operating Plan Resource requirements:
List items and specify prices (tables etc) If your business involves an Internet component, you'll need to do some research before you start. Management Plan Manning levels:
Experience of managers & their skills Managing your team efficiently involves being able to
contact them regularly, wherever they are. And now
you can access your team from anywhere - GoToMeeting: Free Trial + $10 Off!
Marketing Plan Divide this into: Internal - how you'll win repeat customers & referrals External - how you'll get new customers Impact - how you'll target specific groups Detail how you'll go about targeting and selling to each group e.g. Service levels Vouchers Hand-outs Music Decor Entertainment Special add-ons Etc Publicity & direct approaches you'll make (specify targets e.g. music schools etc) Promotion (e.g. freebies, discounts, buy one get one free, every 6th something free, charity performances, openings etc). The actual product / service you're selling. Financial Plan Details:
Give SPECIFIC details e.g. break down into gross profits, overheads, net profits etc. Action Plan Use table to show:
Give a chronological sequence of action to show how you plan to start and develop the business. Appendix Provide plenty of graphs (use different styles), tables, facts and figures. Get info from Bureau of Statistics on demography, socio-economic groups, age etc etc. Have an appendix and include any extra details (newspaper cuttings about bands bemoaning the fact that they can't get their CDs cut etc). How to Start Your Own Affiliate Program And remember, one thing you'll need for your business is a suitable web hosting company. There are four different types you can choose from, so you need to be informed. Read this article and decide which is best for your business.
Nobody Wants to be Only a Nobody By Jennifer Stewart Write101.com Ricky Martin's new CD is Nobody Wants to be Lonely, but I think Nobody Wants to be Only a Nobody would be a big seller too. Its easy to start thinking you're a nobody when you spend your working day as a very little cog in what seems to be a very big wheel. But, you have to eat and you have to pay your bills, so you put up with it. Wouldn't it be great if you could make money while doing something you really enjoy? For an increasing number of people, this is no longer a dream, but the way they earn their living. If you'd like to join this ever-increasing group, there's a bit more to it than simply saying good-bye to your boss and putting a card in your front window announcing your new business, so let's look at the steps involved in turning your interest into a business. Step 1: Give the people what they want You must start by researching what people want - read magazines, watch newspaper articles, browse the TV programs to find out what people are interested in at the moment. It doesn't have to be something that everyone is doing - you can establish a successful business that caters to a niche market - thinking small can be just as effective as thinking big. Bethany Douglas of Maine has made candles since 1995 and has turned her hobby into a wonderful small business venture, producing hand made candles from local beeswax and decorating them with assorted wild flowers and herbs that she finds in the Maine forests and fields. Step 2: Think in a business-like way Once you've settled on which of your interests will make the best business, the next step is to start thinking about this as your business; it's how you're going to earn your living, pay your bills, save for your future. Small Business Success Magazine conducted a survey of more than 100 business owners and devised the following quiz. There are no "wrong" answers. Each answer listed represents a segment of the responses given to questions and the final rankings correspond with the importance successful owners gave to different answers. Try it and see whether you're ready to be successful: If you've done the quiz and decided that you are ready to embark on this adventure, you'll need a business plan - especially if you think you might need financial help from an institution to start your business. But even if you have the capital to start, a plan will assist you to organise the development of the business. Step 3: The Nitty-Gritty Choose a name that describes your business - remember, too, that you're going to have to write your business name dozens of times (when banking all the money you make, for starters) so don't give your business a long, complicated name. Something that's short, descriptive, easy to remember and easy to spell is best. If you can possibly choose something that begins with the letter A, even better - you'll get extra exposure from being at the beginning of the alphabet. Step 4: The Red Tape To give your business credibility (and to enable you to open bank accounts, offer merchant facilities etc) you must register your business with your state government. Contact your local authorities for details (each state and country has its own requirements). Step 5: Setting up your office It's no longer necessary for small businesses to pretend they operate out of huge premises and have a staff of thousands. But you still need to project a professional image, so apply for a separate phone line for your business (especially if you have Internet access - you need to make yourself accessible to your customers at all times). If you're going to be advertising your products in other states, it's worth the extra expense to get a free-call number and to organise a reply-paid facility with your local post office. Have stationery printed - you'll need books for orders, invoices/ receipts and business cards. It's worth having your own stationery printed (rather than using ready printed books) - it gives you more credibility with your customers and also makes you feel better about your business. If you're artistic (or know anyone who is), design a logo to use on your stationery - all the experts agree that 'branding' can be a key factor in success. Here is more information on setting up your virtual home office. With good planning, plenty of enthusiasm and a strong sense of humour, you can achieve anything! If the spelling of words like "humour" worried you, please read this. Jennifer Stewart has had her own web-based business at http://www.write101.com since 1998 (after spending 20 years as a teacher). She offers proof reading, copy writing and ghost writing services for clients on every continent except Antarctica! Subscribe to free, weekly Writing Tips: mailto:WritingTips-subscribe@yahoogroups.com
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