How to write a simple business plan

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Almost all new businesses need a business plan in order to successfully move from startup to established business. But a business plan doesn't have to be long or take months to write in order to be a useful tool for small business owners.

This exercise provides a quick and painless start to the business planning process by asking you a series of questions about your business, your goals and your future plans. The end result is a streamlined and brief business plan that you can use as-is or as a starting point for a more traditional business plan.

Time Required: 2-3 Hours

Here's How:

  1. Outline the vision you have for your business by answering these questions: What are you creating? What will your business look like in one year, three years, and five years?
  2. What is your mission? Why are you starting this business, and what is the purpose?
  3. List your overall objectives by outlining your most important business goals, and answering: Are your business goals considered SMART goals? How will you measure success in achieving your goals?
  4. Write down your business strategies by answering these questions: How are you going to build your business? What will you sell? What is your unique selling proposition (i.e., what makes your business different from the competition)?
  5. What is the total startup capital you will need to launch your business?
  6. What do you estimate your business's ongoing monthly expenses will be immediately after launch, in three months, in six months, and in one year?
  7. What do you anticipate your business's ongoing monthly income will be immediately after launch, in three months, in six months, and in one year?
  8. Create an action plan by answering: What are the specific action items and tasks you need to complete now? What are your future milestones? What will need to be accomplished by those milestones in order to meet your objectives?
Replies (3)

Similarly... a long term plan can be concluded from external analysis for which a SWOT to market must be prepared from PESTLE, BCG (Inception, growth, maturity, decline and disposal as in life cycle costing), Porters & Balanced score card is a thorough business plan and expensive as well. Budgets and their principal budget factors can use external analysis as well as internal ones. Investment appraisal, probabilistic testing using stats from similar industries is a good choice, and, cost cutting & pricing techniques  techniques is a way to enter the markets using the above vision statements using the four W’s and a H in economics- who, where, why, what & How. There are others things to consider like the product mix as well. All the best as there are loads of other things.

yOU ARE CORRECT. EDUCATION IS LIMITED TO SYLLABUS. BUSNIESS IS LIMITED TO PARAMETERS AND DRIVERS BASED ON WHICH IT OPERATES. 

Starting a business and making it a successful startup business relies on how unique your idea is, how hard you can work and how smoothly you can adapt to the situation and changes. It takes time and that’s what you need to keep in mind that success can take years, a lot of effort and changes.

If you are a small business owner and want to convert your startup into a successful business then here you can get some beneficial tips:

  • Prepare a business plan: and write it somewhere where you can find it easily. It can be helpful in many situations, from applying for a business loan to representing your idea to an investor. This will help you in future by identifying your market and their needs as well as a beneficial time frame.
  • Manage expenses: Most small businesses fail due to cash flow issues. Spend wisely on what you absolutely need, and keep the focus on your business, not on your competitors.
  • At the initial stage: Don’t worry about your payment and spending in your business. Distribute the fund wisely, in marketing or anything else that your company needs. You can make money when it gets settled.
  • Be selective: and manage your time wisely. Spend time on what supports your startup to move forward and say no to any opportunities (like marketing ideas) that don’t boost growth.
  • Keep customers always-on priority: Do enough market research and ensure that your service or product is solving the key problems of the targeted market. You can’t convince a customer that they need your product or service but you should be making/providing a product/services they already need.
  • Network: Connect with the other new business owners or established companies in your field and exchange ideas and goals.
  • Play the number game: Explore and Get used to your accounting software and observe what numbers will define whether a product/ service is profitable or not.
  • Wait for success: Overnight success is a daydream. Your startup may not be profitable in the first two to three years. Give yourself enough time to succeed before closing the shop/ business.

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