Things To Consider Before You Start That New Business (Part 2)

4)      A business plan will be needed for the new business.

The business plan is a framework for the business and breakdown everything that needs to be known about the whole business. It is a very important tool that can determine the success of any business.

It is composed of the following;

a)      Executive summary; provides a summary of the whole business plan prepared. It is usually a page.

b)      Introduction; here the aims and objectives of going into the business is discussed.

c)       Marketing Analysis; here we consider how you intend to move into the market you are entering and how you intend to blend in.

d)      Marketing Strategy; methods you intend to use in penetrating the market are considered here.

e)      Operations plan; how you would like the business structure to look like is considered.

f)        Management plan; this focuses on how you hope to manage the business.

g)       Financing plan; the question of cost and how you hope to finance the business is answered here

5)      A marketing plan will be needed for the new business.

The financial plan prepared must answer these questions;

a)      Have you been able to properly analyze your current market?

b)      What are the objectives of your business?

c)       What strategies are to be put in place ?

d)      How do you hope to achieve your objectives?

e)      What is your budget like?

f)        How soon will the product be entering the market?

Having discussed all the above points, what do you have to add to this?