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The Perfect Business Plan (DOC)

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					The Perfect Business Plan
Having a great idea in theory, and being able to pull it off in practice
are two wildly different things. It's very easy to start a business that
you think will work, but to avoid making big mistakes one of the best
things you can do is to write a business plan. If you are able to write a
plan of action about your idea or business, then it is probably worth
your time. Below are some key steps to follow when writing your business
plan:
1. Concentrate On Clarity. Your business plan is not the place to insert
massive amounts of technical jargon, the best way forward is to
concentrate on presenting your ideas clearly so that almost anybody could
pick up your business plan and understand it.
2. Understand Your Audience. How you write your business plan depends a
lot on who you think will be reading it. If you are looking for
investment, you have to ensure that you are to the point and at the same
time you need to include as much relevant information as possible.
3. Ask For Advice. There are many people you can ask for advice,
including small business advisors, but you can ask just about anyone you
know for their views on your business plan. Getting a second opinion is
often a good idea before you start planning your business's future.
4. Address Possible Issues. There are always going to be problems when
starting your own business, unfortunately unless you have solutions to
these problems you will probably not succeed. If you are able to work out
solutions to your problems in the business plan, the idea could well be
successful.
5. Give Numerical Information. By giving specific figures about your
business, it will be much easier for possible investors to understand how
the business will scale. Information you should include ranges from
start-up costs, to number of employees.
6. Talk Money. Unless you can show that your business is going to make
money, the idea probably has very little mileage. Even if the
monetization comes after the initial stages of development, you still
need a plan for the future of your business in terms of revenue and
profit.
7. Understand Your Competition. Ignoring your closest competitors is
probably the biggest mistake you could possible make. The fact is, unless
you have a way of confidently outclassing your competition, you are
entering a market for no real reason. This is another great way to know
if your idea has any mileage, because you'll instantly be able to see
whether you are going to be able to handle the competitive nature of your
market.
8. Set Your Goals. Where do you really want your business to go? If you
can lay out a plan for tenfold growth of your business, then it is going
to be a much more attractive business model than if you could only plan
for twofold growth. By laying foundations which lend themselves to
scaling the business, you will receive much more interest from investors
and will understand how the future of your business could unfold.
A business plan is a reasonably easy document to write, since it takes
very little skill to write a strategy behind a business. However, there
is skill in justifying your idea and ensuring you have a strong
foundation for your business, by writing a solid business plan you can
ensure your idea not only works, but has a future.
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