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Business Plan

How to Write a Business Plan – The Market Analysis Section

Your business plan will include a Market Analysis section. This is the portion of the plan that will require the most research; rightfully so, since it will be a true indicator of whether you have a viable business or not.

The business plan Market Analysis will include:

Clearly define your industry or market. Provide statistics of the size of the market. You should also document any trends or cycles and a forecast for future growth or decline.

Pinpoint your target market. You should get as detailed as possible in defining your customer demographics. Narrow it down to age group, gender, income, lifestyle and locale. The more you understand your consumers, the better. Be sure to include any supporting statistics available in the appendices section of the business plan. Your market analysis should also indicate any motivating factors that will trigger your customers to purchase your products.

Market test results. Whether it be customer surveys or pols, you should have concrete statistics to support your industry research. In this market analysis section you should highlight the end results but the full details of the test should be available in the appendices section for further investigation by the reader.

Turnaround Time or Lead Time should be clearly defined. Indicate how long will it take to fulfill your orders or deliver the product to the customer. Are you capable of handling volume orders?

Discuss the barriers or road blocks you anticipate when creating a place for your product in the market and how you will overcome them. You need to briefly discuss what your competition’s strengths and weaknesses and how you compare.

The Market Analysis is a very important section of your business plan. It may be well worth your while to solicit the aid of a market research company who is experienced in surveying and poling consumers to help you more clearly define your target market. Since this factor is the foundation of your sales and marketing plans, it is of utmost importance that you get this right.…

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Business News Articles

How to Start a Business When You Don’t Know Where to Start

Have you ever thought about starting your own business, but didn’t even know where to begin? Maybe you’ve know some entrepreneurs, but each of their businesses seemed to require a lot of technical knowledge, or were in some other way so unique that you couldn’t see yourself in their shoes. Well, the bad news is that you’re right; but the good news is that you’re right.
Whenever your faced with a problem, and you see that someone else is providing a solution, your mind becomes fixated on it, making it difficult for you to see any other way to do it. But there is more than one way to do most things. The challenge is to figure out what they are, and then to choose one that will work for you.
Let me give you an example that has nothing to do with business, to help you understand this important concept.
Have you ever seen a word puzzle that asked you to unscramble the letters, and then to make a word that uses all of the letters? You’ve probably noticed that the letters are not present randomly. Instead, they are put in an order that creates one or more other words, with the remaining letters at the end. Sometimes, they don’t make an actual word, but suggest one phonetically.
The letters are arranged like this deliberately. It’s to throw you off of your attempts to evaluate the letters without any bias. In other words, it’s done to make the puzzle harder for you.
Just as in business, your job is to look for a better solution. In the case of the word puzzle, you have the benefit of knowing that all of the letters will be used and that together they will form one word only. When it comes to solving a customer problem, and then beginning a business, it’s not quite so easy. And that’s because there are so many possibilities.
That means that one way to find a new solution, and therefore get an idea for starting a business, is to focus on the problem, not all of the different solutions that are available.
Ask yourself some questions: With respect to this problem, what are people trying to do? Why aren’t they succeeding? Why are the existing solutions so difficult, or so expensive? Is there a faster, cheaper, or easier way to deal with the problem?
When you have answered those questions, then you’ll be one step closer to figuring out how to improve on the existing solutions.…

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Small Business Ideas

Things to Include in Making an International Business Plan

Starting your own business is never easy. If you are planning to start a business that entails international setting such as having it through the internet, then a good international business plan should be involved. If you want to expand your business, then you must exert more effort too.
To have a good international business plan, you need to do the following:
1. Make a feasibility study and start with the nature and scope of the business. You have to include a particular country that will be part of your target market. Study all the requirements needed and study how to get your return of investment faster.
2. Create your business description with the history included. In the history, you have to place the founders, milestones achieved by your business from local settings including all your products, process, technologies and services.
3. Obtain all the requirements needed for your license and all permits to pursue your international business.
4. Create a detailed description of your products to provide information to your clients.
5. Conduct a thorough research on all your possible expenses regarding your overhead cost which includes all your marketing expenses.
6. Study your current market in regards to volume of products purchased, geographical location, social changes that would affect your business.
7. Make a price strategy for all your products. If possible, include promotions and bonuses in your calculations.
8. Include the foreign Market and its Environment in your study plan. You need to be familiarized with it and should know the proper procedure for it.
Making an international business plan is not that easy as you think it is. You have to make sure that you are ready to take another step higher and should be equipped with all the information in regards to legalities. Use this as your guide in making your own plan, and then have your way towards success.…

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Economic News

Why Internet Home Businesses Are One of the Most Successful Business Ideas of the Era

Why Many of us turn to self-employment these days?..A�
The recent world is in the need of best successful business ideas and tips to be financially sound. That’s why Internet Home Businesses are one of the most Successful Business Ideas of the Era to earn more with least investments.
Internet Home Businesses, Home Based Business, Virtual businesses, enable more work-life balance and flexibility with higher earning potential. There are risks and rewards for Home Based Business however considered one of the top successful business ideas of the Year 2000 era.
There are different types Internet Home Businesses, pursuits and entrepreneurial endeavors for you to embrace. Many other have already and are still entering the modernized, technology-enabled marketplace in droves.
Based Home Work Business, whether the most successful business ideas to begin?
If you have any inclination to be self-employed, a business owner, franchise your business then by doing work at home, planning or developing a long-term business and financial plan, investment to get off the ground, setting up a business registration, services and products are all part of the set-up process. Ensure that you protect yourself from the myriads of online scams and schemes of thousands of others trying to make a quick buck.
To make Internet Home Businesses a real success, it requires effort, time, legwork, background checks, verification etc. whether you work for yourself or for someone else or on contract.
Turn-key Internet Home Businesses are open to your imagination, creativity, marketing, means and determinations.
If you’re just fed up working for someone else, really want to start an Internet Home Business to have more time with family, kids, want to earn more money, be self-sufficient, independent, the discipline and commitment will get you only half-way there!. You do not have to do cold calling or selling either.
Internet Home Businesses as the most Successful Business Ideas of this era! You have to find and follow your passion and with a few basic start-up tips to get running in no time. So don’t wait for someone and don’t be skeptical. Act fast to be successful with one of the most Successful Business Ideas of this era and be financially independent. The Internet Success Secrets.…

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Google My Business

Coffee Shop Business Plan – 5 Big Business Plan Mistakes to Avoid When You Open a Coffee Shop

So you’re ready to open a coffee shop? Read on for five big mistakes to avoid.
1) Not having a business plan
Having a coffee shop may seem like a laid-back kind of business. But don’t be fooled. There’s work involved.
And you need a solid business plan to get the money to set it up.
And yes, even if you are planning to do most of it yourself, you’ll need funds. So plan on having that coffee shop business plan ready and go talk to your bank.
2) Underestimating how much it will cost
There’s much to be said for optimism, but estimating how much a start-up business will cost you before it becomes profitable isn’t something where you should get carried away with visions of fast success.
Most businesses take quite a bit longer to become profitable than their owners expected. So plan for that.
If you underestimate the time it will take, your bank may well pull the plug. And where will you be then?
On the other hand, if you get profitable ahead of schedule, you’ll be their hero!
3) Failing to know your market
Proper market research is really the first thing you should do. Just because there are lots of people hanging out in the coffee shops in your area doesn’t mean that these places are profitable. It also won’t mean that yours will be.
Find out what they like, how much they spend, and, yes, to the best of your ability, find out how profitable the other places really are before you open a coffee shop yourself.
4) Not planning a budget for marketing
Remember that line from “Field of Dreams”? “When you build it, they will come.” Ask some business owners about how that one worked for them in real life!
Not too well, I would think. You need a solid marketing plan — and the funds to put it into action if you want to hope to make your coffee shop successful.
5) Refusing to learn from those who have done it all before you
That may well be your biggest mistake. Don’t be a lone wolf. Your most valuable resource are people who have already done what you’re setting out to do, and have done so successfully. Take advantage of their experience and wisdom, and glean all the intelligence they’ll let you have.
You’ll save countless hours and dollars if you are willing to learn from those people. So make friends with some of your competitors and find out how they managed to make their businesses work. Did they have a coffee shop business plan when they first started. You can bet on it.
And there are even a few how-to manuals out there. Check them out.
Before you buy one, though, make sure that the author or authors actually have done what they write about. You want a guide by someone who has started a coffee shop from scratch, maybe even more than one, and has built it into a wildly popular place. If you find a guide like that, especially if it gives you a step-by-step process, grab it. It will help you avoid any number of mistakes.…

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Google My Business

6 Business Ideas For Students

Successful students are who always have spirit and find new business ideas for business development. Particularly if preparing to become a successful entrepreneur, then creativity and innovation is the key word. 6 Business Ideas For Students below that may be simple business ideas but “grounded” can be used as guidance in starting to build your small business.
1. Sell the uniqueness
If you are quite creative and innovative students, certainly a lot of new business ideas or things that you can make a business opportunity. Not a bit of effort from the discovery of new types of products, technologies, systems, and new programs. If it succeeded in creating a unique, immediately you get a patent and sell it. The new findings are usually very likely to penetrate the market, let alone the typical, unique and it takes a lot of people.
For example, you can make a unique T-shirts with full motivation words. The shirt is plain only if viewed at a glance, but because there is uniqueness in words full of innovation, can add value to sell. Certainly be far greater profits by selling their uniqueness.
2. Duplication of Other Enterprises
For those who feel less creative and innovative, do not despair. Believe me, the business ideas spread everywhere, even in plain sight. You should always have the opportunity to read, measure the potential, and dare to take risks. At least those are keys to win great Business Ideas For Students
For example, there is an area around in your house to eat noodles are quite popular. What is wrong with you compete fairly in the same place with the same product. You simply duplicate the effort, but should provide added value to the consumer, such as service, price, speed, friendliness. Example of a more satisfactory service to customers is to provide free tea water to consumers or provide more servings of meat compared to your competitors.
3. Additional Efforts
In addition to duplicate, you can also open a business venture by giving additional facilities, but it must be with a little touch of creativity. This business development can give you additional income.
For example, a neighbor opened the cafe, then you can still compete with the additional facilities or expand existing offerings. You can set up a cafe in the same location.
Almost every time there is a trend in business, and this may be a business ideas for students to increase their allowance, as it is now game zone. With a bit of extra facilities, you can have a business and are ready to succeed. For example, you can rent a place in the vicinity of the zone game rental by selling drinks that are popular today.
4. Buy Franchise Business Patterns
For those of you who have a large capital, but do not want to bother to think about the new business venture, franchise alternative can be selected. Franchising is a relatively standardized types of businesses as well. It takes a high flair for assessing franchises where a good and suitable for you. My advice, find a franchise that has a good track record and proven in the field. A growing number of emerging franchises, of which require large capital to the needs of small capital. You just sit down and let them work for you, so simple isn’t?
5. Selling Used Goods (second)
There are still a few people who are sensitive to this is not bother much time, you can do this during free time after class, can be carried out during school/lectures breaks or in your summer vacation.
Second item, especially with a very high historical value, usually have a very high price as well. However, selling used goods to be made with regular and planned. You can buy an item in one place at a low price and sell it in another place with a higher price. You can also sell scrap special computer by buying a computer is damaged at a low price. Than using a computer technician to fix it, and you can sell a computer that is already fixed with higher price.
6. Joint venture
Sometimes it would be great if your small business is established and managed together. For example, you are clever in computer programming, and you have a few friends, while your friends have lots of friends and have relatives and require extensive programming services, you can open a programming services (software house). You are doing the work, while your friends are looking some consumer. Each of these advantages could reinforce a new effort at once raised.
6 Business ideas for students above are quite challenging and interesting, don’t you?
Keep in your mind, what you have been done for your small business it’s just a learning process for your business development in the future. Some …

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Financial News

Business Management – How to Be More Proactive at Work

In today’s fast paced business world a manager is expected to do more than manage. The successful managers who make it to the top of their careers understand completely that being proactive and taking the initiative is a required management skill to get to the top rung of the corporate ladder.
The fast paced world we live in especially the in business world has created what we know as the ‘Do It Now’ culture. This culture has now become mainstream even a way of life in many of the organisations and businesses. To be a successful and effective manager you need to adopt a proactive can do attitude. A manager who is reactive and waits to be prompted will soon get left behind.
There are many ways that you can get into the habit of becoming a proactive manager as follows:
1)Pro-activeness is created by ideas therefore, to be proactive you need ideas to act on. So, how do you go about getting ideas?. A good way to start is to carry a note book around with you so that you can write down ideas. Ideas can appear out of nowhere and they come to us everyday however, we quickly forget them because we never write them down. Review the ideas in your notebook on a regular basis as these can help you to come up with new projects, business ideas, solutions to problems and ways to save money. The important thing is to get those ideas down on paper before they escape forever.
2)One of the habits that many managers do is to procrastinate on certain tasks especially when it comes to relying on other peoples communications. You may experience having sent an email or a letter to someone who took a long time to reply to it. This probably made you feel annoyed that the other person has not replied to you in a timely manner. You never know but that person may have had the same experience waiting for you to reply to them. Get into the habit of replying immediately to every type of communication that you receive. In this way you will acquire the reputation of a proactive person who gets things done.
3)Being proactive also means that you know how to devote your time to your work effectively. Effective managers identity which tasks are a priority and worthy of their time. Those tasks that are deemed unnecessary or either disposed are delegated to someone else. In this way the effective manager only works on the necessary tasks that move them towards their business goals.…