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Anyone in or about to start a businesses needs a business plan. They ensure you have thought about the venture carefully and it maximizes your chances of success. There are a lot of things that need to go into writing of your business plan, but if you keep it simple to the main three departments of a business you can write an effective plan.
Do you know what departments every business needs? Companies, small business, global brands, partnerships, joint ventures and even one man band sole traders all have the three same basic departments. They are marketing operations and finance.
If you think of these there departments consistently, it will help you work out the questions you have which need to be answered to form a business plan. Here are some questions which you need to answer and put into your plan. It is not an exhaustive list, but it will have you get writing.
*What business are you in
*What is the market like?
*Is it increasing or contracting
*How will you stand out from the crowd and differentiate your business
*Are you starting form scratch?
*Will you buy a business?
*Will you buy a franchise?
*Will you work from home?
*Will you rent premises?
*Do you need staff?
*Do you need special licenses?
*Do you need professional memberships?
*Do you need to arrange plant, equipment or leases?
*How will you service clients?
*How will you purchase stock or products?
*How will you fund the business?
*Will you require finance?
*How long will it take to make a profit?
*What is the budget?
*What is the cash flow?
*Do you require investors?
*How will you meet you statutory obligations and meet or comply with government regulations?
*How will you grow the business?
*How will you create goodwill in the business?
*How will you plan for business succession or retirement?
*Can you eventually sell or franchise your business?
Some if these questions may not apply and it certainly is not exhaustive. It is just an example or a template of some of the popular and simple questions that need to be asked when thinking about a potential business opportunity. Remember the more detail you have here in the planning stage, the easier it will be to operate your business. Additionally it will also highlight to you if the possible opportunity is truly a viable business or not. In this way your plan can be like a crystal ball helping you see if it is a worthwhile venture or not.
It is vital to remember that not all business ideas can and will be successful as operating businesses. You may have a brilliant idea, but if people dont really want the product and there is no market for it, the business will not ever succeed.…