Your business plan defines the who, what, when, where and how of your business. Your plan will clearly outline your goals for your business, explain operating procedures, thoroughly examine your competition, devise a marketing plan, and explain your company's current and desired funding. If your company plans to seek funding either in the form of a traditional loan or from venture capitalists, a thorough business plan will be required for the application process. But even if you don't intend to seek outside funding, you should not neglect this step. It will help you spot weaknesses in your business idea and enable you to repair them before they impact your enterprise. It can also help you discover ways to profit from your idea that you may not have considered.
The following are some of the issues you will address in your business plan:
- Determine the industry and market
- How big is the market?
- Who will you market to?
- Is the market growing?
- Who are your competitors?
- Write a marketing plan
- What marketing tactics will you employ to promote the business?
- What avenues of advertising will you use?
- Determine your pricing and how it compares with competitors
- Define the sales process
- What will be sold?
- How will your product be sold?
- What forms of payment will you accept - credit cards, checks, cash?
- How will goods be delivered?
- Determine your operating needs and procedures
- What equipment will you need?
- What raw materials are required?
- How many employees are needed?
- Assess your expenses
- What direct, indirect and fixed expenses will you incur?
- Rent
- Wages
- Insurance
- Advertising
- Overhead costs
Venexus provides you with everything you need to create your business plan online.
