Moving into the next step or chapter on competition on this
series about How to Write a Business Plan, it is important to
identify who your competitors are-their weakness and strong
points-explain how you intend
to capitalize on those weaknesses and match or better
the strong points. Talk to as many of your "indirect" competitors
as possible-those operating in different cities and states.
One of the easiest ways of gathering a lot of useful
information about your competitors is by developing a series of
survey questions and sending these questionnaires out to each of
them. Later on, you might want to compile the answers to these
questionnaires into some form of directory or report on this type
of business.
It's also advisable to contact the trade associations and
publications serving your proposed type of business. For
information on trade associations and specific trade
publications, visit your public library, and after explaining
what you want ask for the librarian's help.
The chapter on management should be an elaboration on the
people operating the business. Those people that actually run the
business, their job, titles, duties, responsibilities and
background resume's. It's important that you "paint" a strong
picture of your top management people because the people coming
to work for you or investing in your business, will be "investing
in these people" as much as your product ideas. Individual
tenacity, mature judgment under fire, and innovative
problem-solving have "won over" more people than all the AAA
Credit Ratings and astronomical sales figures put together.
How to Write a Business Plan People becoming involved with any new venture want to know that
the person in charge-the guy running the business knows what
he's doing, will not lose his cool when problems arise, and has
what it takes to make money for all of them. After showing the
"muscle" of this person, go on to outline the other key positions
within your business; who the persons are you've selected to
handle those jobs and the sources as well as availability of any
help you might need.
If you've been in business of any kind scale, the next section
below on How to Write a Business Plan is a picture of your financial
status-a review of your operating costs and income from the business
to date. Generally, this is a listing of your profit & loss statements for the
six months, plus copies of your business income tax records for each of the
previous three years the business has been an entity.
The chapter on the explanation of your plans for the future
growth of your business is just that-an explanation of how you
plan to keep your business growing-a detailed guide of what
you're going to do, and how you're going to increase your
profits. These plans should show your goals for the coming year,
two years, and three years. By breaking your objectives down into
annual milestones, your plan will be accepted as more realistic
and be more understandable as a part of your ultimate success.
How to Write a Business PlanFollowing this explanation about How to Write a Business Plan,
you'll need to itemize the projected cost and income figures of
your three year plan. I'll take a lot of research, an undoubtedly a good
deal of erasing, but it's very important that you list these figures based upon
thorough investigation. You may have to adjust some of your plans
downward, but once you've got these two chapters on paper, your
whole business plan which is crucial in How to Write a Business Plan
will fall into line and begin to make sense.
You'll have a precise "map" of where you're headed, how much it's
going to cost, when you can expect to start making money, and how
much.
Now that you know where you're going, how much it's going to
cost and how long it's going to be before you begin to recoup
your investment, you're ready to talk about how and where you're
going to get the money to finance your journey. Unless you're
independently wealthy, you'll want to use this chapter to list
the possibilities and alternatives.
Make a list of friends you can approach, and perhaps induce to
put up some money as silent partners. Make a list of those people
you might be able to sell as stockholders in your company-in
many cases you can sell up to $300,000 worth of stock on a
"private issue" basis without filing papers with the Securities
and Exchange Commission. Check with a corporate or tax attorney
in your area for more details. Make a list of relatives and
friends that might help you with an outright loan to furnish
money for the development of your business.
Well, this is all for How to Write a Business Plan that Works (Part 3 of 4) and tomorrow I will post the last Article from this Series. For details on all about Marketing Business, click here on How to write a Business Plan or go to my Blog at www.AngelsMLM.com
For an easy to follow and already plug and Play Internet Business Opportunity, click here on How to Write a Business Plan.
And remember, you are number one....
Angel
How to Write a Business Plan that Works (Part 3 of 4) End
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