Wednesday, November 3, 2010

The steps for starting a Small Business – Your best business plan

All companies regardless of size should a business plan. It 's the plan for your business. It describes the steps for a small business and the huge jumps at the beginning of a large multi-national company. A business plan is a WIP (Work In Progress) for the life of your business changes and evolves over time, to change the external and internal factors.

There are seven essential elements of aBusiness Plan numbered below. Answer the questions in each section, as sentences or dot points to the company a sustainable business plan and a customized list of the steps to start small.

Business objectives first
What product or service you sell?
What is your USP (Unique Selling Point)?
Why you get more customers than the competition?
What are your goals and how incomeDeadline for hope to achieve?
For how many years you want to be your business operations?

2. Market research and analysis
There is a market for your company? Who am I?
What reports and / or statistics are available to help you understand your market?
SWOT analysis (strengths, weaknesses, opportunities and threats) analysis
Internal – What powers should count? What are the weaknesses be overcome?
Externally – WhatThe possibility is not it? What you should manage potential threats?

3. Marketing Plan
What is your market? Given the size, geographic location, demographics and trends?
Who are your competitors? How will you compete on price or quality?
How to apply her / your company to promote? Become flyers, television, websites, etc.?
As you approach customer service? It 'important to you? It 'important to your customers?
What is the lifeCycle of your product? E 'vacation? Sell "Woolies hot" is not a market in the summer? Sell "2009 cups novelty" that have no market in 2010?

What legal structure will meet your company? The most common are a sole proprietor / sole proprietorships, partnerships and limited liability companies owned or organization?
What licenses and permits are required?
What business, the tax is needed? CompanyRegistration.
What you have management skills?
Who will fill the key positions in your company?
What you need professional help? Who is it? Accountant, lawyer, etc.
What insurance do I need? The most common include general, fire, theft, public / product liability, workers' compensation. Also consider the safety of assault and income for themselves.

5. Operating Plan
Will you stop or entrepreneurs?
HowThey need to develop effectively and efficiently manage your business?
What you need to suppliers? Who is it?
If you rent or buy your business premises?
What you need equipment and installations? Need a motor vehicle, tools, machinery, computers, etc.?
What need of accounts in use and to monitor performance and fiscal obligations?

6.Financial PLAN
How much money needed to fund the startyour company?
How do you finance? Want to lend or provide the capital (money)?
Financial Analysis – Project of the income of your business over the next year or so.
analysis of cash flow – cash flow in and out of your company? monthly project, you want enough?
Budget – a snapshot of your company at a time shows assets, liabilities and shareholders.
Break-even Analysis – how many salesneeded to cover costs?

The task of "do" list for companies and share your business plan into action and as such the next steps to create a little '. This should include the time and who is responsible for all activities.

When establishing your business plan to be realistic, what can be achieved and the challenges for all companies to meet. Business plans can be very simple and very complex, I have triedgive you a guide somewhere in the middle. Do not procrastinate, if you can not answer all questions thoroughly, but not too much time in perfect, remember it's a wip!

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