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A business plan sets the course for the future of the
business. It gives the business owner or manager a
sense of direction, listing the objectives and goals of
the business from the outset.
With the research out of the way, sitting down to write
a business plan requires concentrate. Your business plan will
become the bible of your enterprise for at least the next
3 to 5 years so you could be wanting to make it clear, concise
and complete. Most enterprises will complete a
SWOT analysis to determine their strengths,
weaknesses, opportunities and threats of the
business. Whilst the business is in infancy,
brainstorming will be the most accurate way of
performing the analysis, as the business does not yet
have customers and profitability does not yet have
been experienced. However, it's extremely important to
remember that an honest business plan is flexible and
can be modified as your enterprise experiences growth.
After completing a SWOT analysis, you could be wanting to
determine your enterprise name if it has not already
been decided (and register it), as well as your vision
and values, your enterprise goals and long term mission
and how you will achieve all of this when the business
is up and running. Writing every thought down
regardless of how minute you feel it is will allow you to
collate everything pertinent to your enterprise for handy
reference in the future. Who knows, the thought or idea
that you have got today may just turn into a million dollar
idea in a years time! Maintaining decent records and
following a strong business plan is the key to a
a hit business!
Writing a business plan requires a lot of time; a
a hit business plan can not be a rush job. Once
a thought for a business has been developed,
researching the many facets of owning and operating a
business is the next most needed step. Your local
county council must be capable to assist you with
accessing the required information of a legal nature, as
must your local business enterprise center. The rest
of the research will be up to you! You will need to
research products for your enterprise, at the same time
as researching other enterprises that may just be in direct
competition to you. Furthermore, you should research
the market to determine whether there is a need for
your enterprise product or service.
