How To Start A Business Plan For Dummies

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“One area in which business plans often fail is in the accuracy of assessing the weaknesses and threats of the plan,” says Boyer.

“It's often what you don't know or didn't consider that can doom a plan.” For example, he points out that while having a correct understanding of the current regulatory environment is important, it’s not as important as the potential impact of pending regulations being considered for the future.

For instance, if one of your goals is to have a certain number of new clients or customers by the end of the year, your objectives might include creating a customer referral program, revamping your website and blog, or hosting an online competition to gain a greater following on social media.

If you want your business to succeed, it’s important to take the time to identify not only its potential and strengths, but its weaknesses too.

Starting a new business is always a bit of a gamble, of course, but during the planning stage it’s better to be realistic than optimistic.

“In my experience, the single largest reason a business plan fails is that those creating the plan under-calculate the time and cost that will be required for the plan to break-even,” says Boyer.“Writing a business plan requires you to meticulously research the market, which will help you learn more about what your customers really want, how much they’d be willing to pay, how you can attract them, and who your competitors are.” With this in mind, if you plan to raise money to start your business, whether from outside investors or friends and family, it’s important to have a well-researched and compelling business plan that inspires confidence in your ideas as well your abilities.When starting your own business you’ll probably have a number of partners, investors and employees, and each person may have his or her own idea of how the company should be run and what its goals and objectives should be.Learning how to write a business plan can make the difference between a successful start-up and a failed venture, but not all business owners and entrepreneurs recognise the importance of having one.A survey by NAB (National Australia Bank) found that one third of Australian small businesses fail because they don't have a business plan.So how much detail you should include in your business plan may depend on your reasons for writing it.Here are some of the initial steps to take when writing your business plan.A business plan can have a number of different purposes, so before you begin writing and researching, you should know why you’re writing it and what you hope to accomplish with it.“The challenge for most business plans is to clearly and specifically identify what the plan's purpose is and what it is not,” says Boyer.“Without a clear and specific purpose or set of purposes, a business plan has little value.” For example, is the plan’s purpose to help you raise capital?Or is it to develop a strategic framework to move from points A to point B?

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