Starting a Business like accept a Challenge

You have chosen to read this article, which means you are thinking of putting your ship out to sea, of starting a business of your own. Besides the sheer joy of launching your venture there are fears and concerns about whether everything will work out. And if you do not have any concerns, you should be very afraid. Fear is good in this case. It will warn you of everything you need to be prepared for. But I am not here to frighten, I am here to inform, and offer whatever help I can to ensure you give birth to a healthy, growing business.

Before starting a business, you should ready a business plan, which will serve as a blueprint for your venture. Having an idea in your head is not good enough, you need to put it down on paper or hard disk, whichever you prefer. This will allow you to flesh out your dream, you need to think clearly and logically about your business plan format, this is possibly the most important thing you will do in starting a business apart from actually working at your venture.

The business plan format here is not a complete business plan template. A business plan template is a detailed plan you can just fill out but is not tailored to your needs. The basic business plan format given below can help you write out a plan unique to you;

Vision statement : Outline your goals.

Product/ service: Describe your product /service, what it does for the customer.
Market : Study your market and competition. Determine market potential. Clearly identify your customer.

Strategy: Your plan for entering the market, expanding and developing a customer base, dealing with competitors.

Management team: Your team. Even great ideas need people to execute them properly.

Finances: Assess costs, profits, cash flow over a 1 year period.
Web plan: You may also include a plan for e-commerce and your website.

How would this business plan format help? Well, the business plan acts as a guide for you to follow. It presents your ideas to potential investors in a way that says you can implement them as well. Do not dismiss weaknesses, plan to counter them. Be realistic not optimistic about your prospects. It is better to have short term objectives, modifying the plan as you go along than long term objectives which may not anticipate market changes.