Related Tag Articles: business plan

Attracting Loyal, Profitable Clients

24 November 2010

No matter what type of business you're planning on running, customers are going to be the most important part of the operation. Even if you do everything right, follow the correct steps, invest your money wisely and offer a good product or service, the business is still going to go belly up unless clients step in and start purchasing from you. Its just a simple fact of business.

Obviously, you're going to work extremely hard to keep your customers happy. You'll make sure that your product is good so they're satisfied. You'll cater especially to your prospective clients to get them to your business and to get them to ultimately purchase your product or service.

However, all of these steps are sometimes only good in the short term. Far too often, customers pull a drive-by on your business, purchasing products or services and leave never to be heard of again. This isn't good for a long-term businessperson. You want to make sure you attract loyal customers meaning that they'll return to do business with you regularly.

Read the rest of this entry »

A Guide to Writing a Business Plan: Part 3

03 March 2009

The next section to be included in your business plan is the “Legal Status and Licenses” section. With this, you will illustrate what legal status your business will have, if any. These decisions affect your tax liability and determine when your taxes will be paid. Investors are concerned about this, as it concerns money. It’s up to you to choose the appropriate legal status.

If your business needs legal licensing, you need to acquire the necessary licensing before investors will lend. If your business is a work-from-home type of business, you may need to approach a landlord for permission, or something similar. Make sure you don’t fail to include any licensing details in the plan.

In the “Management Processes” section, you will carefully illustrate how you plan to manage your business. Making sure that you’re organized will make your business run more fluently, and by illustrating this on the business plan, investors will know how you plan to handle your business.

Read the rest of this entry »

A Guide to Writing a Business Plan: Part 2

19 February 2009

Aspects to Include in the Business Plan

Obviously, every business is a bit different, thus every business plan will be different. However, there are certain aspects that do not change with business plans - certain steps that remain the same no matter what “type” of business you’re starting.

The first set-in-stone standard of a business plan is the “Executive Summary.” In this section, you will briefly illustrate what your plan entails in no more than two pages. This is the “jump of the page” part of the business plan that most investors find either the selling point of the turning away aspect of your plan.

There are four essential sections in the executive summary that investors are looking for:

1. What makes your business idea unique and original and gives you a leg up over similar businesses.
2. What level of experience do you and your team/staff bring to the table? Also, what sort of dealings have you had with your target audience, and how do you expect to make your business succeed.
3. Have you illustrated how your business will do financially, and will or won’t your business be viable for investors involved.
4. When and how will investors receive repayment, and/or when can the investor exit with a nice return on their initial investment.

Read the rest of this entry »

A Guide to writing a business plan; part 1

03 February 2009

Understand the Concept of a Business Plan

Undoubtedly, putting together and implementing a proper business plan is one of the most important aspects of starting a new business. By doing this, you will be able to easily set targets and goals, formulate and implement ideals, verify realistic and functioning approaches to the business, and push towards the long-term success of your particular business. This essential tool works to attract the startup funding for your business. The document needs to be dynamic, jumping off the page at potential investors.

The document also needs to be reviewed and monitored regularly to measure the overall performance of the business. This guide will explain various aspects of what your business plan should include and how you should formulate one for yourself. Various strategies laid out in this guide will be vital to the proper formulation and implementation of a business plan. This is aimed directly at startup businesses in need of fundraising, but the message is valid to all businesses.

Read the rest of this entry »

What are the Basics of Creating a Business Plan

28 October 2008

The idea of creating a business plan can be overwhelming. Sure, you want to create that business. You have daydreams of being your own boss, spending more time with your family - living the dream. But, then again, you don’t want any of the hassle that goes with it.

Building and employing a proper business plan from the start may be a bit tricky, but it’s also the only way to ensure that your business will run a little more smoothly from conception to birth. Just remember, the worst thing you can ever do is created a halfhearted business plan. A business plan isn’t napkin fodder, nor is it something that can be accomplished with 2 sheets of paper. A proper business plan will help your business to grow. Otherwise, it will surely sink.

Start off by reminding yourself that your business plan is for you. The purpose of the business plan is to lay out a solid plan to ensure a successful start, and then properly manage and ultimately expand your company. This will force you to think thoroughly and invest in things like market research, strategy planning, operation details, financial planning, and marketing plans.

Read the rest of this entry »