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Business Planning

Entrepreneurs find that running a business is an educational experience that can be overwhelming. 

A startup business is a steep learning curve, one which you can’t afford to guess.   The success rate can be measured through a simple formula.  Think of a business as ALL INPUTS + EXECUTION = PROBABILITY OF SUCCESS. 


Of course, luck belongs in there somewhere with the inputs and execution, but that is an uncontrollable variable.  However, good planning helps with your inputs and execution so that you face the highest probability of success.  Although many parts of the business plan may seem mundane, these items are to be recorded for a reason, and adhering to your business plan is critical for the survival of the business.  Some elements will change in time as your business adapts to overcome obstacles, but it is vital that you keep on track with your business plan.   Again, guessing isn’t permitted when you form a business plan. 


Making decisions about planning and executing business operations is based on research.  There is a right way and a wrong way.  To take the guessing out of it, and to minimize learning the hard way, let my MBA education work for you.  A business plan is built on careful market research, think in terms of a pyramid.  Each level is dependent on the level(s) below it.  If your market research isn’t thorough, then your business plan will be faulty.  I highly advise you to allow me to teach you the skills and education that I have gained through university studies, BBA in Marketing, because your probability of success depends on it. 


Use this business plan outline to plan for a Triumphant SUCCESS!  I’ll teach you to tailor my outline to your needs and start your business right


Mission
Define who your customers are
Decide which market you plan to serve
Goods and services you plan to provide the market with

Vision
Forecast where you see your business in the future
What have you accomplished?
What do you plan to accomplish?

Market analysis
Foresee the direction of the market
Market segments
Target market and customers
Customer characteristics
Customer needs
Customer buying decisions

Competitive analysis

Industry trends
Consider competitors’ strategies, operations, products, and services
Opportunities
Threats



Strategy
Identify your strengths and competitive advantage(s)
Devise a strategy that uses your strengths and competitive advantages(s)
How will you implement your strategy?

Products/services
Products/services description
Criticize your products/services
Decide what it will take to improve your products/services
-If the perceived benefit is greater than the cost of improving your  products/services, then do it

Marketing and sales
Marketing strategy/Plan
Sales tactics
Advertising
Promotions/incentives
Public Relations

Operations

Key personnel, their tasks and responsibilities
Customer service support
Facilities



Creating the financials of the business plan
Assumptions and comments
Starting balance sheet
Profit-and-loss projection
Cash flow projection
Balance sheet projection
Ratios and analyses

Developing a thorough business plan is the backbone of a successful operation.  It serves as an important guide for growth, plotting strategies, and even seeking commercial financing.  It can help you minimize mistakes that could amount to huge financial penalties.  Increase your chances for running a successful internet business by starting with a sound business plan.