By Abdel Steijns at April 28 2019 08:00:55
So, although a detailed business plan may not be required for an online business, I am going to include it here so you can at least look at and consider each section and determine yourself if it applies to your business. Here I shall be discussing the basic steps involved in writing a business plan: Executive Summary: The first step involved in writing a business plan is the executive summary. Here, include everything that you would cover in a five minute interview. Explain the fundamentals of the proposed business: What will your product be? Who will your customers be? Who are the owners? What do you think the future holds for your business and your industry?
Make it enthusiastic, professional, complete, and concise. If you are applying for a loan, state clearly how much you need and be precise in how you are going to use it. Also include detail about how the money will make your business more profitable, thereby ensuring repayment of the loan.
Set Goals and Objectives _ A business plan is like a road map to success. Your goals are the destinations that you are aiming to get to. They should be fairly realistic and achievable but should also push you to work hard to reach them. You may set financial goals that set out what kind of gross or net monthly income you intend to be earning after your first year. Other goals could also refer to other metrics such as average food cost percentages on catering jobs for example.
There is no doubt it would take some time and would require a lot of calculations, but when you understand these principles and know how to put it together, you could probably do it. What do you think? Have you ever thought about doing a plan like this? It's actually kind of in reverse. You decide what you want and let your business give you that.