By Olle Tiggelaar at April 17 2019 10:30:57
When you're writing a business plan in a situation like these, you need to address a few issues the intentional entrepreneur has already pondered. The first is do you really want this idea to become a full_blown business? Certainly it's flattering when you realize there's a market value for something you were doing anyway, but that doesn't always mean you should launch a business. A lot of accidental businesses form around fads or seasonal items, and may not be robust enough to function as year_round, money_making, enterprises.
Fundamentals, Cycles & Trends (FC & T's): Your plan, if done in advance and thoroughly, should provide and excellent foundation from which to work. Even the best plan still has to react to outside forces that will influence your best intentions. Identifying certain fundamentals, cycles and trends that may impact your company is a prudent way to being able to develop a contingency "plan B" in the event an outside force rears its head. A series of key FC & T's should be monitored throughout the year so that if required, your plan can react. Certain FC & T's may include wholesale pricing, weather, commodity markets or labor market impacts that are out of your control. In my opinion, developing contingency plans in advance for these outside forces at least gives you a fighting chance to react favorably.
Prove the Viability of Your Idea to Others _ A business plan is a great way to prove to yourself that your ideas are viable and that the catering company that you are proposing can thrive and make a profit. You will also need a plan in order to prove to other people that the business model that you have in mind is financially sound. Think of your business plan as being like a resume that you can hand out to people who need information about your business. You can always leave out sections that are not relevant to the reader in question.
How To Write A Business Plan _ In my previous article, I talked about how you can plan your business startup. I defined a business plan as a written description of the future of your business. This is a document that indicates what you intend to do and how you intend to do it. I further explained that if all you have is a paragraph on the back of an envelope describing your business strategy, you have written a plan, or at least the beginning of a plan. I also said that a business plan consists of a narrative and several financial worksheets.