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By Lika Ramlal at April 19 2019 13:00:06

Press for Success _ Far be it from me to dampen your enthusiasm, but you should give yourself every opportunity for success. That's what the planning part of the process of creating your business plan will do. By the time you have pressed your way through it, you will not merely have some neatly arranged document to keep on file, you will have a working tool that addresses the essential factors that influence your future.

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?

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What is a business plan? A business plan sets out the method for running a specific activity over a specific future period. Why are business plans needed? Business plans are needed essentially for the four following reasons: 1. A formal, explicit document of the planning process; 2. A request for finances; 3. A framework for approval; 4. A tool for operational business management.

Let's say your average selling price for your service is 逽ሪ and you have one transaction per year per customer. Using that first years sales example we used above, you would calculate it this way. 造같 divided by 逽ሪ = 968 customers needed for the year. Now if your average transactions per customer are more than 1, then you would need fewer customers. As an example, let's say your average transaction per customers per year is 2Ǒ then 968 divided by 2Ǒ = 387 customers per year.

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