By Djay Rijneveld at April 24 2019 22:05:54
So, you see, once you decide which of the 7 ways you're going to do, then the only thing left for you to do is figure out how to make the one or ones you have chosen work. No doubt there would be a lot work to do to do a plan like this. You would need to figure out how to put it all together, do all the calculations, do a lot of what if's, etc.. And I'm sure one of the biggest things would be, would you actually take the time to do something like this or even have the time to do it? You could pay someone to do it but that would probably cost you a lot. Plus if you did that, most likely it would require a lot of back and forth work to get it just like you wanted it which would be even more expensive. But even then, would you spend the money to do it?
I often see people split into two camps. On one hand those who almost ignore competitors in their business plan, because they do not want to think about the issue yet and feel so confident they have a great idea for the market regardless. But I recommend not being overconfident when it comes to competitors. They are still there for a reason, they are still around and in business for a reason, so view them with that in mind.
But your idea may be so new that you may also need to talk to potential customers, host some focus groups, talk to an ad agency, or maybe even make a prototype and float it past some people. Be prepared to spend the time. Remember, it's not about the Plan but the Planning. Build It on Paper First _ Whether you decide to use business plan writing software or to just follow this guide and create your plan with your word processor, here are the sections of a good plan and the questions that need to be addressed: Cover Page _ Show the name of the company, your name, and the date. Introduction _ What is the name and address of the business? Who are the principals, their titles, and their addresses? What is the nature or purpose of the business? What is your launch date? How much start_up and/or operating capital is needed? Executive Summary _ One to three pages that summarize all the information to follow; come back and write this last.
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.