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Write Business Plan
Doris Said:
How can I write business plan?We Answered:
A business plan will be made up of1 marketing
2 Product/Service
3 Expencess
4 Suppiers
5 Demand for your service or product see noumber 1.
6 Expected turn over i.e. How much your company may make!
Any thing else you may think that is important for the bank to know about. This is just a short out line of what you may put into a business plan. See link below also
Danny Said:
Should I write a business plan if revenues will no be in the thousands?We Answered:
You will need a business plan if you will use it to:- Support a loan application
- Raise equity funding
- Define objectives and describe programs to achieve those objectives
- Create a regular business review and course correction process
- Define a new business
- Define agreements between partners
- Set a value on a business for sale or legal purposes
- Evaluate a new product line, promotion, or expansion
You will get a lot of advice that a business plan is needed.
However, what you need is the process that a business plan entails -- that is, the process of thinking through the business.
It will help if you follow the outline of a business plan -- e.g. defining your business, determining your unique selling proposition, identifying your target market, determining how you will market the business, knowing how much you need to launch the business successfully.
If you will not use it to apply for a loan or find an investor, you need not write your business plan.
There was an article from the Wall Street Journal that questioned whether a startup really needs to write a business plan and this is one of the studies they found http://startup.wsj.com/columnists/enterp…
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A study recently released by Babson College analyzed 116 businesses started by alumni who graduated between 1985 and 2003. Comparing success measures such as annual revenue, employee numbers and net income, the study found no statistical difference in success between those businesses started with formal written plans and those without them. The study concludes that "unless you need to raise external start-up capital from institutional sources or business angels, you do not need to write a formal business plan."
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You don't need a written formal business plan to succeed. However, you need to understand your business and know how to navigate the market in order to succeed