Business plan

                                  
A business plan is nothing but a estimated assessment of the changing economics of your business, your business plan will provide a useful roadmap as well as a financing tools, but if you have miscalculated the potential, then your business plan could become a roadmap leading to faliure.


I am also failed two times in starting and operating a business because, I choose a plan which I got from internet while I was surfing on that subject.


Search engines, libraries and book stores provide sources that sell ready-made plans for specific businesses, but it is my personnel recommendation that you  must write out the plan yourself in your own words.


Keep in mind that creating a business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business.

The 7 factor you must include in your business plan

1. A Good Business Concept:

The single most common mistake made by entrepreneurs is not selecting the right business initially. The best way to learn about your prospective business is to work for someone else in that business before beginning your own. There can be a huge gap between your concept of a fine business and reality.

2. Understand of Your Market:

A good way to test your understanding is to test market your product or service before your start. You think you have a great kite that will capture the imagination of kite fliers throughout the world? Then craft some of them and try selling them first.

3. A Healthy, Growing and Stable Industry:

Remember that some of the great inventions of all time, like airplanes and cars, did not result in economic benefit for many of those who tried to exploit these great advances. Success comes to those who find businesses with great economics and not necessarily great inventions or advances to mankind.

4. Capable Management:

Look for people you like and admire, who have good ethical values, have complementary skills and are smarter than you. Plan to hire people who have the skills that you lack. Define your unique ability and seek out others who turn your weaknesses into strengths.

5. Able Financial Control:

You will learn later the importance of becoming qualified in accounting, computer software and cash flow management. Most entrepreneurs do not come from accounting backgrounds and must go back to school to learn these skills. Would you bet your savings in a game where you don't know how to keep score? People mistakenly do it in business all the time.

6. A Consistent Business Focus:

As a rule, people who specialize in a product or service will do better than people who do not specialize. Focus your efforts on something that you can do so well that you will not be competing solely on the basis of price.

7. A Mind set to Anticipate Change:

Don't commit yourself too early. Your first plan should be written in pencil, not in ink. Keep a fluid mind set and be aggressive in making revisions as warranted by changing circumstances and expanding knowledge.