Business plan establishment is a crucial episode for its initiator when creating business. In this present article, there is step by step details that all author wanting to create business have to be familiar with and comprehend.
As a result, the business plan must, be flawless, both in substance and in form. It’s about being methodical and rigorous in building a solid business plan. Establishing a business plan is a must to start a business.
The business author must be sure to have sufficient knowledge of the market. For that, here is a list of questions that would not to be overlooked:
What is the size of the targeted market? Local, national, global? So it is compulsory for the initiator of business to understand the overall of targeted market and its local or place.
How many customers do you plan to attract? The targeted consumers are the center of business development. As a result, this step need to be considered carefully.
What is the state of the market? Who are the major players in the market? This two questions are another reasons to be familiar with market state and trends of market.
Is your activity a BtoB or BtoC activity? This classification of business state is radical mainly in the registration with the legally organization.
For Malaysia procedure, the Malaysian Business Commission i.e. SSM is the legally organization for business registration. If there is no precise concept about the business name, aim, activity sized and sector, the corporation cannot be established according terms of law.
Apart from that, the business initiator needs to apprehend the expectations of the targeted market.
After having answered these few questions, two scenarios have to be considered. If the offer is 100% original, innovative and matches to the market expectation, it is time to launch the business! Contrarily, if there is any similarity in the offer and others, there is some risk specifically when the market rate is low and very competitive.
You have the right profile to put the odds of success on your side. For that, here is a list of questions that needs to be considered:
What experience do you have in business management? Do you have manager training? For that, if the author of business is not able to establish management, then there is alternative to seek expert intervention.
Do you have a large network of acquaintances? The trade or business development works accordingly the relation scale.
Have you gone through an organization or association for entrepreneurial support?
Are you aware of the financial risks that starting a business involves?
Do you currently have sufficient resources to embark on the adventure and maintain yourself for some time without an income?
The author of business must be certain that your commercial and marketing strategies are perfect! For that, here is a list of questions not to be ignored:
Do you know your future customers?
What are your market segments? This market area depends mainly in local and state development in general of the cases.
Have you perfected the organization of your sales force?
Do you have marketing knowledge? Have you put in place a marketing plan, a sales pitch? If the author of business have not marketing background, the best solution is to request expert elaboration in marketing domain. The aim is to avoid any risk along the business cycle.
It is essential for initiator to know how to find funding i.e. financing for the project. For more enlightenment, here is more or less points to be acquainted with:
How much do you need to finance your project, in general? Specifically for investor of business, the initiator requires to precise the need value to begin the project.
The business group and personals presentation
Keep in mind the importance of presenting the founding team must be taken into account. To create a personalized business plan, in which the values of the founders are reflected, it is essential to present the training, background, and skills of each member of the team. The role of each co-founder, future partners of the company, should also be specified in the business plan.
Then, it is also necessary to designate the person who will have the role of a legal representative of the company and manager.
Besides, you have to expose the values of your project. It is also essential to set out in your business plan the values that drive the management team and that are the starting point for their motivation. These corporate values can be the sense of service, expertise in an area or the social impact of the project.