Personal Development, Business Coaching, Team Building
Business planning is one of the most crucial parts of starting a business. Get it right, and you'll earn the trust of investors, distributors, suppliers and staff. Get it wrong, and your business could face huge problems just getting off the ground.
A business plan is a document that sets out in detail exactly how and why you will run your business, and includes everything from how you will promote it to how you plan to fund it and who your customers will be.
Your business plan will include details of your financial forecasts, explaining how much money you think you will make and how, as well as how much you will need to finance the business and how you plan to go out raising funds, as well as how many rounds of funding you think you will need.
Your business plan can include detailed market research, looking at how big your market is and who your customers are. We will segment your market depending on information such as your customers' spending habits, interests, earning power, age and socio-economic groups.
Setting out an accurate plan will help you determine whether your business idea is feasible. By making cashflow, sales and other financial forecasts and looking at what sort of target market you will have, you can work out whether your idea will work as a business and how easily you will be able to fund it.
Even if you're not planning to raise money, a business plan will allow you to map the future of your business. By putting your thoughts down on paper, it will allow you to come up with a comprehensive strategy on how you will deal with various scenarios.
Your business plan gives you a place to list specific goals and objectives for your business, helping you to set out clearly how you plan to meet these goals and on what sort of timescale, and forcing you to commit to that course of action.
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