Business Plan for a New Business

Re: Business Plan for a New Business

I think you at least have to have a broad outline of what you want to accomplish and make sure you change it frequently until you feel you have the best strategy

Re: Business Plan for a New Business

some sort of biz plan is a must have for any start (new business, new product, or whatever ...). Especially in rapidly changing environment. Then it is best to develop variations and try to predict the resul for several different alternative changes.

Re: Business Plan for a New Business

Absolutely a business plan is necessary especially so in the early stages of your business start up. Writing your business plan forces you to look at the details as well as the big picture. You must develop your financials to see if you will need additional funding. You will also learn at what point you should reach break even and when you might expect to become profitable. Of course your assumptions should be as close to true as possible, but you will be revising your numbers continuously.

You will also have a better idea of your target market how you will market your business. And you will learn about your competition. A business plan can be a real eye opener.

Re: Business Plan for a New Business

The real purpose of a business plan is to spend some time thinking about your business. Whether it is a one page or thirty page document it doesnt really matter. The most important thing you should do is to go through each type of question/section that is found in a business plan and think about how your business is going to be positioned.

Re: Business Plan for a New Business

I think it is time well spent putting your thoughts down on paper before you get started. You can always refine it as you go along

Re: Business Plan for a New Business

There is a reason why all major companies put together business plans. It is not a fun process but and important step in making sure you are on the right track. I think it is vital that a small business put a detailed business plan together and every year modify the plan accordingly.

Re: Business Plan for a New Business

When one have plan, he/she has target. When have target, looks for a way to achieve it.

If no plan -> no target -> do not know where to go and how to get there 🙂

Re: Business Plan for a New Business

Check out the Business Development Bank of Canada (BDC). They usually want to secure loans with assets, but you never know.

Otherwise, you are better off looking at private equity. An "angel" investor (look for them in your favourite search engine) usually wants to know satellite internet service about your track record in managing a company more than anything else.

My personal preference when starting companies is to bootstrap things - start with a basic service that doesn't cost Web Hostinganything to get going, and gradually build up to your original idea.

Re: Business Plan for a New Business

Once you've conducted research into the feasibility of your new business you're ready to write your business plan.
Depending on what type of business you intend to start, your business plan could include these elements:

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executive summary - a one-page overview written after your business plan is finalised
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introduction - explains the purpose and objectives of going into business
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marketing analysis - looks at the industry you are entering and how you fit in
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marketing plan - your marketing strategy
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operations plan - how you'll set up the business, i.e. structure, location, regulations
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management plan - how you'll manage your business
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financial plan - how you'll finance your business, costing and financial projections.

Business planning is an ongoing business activity - you should regularly review and revise your business plan.

Re: Business Plan for a New Business

i definetly think you need a plan for your business... you need to set up the goals your trying to achieve in your business

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Re: Business Plan for a New Business

great info.........keep it up.

Re: Business Plan for a New Business

Hello Friends.....

I think you need a detailed business plan to start a new business in new area to be successful at this stage . This will help you in setting up your budget and help you to achieve your goal.

Thanks