Most people do not realize how important a business plan is for anyone starting a new business, already in business, trying to get a loan, and critical for anyone seeking funding from a venture capitalist like those guys on ABC's Shark Tank. The business plan needs to be comprehensive and well thought out. Business plans are standardized and contain sections that include an executive summary, objectives, a mission statement, descriptions of products and services, market planning, management structure, ownership type, customer life cycle, market analysis summary, your marketing strategy, and even your resume.
Individuals could choose to hire a professional to write a business plan for them or they can attempt to write their own making use of business planning software or books that are available on the market. I would recommend reading the book, Your First Business Plan 5th Edition by Joeseph Covello and Brian Hazelgren. I have found this to be an excellent primer on business and business planning. It convers topics such as Return On Investments and Shadow Testing.
A market evaluation is a useful analysis in the planning of a company’s success. It is a big undertaking but is invaluable. To conduct a proper analysis, consideration needs to be given to a range of areas including expected sales figures, marketing goals, advertising content, and the media mix being utilized. Firstly the original marketing goals need to be examined and it has to be ascertained whether the business can quickly and effectively gain enough market share to generate revenue. If this is not possible on paper it will never take off.
An analysis of the competition can be the most difficult section to work on when undertaking the writing of a business plan. Before analyzing the competition they have to be investigated and before that can be done they have to be found. There are many resources online you can use to start. Manta.com happens to be one of my favorite tools. To analyze the competition it is necessary to determine what market or market segments they serve and what benefits they offer. It is necessary to determine why customers buy from them and also to gather information about their products and or services, their pricing and promotion.
With high failure rates for new business, it is obvious that to succeed new businesses need all the help they can get. Proper planning is vital. Do your research.
Andy Ray Uppole is an artist from Peoria, Illinois that specializes in audio and video production, graphic design, commercial art, and creative consulting. You can contact him by calling 209-509-4120 or email him at subversiondesignsolutions@gmail.com