How to write a business plan?

[Starmix]

Since some of us here have businesses, let us try to consider reviewing business plans. Have we followed the right procedures in writing a business plan? The following are guides on how to write a business plan:

1. Make a 1 page summary;
2. Who is your target market;
3. Who are your competitors;
4. Do you need staff;
5. Who are your suppliers;
6. Draft a financial and marketing plan, and
7. How are you going to run the operations.

I think, most of us who have a business prepared a business plan like this.

 

[Fidelia]

The ending part of the business plan which has to do with financial projections is the most important part of the business plan. It is where investors really love to see because it shows how the business would manage financial injections.

 

[Suba]

To write a business plan, the first thing you need to do is carry out market research which is useful for determining the target market. Next, you need to determine the vision, mission and business goals, and create a business description and profile and so on.

 

[Starmix]

I think the mission vision follows after having a one-page summary of the introduction of your business, the insights, and perhaps the inclusion of the vision-mission.

 

[Suba]

I think the mission vision follows after having a one-page summary of the introduction of your business, the insights, and perhaps the inclusion of the vision-mission.

You are right, but the vision, mission and goals were designed long before we started writing the business plan, because we can find the vision and mission after we do market research.

 

[King Belieal]

For a standard business plan, you start with an Executive Summary that gives a broad overview of the business including it's proponents, proposed location and it's missing/ objectives.

 

[Starmix]

You are right, but the vision, mission and goals were designed long before we started writing the business plan, because we can find the vision and mission after we do market research.

Yeah agree with you but in my business I didn't do research I only make a marketing plan and strategic actions to profit.

 

[Suba]

Yeah agree with you but in my business I didn't do research I only make a marketing plan and strategic actions to profit.

Of course, because the franchise owner (franchisor) has done research beforehand and moreover they already have a vision, mission and definite goals. so you as a franchisee only need to run your business seriously.

 

[Starmix]

Of course, because the franchise owner (franchisor) has done research beforehand and moreover they already have a vision, mission and definite goals. so you as a franchisee only need to run your business seriously.

I am planning to end this franchising and plan another business of my own making. i am still preparing for it. The milk tea sales isn't good this time after it's increase of price.

 

[Suba]

That is one of the difficulties that business people often encounter, if prices rise then consumers will decrease and many will even replace them with other products, creating their own goods is also not easy to market, because consumers' purchasing power is reduced.

 

[Starmix]

You're so right I am also thankful that I already started my online business which is selling printed T-shirts. I am good at it and get many orders .

 

[Suba]

You're so right I am also thankful that I already started my online business which is selling printed T-shirts. I am good at it and get many orders .

That's a very good business start, increase your enthusiasm so you can achieve the targets you hope for, good luck sis.

 

[Starmix]

That's a very good business start, increase your enthusiasm so you can achieve the targets you hope for, good luck sis.

Yeah, but I must not be that excited because it might be like my milk tea business. It is hard to convince our target market becase of what we are facing this time.

 

[Augusta]

You need to try and make a comprehensive one. Draft a financial and marketing plan, and
how you going to run the operations

 

[Starmix]

I am now writing a business plan to replace my other business which gets low sales. I just make it a very specific and attainable business plan.