What makes up a good business plan?

Barida Level 1

December 23, 2018, 11:06 am

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What makes up a good business plan?

Being in business is something that is always necessary when we are looking at having some financial freedom and being happy. However, when we are looking at getting some loans for our business, we should try to have a good business plan. What are the core contents of one?

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MelanthaKrasos

MelanthaKrasos

I believe there are basic rule that we have to follow to start with a good business plan. First, know the place and it's people. Check whether the location you are planning to put up a business can generate customer. Find out if how many competitor you have to deal with and how to get ahead of them in terms of marketing. Then, think about your capital and the cost that it may incur during the actual startup. Most importantly include good customer service, it is the face of business that may either make it a success or failure.

6 years ago

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cjctm11

cjctm11

I agree, when we start a business and didn't know how to manage one or even doesn't know your target market will be surely unsuccessful. You must know what is your product and what would be your targer market. Location must be on your priority list when building a business to ensure that there are customers who would avail your products even though it was retail or services.

6 years ago

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Enyi

Enyi

This is like taking a market survey to really know what really works. So first thing is to find out if there's really a market for the proposed business before embarking on one. A business plan must be concise and have the ability to succeed at least above 90% success rate.

6 years ago

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ghednepo

ghednepo

I think being a business man you should change your mindset. You need to know the mindset of a business man and how they use their money properly and wisely. As a business man you should know hot to communicate to other people because people is your customer and without communication skill you will lose your customer. As a business man you should have this characteristic: Kind, Hardworking, Have a long patient, Smart, Brave, and lastly God Centered

6 years ago

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Youngshark

Youngshark

Someone should underline the point on patience and highlight it as well so that nobody forgets its huge significance. Businesses can take long to pick and even longer to scale but with perseverance the results expected and more will be realized.

6 years ago

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burgosmichael24

burgosmichael24

Planning is very important in everything you do especially in business. Someone said, "Failing to plan is planning to fail." So if you want to make your business a successful one, make sure that you are prepared with a concrete business plan. Here are some basic steps in making a business plan.

1. Establish a goal for your business.
2. Identify the present situation of the business you want to have.
3. Define the barriers that can hinder your success and the aids to solve it.
4. Make a step by step action plan.

I hope this could help you with your plan.

6 years ago

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theresajane

theresajane

This really helps. Thank you for sharing these tips.

6 years ago

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burgosmichael24

burgosmichael24

You're welcome theresajane. Thanks for appreciating my tips. Anyway, Merry Christmas to you and to your family. May God's love and abundant blessings overflows in your family. God bless you.

6 years ago

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astraherondale

astraherondale

I can't emphasize the importance of being goal-directed enough - in any endeavor, it's always important that you have your short-term and long-term goals clear in your mind. The goals will guide your entire process, and it keeps you anchored so you don't go off-track.

6 years ago

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Jelineex

Jelineex

It's always best to have a feasibility study on what kind of business you want to venture. This will give you enough observation and analysis if it will have a probability of growth. Knowing and understanding in one's business will advance your skills and strategies. I know business is a risk but it's best to take security measures to stay on track.

6 years ago

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jaymish2

jaymish2

I think to have a good business plan you should first look for a template.A template will have an outline of what should include in your business plan. The most important thing you have to pay attention to is your marketing research and plan. This would lay out the viability of your idea. Do you have an audience for it e.t.c. This is what a potential bank/investor would be looking at first.

6 years ago

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theresajane

theresajane

You have a point. It is really important to be prepared in any aspects. It's good to have a big plan broken down into detailed plan.

6 years ago

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Alania

Alania

Best business plan is a plan where you've mastered all the aspect of the both income and outcome, the subject and the clients. What I mean is that you must plan ahead every step, and even consider what to do in case you will suffer a failure. That way, you'll be unbeatable, and your business will succeed.

6 years ago

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dullian

dullian

Establishing your goals, knowing your capacities, knowing what is the budget you'll need and making a good estimation of how to spend that budget effectively so you can see the results of your efforts. Also, learning from others and try to follow or imitate conducts you can apply to yourself.

6 years ago

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Alania

Alania

Remember the cliche from movies where a group of people plan every single move on a desk? That's how a business plan works actually. You have to calculate every single step. Never miss out on anything!

6 years ago

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theresajane

theresajane

I agree with you. It's is important to make your plans clear in you mind. You should be sure of the things like the budget.

6 years ago

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NikSuks

NikSuks

Well, the businessman should examine the target market first. He/she should know everything about the needs of potential customers, what they do like and what they do not. Also, a businessman should have a clear vision how much money does he/she want to earn.

6 years ago

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esteban123

esteban123

I think that a good business plan is something that is well executed were it is very near to reality and can provide us some benefits such as a huge amount of profit. But of course we all know that it is very hard to have a good business plan because there are some business plan that doesn't have a good outcome which is something that we do not want to happen.

6 years ago

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Kakashi2020

Kakashi2020

Well there's a lot of requirements in getting a business loan like Positive Financial Statements for the past 3 years, Business Licences, Tax Clearances and you must have a sound Business Plan. It's best if you have a collateral but ifvyou don't have one, then you can't get a business Loan. But you can apply for a Line of Credit against any Purchase Orders or Contracts.

6 years ago

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NerdIndeed

NerdIndeed

Regarding business loans, I feel that it's better to have investors rather than borrowing from a bank. As a business owner, you need to convince them that they'll get their money's worth in the investment, so have a good business pitch.

6 years ago

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Martinsx1

Martinsx1

Depending on the kind of business you are looking at getting into should be what determines whether you are to go for a loan or not.

If it's a short term business deal, then getting a long would be a good idea but if it's a long term business, it's better to use investors rather than getting a loan.

6 years ago

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Alymae

Alymae

Yes. I agree with you. If you are in it for the long run, find investors. It is not easy to find them, you would have to present a perfect business plan to gather investors. It is not easy to make a successful plan, it would have to undergo a lot of research and hard work.

6 years ago

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NerdIndeed

NerdIndeed

I agree. I guess it also depends on the timeframe you need the money. It's just that regarding business strategies, isn't it better to plan for long-term goals rather than short-term ones?

6 years ago

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overcast

overcast

Every good business makes use of the cashflow and clients as the top priority in their plan. You can see that having such good business plan would make business have much better long term results. Many business plans design the business in such way that they assume the clients are easy to come. And that means they find the clients out there are easy to work with as well. So on that note you can see that each business plan should have a lot of focus on the lead generation and cashflow.

6 years ago

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knnon

knnon

A business project feasibility is essential if you're planning on taking a loan for your business. You'll need to do a lot of research and calculations. You'll also need to have a possible location listed in your feasibility report. Another thing to consider listing is the services you will offer and the set amount of price. You'll also need to list possible income and expense estimation for at least a month. You'll need to make sure that everything you calculated and put on your feasibility project is realistic and believable enough in order for your loan to be granted.

6 years ago

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amelia88

amelia88

One of the biggest things that I think helps a business plan are things like scalability, plans for expansion, and a framework for how you’re funding your business ventures. Ensuring that you know the financial side of the business is extremely important.

6 years ago

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Martinsx1

Martinsx1

It's very important to keep your customers needs included when making your business plans because no business can survive without its customers base.

Detailed research should be done by the business owner before setting up the business.

6 years ago

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ghednepo

ghednepo

I think the best business plan is get some pointer to a expert, Because they know what is bad and good for you

6 years ago

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cmoneyspinner

cmoneyspinner

When it comes to a business plan I use those free ready-made templates. They are excellent guides.

https://www.thebalancesmb.com/entrepreneur-simple-business-plan-template-4126711

6 years ago

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Alania

Alania

Oh wow, that's a wonderful tool. Guess that simplifies things by a degree, I'm surprised how I've never got the idea to use such template. Gonna try to fill it out and see how it works out for my future goal.

6 years ago

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overcast

overcast

These are some good business plans. I think there is one more website named bplans. And the thing is that word or the excel document of such plans can be good. So I think you have found a good resource. I am also these days trying some of such on the Google docs.

6 years ago

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axl2468

axl2468

A good business plan should be detailed, have realistic objectives, and should be checked by an expert. It may cost you initially, but at least there will be a lower chance of your business failing.

6 years ago

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ghednepo

ghednepo

i think the best business plan is to know what is your goal and wants to achieve

6 years ago

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Kakashi2020

Kakashi2020

Well for starters the higher the profit margin the better and you can do that if you have a unique product or service. To much competition in a niche drives the price down as well as your chances of becoming successful. Find a niche where you could maximize profit.

6 years ago

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Kakashi2020

Kakashi2020

Well for starters the higher the profit margin the better and you can do that if you have a unique product or service. To much competition in a niche drives the price down as well as your chances of becoming successful. Find a niche where you could maximize profit.

6 years ago

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Corzhens

Corzhens

For a new business the core of the business plan centers on the capital and the profitability. A business person always looks for the potential revenue and eventual profit against the amount of capital. In other words the ROI or return on investment is the main concern for a new business. Why would you embark on a business if you do not have the assurance that it will earn? At least the business plan will give you confidence.

6 years ago

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Rathiel

Rathiel

You have to know your market, and the ways that it grows, or can possibly grow. This allows you to adapt to changes better, and makes expansion a lot easier for you to do. After you get to know your market, get to know about the needs of said market. Why are people buying your product? Is it because it's affordable? Because it's a pioneer product?

Ask yourself how to keep your current customers while growing your customer base. Invest in good infrastructure and keep up to date with technological trends. And always, always, have back-up plans just in case something falls through the cracks.

6 years ago

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ebetura

ebetura

Earning now is not very easy if there is no strategy.

3 years ago

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HooliganW

HooliganW

A good business plan includes the broadest possible knowledge of each branch of the planned business.

The question is: Can a person do it himself or is it better to hire a person? I think it all depends on the chosen business.

You won't believe it, but as someone who follows a plan in everything, I'm trying to make a business plan to participate in stock trading) I'm currently studying the https://redot.com/eth2/ page. So far it is difficult to give.

3 years ago

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