Business Planning Process

 

What is a Business Plan?

A business plan is basically a roadmap for you to grow your business. It is a strategy by which you plan for your business so that it scales. It is a blueprint where you decide how you are going to execute your entrepreneur skills to successfully grow your business. Let us quickly go through the points of planning for your business.

Create a Summary or Idea Generation: This is the first step you are going to take before planning for a business setup. It involves the generation of new concepts, ideas, products or services to satisfy the existing demand, latent demand and future demand of the market. Here you have to make a list that who will be your customers, your producers, what type of stuff you are going to sell or in what kind of business you have an interest like there is a various category where you can go " Medical Products" selling, opening a "Grocery Shop", Book Shop or you can go in Education line also. I have already explained the different category of business in https://bestbusinesstypes.blogspot.com/ 

Requirement Analysis: Here you have to gather all the requirements needed for your business like a place, money, workforce, management handling, grievance and its handling etc. Here you have to analyze the prospective strength, weakness, opportunities and threats of the business market. The various variables to be scanned here are in terms of :

                                     Socio- Culture

                                     Economic

                                     Governmental

                                     Technological

                                     Demographic changes taking place

                                     and Availability of Raw Material

Budget:  It is again an important aspect of setting a business, you have to plan the whole thing according to your budget only, you can't go beyond budget, you can set up a limit of 5 lac, 10 lac, 15 lac etc. It is up to you how much money you want to invest.

Company Description: In the company description you can tell the main characteristics of your company, about products and also why have you chosen these products, you need to describe the company's history like  Founding Date

                                        Major Milestone

                                        No of employees

                                        Vision

                                        Location

                                        Products it is dealing with

Market Research Work of Feasibility: You have to do proper market research that what the kind of business you are planning to do is in demand or not. It is feasible to set up such an industry or small business. You have to search the topic like what is the present and future demand of the product? What is the marketing mix of competitors?  How much price the consumer is willing to pay? etc

Implement: Now is the time to implement your ideas, so best of luck you need to have Confidence enough that it is going to be a success. You are finally going to start your business in this step. It will take some time and things will go according to you so just go ahead with a positive attitude.

Describe your Product: Describe your product in an efficient way like the qualities of the product example its durability, feasibility, features, robustness so that consumers will get attracted towards it. Tell consumers the differences between your product and other products and why should they choose your product.

Marketing Strategy: It is all about the advertisement of your business. you must have seen that because of lack of proper advertisement many businesses fails so you don't have to do this mistake, start marketing from your surroundings, friends, relatives and convince them to circulate the brochure further.

I hope you like our best collection of  "Business Planning Process" If you want any detailed description of any topic covered then write it in the comment section. I will try to cover your queries.