Whether you want to explore your entrepreneurial side and start your own business, or just be a part of one, business just might be the right major for you.
Writing a business plan Your guide to a successful business plan A good business plan defines what you want to achieve and how you intend to achieve it.
Our guide could help you write yours. A comprehensive business plan is the best way to go about defining your business. Your plan should include: What your business will do The products or services it will provide How customers will access your products or services eg in a shop, online or by phone Your approach to pricing Your long and short-term objectives — including a series of benchmarks if possible that you can check your progress against Know your customers Make sure you know as much as possible about who will be buying from you.
Knowing the answers will help you promote your business much more effectively: How old are they? What do they do for a living? What are their lifestyles like? Do they already buy the product or service?
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Why will they buy from you and no one else? How will you tell them about your business? Naming your business The name you choose for your business should reflect the image you want to project to your market.
If you have the facilities, you could test various names to see how people from your proposed customer base react. There are companies that provide this service, or you could do it informally by asking friends and family. There are plenty of guides that will help you to understand the law and make decisions to suit your business, such as the number of employees you need, what you should offer them and if they will be contractors or permanent.
Here are some key things to consider: What are my responsibilities and what do I need to provide them with? How will I make sure they are properly managed and trained? What should I pay them and does it match with the pay offered for similar roles in the area?
How will they benefit my business and help me to achieve my goals?
Writing it all down When you write your business plan, remember to be clear, realistic and concise. You should use research and, if possible, evidence, to support your conclusions and include an action plan. Nothing needs to be set in stone, however; business plans are dynamic documents — meaning that you should adjust your plan as your business develops.
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