“How to Go About Small Business Planning”

© Copyright Ewen Chia

www.TheOnlineGuru.com

Starting up your own business is always a great risk. After all, a small business is just like

your baby, you do not only put your money in it, but you also form and rear with your

own sweat and tears. At times, as an entrepreneur you are also bound to be compelled to

do everything in your power for your business to succeed. Because of all those feelings

related to a business, it is very important for businessman or woman to start things the

right way. And in most cases, the right way does not necessarily mean starting the

venture immediately, it means having to go through small business planning first.

So how important is small business planning?

It is very important. As an entrepreneur a solid business plan helps you organize

everything - from the things that you need to do, the equipment the need to buy, the plans

on how to introduce your company to your target market up to the goals that you need to

set for your sales and production. More importantly, a plan helps you see your business's

future. In it, you get to write down your expansion plans and identify strategies how you

can make it happen.

And now that you recognize its importance, the next question on your mind may be: How

should you go about doing it?

Here's how.

1. Create a profile for your company. Specify what specific products will you be selling,

what makes you unique from all companies out there and what do you plan to achieve

throughout your business's existence.

2. Now that you have set your company's identity, the next step should be - target market

analysis. Here, you have to know the people in your target market better. Knowing them

includes identifying their buying habits, their common characteristics and behavior. This

is important because when you know your potential customers then, you are more likely

to satisfy their needs.

3. Check out your competitors. You have to know how they conduct their business, how

they treat their customers and how well they are doing. Knowing all those will help you

device some plans how you can have some of their customers get hooked to your new

venture.

4. Set some goals. This is important because goals can give you the direction that you

need for the operation of your business. Through it, you get to have an idea if your

business is doing well or not.

5. For operation, list down all the things that you need like your equipment, your

ingredients - if you are in the food business and the tools that will keep your goods in

good shape. This is necessary because it helps you make sure that come the opening day,

nothing will be missed.

There you have it. Those are the things that can get you started with small business

planning. From here, you can note that you do not have to be a rocket scientist to do this.

You just need time to do some research, a computer or a piece of paper where you can

write the data that you have collected, do some analysis and voila! You are done.

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