How To Write a Business Plan To Start Your Own Business

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Start Your Own Business by Writing Business Plan. How to write a successful business plan for successful startups. Step By Step - How to write a business plan an effectively for starting your own business. Watch 11 Elements of Sample Business Plan  Do you need a business plan for successful startups in India, USA, UK & Canada. Starting an own business needs working plan which compiles some important details about product & company.   9 Steps For Writing a Business Plan - Required Steps to Write a Business Plan for your company or service.   Step 1 - Define your vision 1:16  Step 2 - Set your goals and objectives for the business 1:50  Step 3 - Define your Unique Selling Proposition 2:29  Step 4 - Know your market 3:02  Step 5 - Know your customer 3:57  Step 6 - Research the demand for your business 4:47  Step 7 - Set your marketing goals 5:52  Step 8 - Define your marketing strategy 6:38  Step 9 - Take Action! 7:20   These all Steps are very important while you are writing a business plan for starting your own business.

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00:00if you're thinking of starting a business you should know how to write a

00:10business plan it is usually observed that despite having a great startup idea

00:15most businesses are not successful according to common statistics within

00:20the first five years of operation ninety percent of businesses fail and of the

00:25remaining ten percent only one out of ten businesses last past the first five

00:30years so what makes some businesses fail while others prosper there may be

00:35several reasons including but not limited to poor customer service poor

00:41logistics and cost management and inadequate product but the major reason

00:46is the lack of a business plan business plans help define goals and achieve

00:51them if you take out time to set concrete but achievable goals and chart a plan to

00:57success it can help you realize your dream and make your business flourish I have

01:03compiled an all-inclusive list of areas that need to be considered while

01:07writing a business plan these will help you in defining your goals and the path

01:11your business needs to take to achieve them step 1 define your vision when you

01:19start a business you have a clear goal in mind you know exactly what you wish to

01:24achieve with your business however after some time the clarity of your vision will

01:29become blurred and you'll forget some of your brilliant ideas writing down your

01:34vision for the company will help you to define it and moreover it will help your

01:38staff identify with the mission all daily activities of the business can then be

01:44aligned with your vision for the business this should be the first step of

01:48writing a business plan step two set your goals and objectives for the

01:53business never assume that your goals need to be small to accommodate your

01:59limitations think big clearly define your short-term goals the ones that you wish

02:05to achieve within 12 months midterm goals those that will take between two to

02:10three years and long-term goals consider all aspects such as the revenue you wish to

02:15generate number of outlets you want the number of customers you need in your

02:20database the target population and age groups as well as the amount of passive

02:25income that needs to be generated in future step 3 define your unique selling

02:31proposition what is it about you that is different from the crowd your unique

02:37selling point or USP will make you more attractive to potential customers how is

02:42your product or service different from others in the market it could be anything

02:46from additional services to personalized customer service you can even offer them

02:51better after sales warranty and support while writing a business plan you just

02:56need to highlight the extras that your customers are getting from you to make

03:00your business stand out step 4 know your market it often happens that you have a

03:07brilliant idea but someone else has already started a business with a similar

03:11plan this is a very common occurrence but you should not let this stop you how

03:17many petrol stations are there several businesses can provide the same service and

03:22still survive as the marketplace is huge and it can sustain multiple businesses but

03:28for this you should know your market like the back of your hand research and find out how

03:33many competitors you have what services they offer what are the current and future

03:38trends of the industry know the larger picture are there certain benchmarks that

03:43can be used to gauge your business performance such as gross turnover profit

03:47margins etc once you know the inner workings of the market you can manipulate them in

03:52your favor this is an important part of learning how to write a business plan

03:57step 5 know your customer this goes without saying customers are the most

04:04important part of any business and you should know the customers your business

04:08caters to today customers are spoiled for choice and they have thousands of

04:13options for every product so if you want them to buy your product you should know

04:18what your ideal customer wants this is the reason why you need to define your

04:23target populations and research their habits while writing a business plan

04:27understanding the motivation behind customers actions can make your

04:31business successful you can focus on the areas that grab your customers

04:35interest and stop wasting energy on the rest put yourself in their shoes and then

04:41think what would make them choose you each time write down the ideas and

04:45implement them step 6 research the demand for your business you must have studied the

04:53demand and supply curve even if you haven't it stands to logic that there

04:58should be ample demand for your product find out the demand before investing in a

05:03new business the basic rule is the man should be more than supply if this holds

05:09true for your market your business will thrive but if the demand is less than the

05:13supply your business will eventually die out so do your homework and gather as much

05:19information as you can you can do a secondary search right from your home

05:23over the internet or your public library you can even visit government offices for

05:28this information but by far the best option is primary research where you

05:33directly interact with your target audience to know their preferences and how

05:37ready they are to buy your product so hit the road and note down all the

05:41interesting ideas you get to increase the demand be smart and invest your life

05:46savings only after ascertaining that there is a demand for your product step 7 set

05:53your marketing goals so you have finished the research and defined your

05:58business vision the next step in writing a business plan is setting up marketing

06:03goals these are those goals that define how your product would look like what it

06:08will cost how you'll distribute it and the ways in which you can promote it most

06:13businesses do plan this but they neglect the most important areas you should set

06:18up measurable marketing goals that will help achieve your primary business

06:21objectives questions like the number of products you'll sell what will be your

06:26product development strategy your price margins delivery methods and promotion

06:31plans should be duly considered when you ask yourself these questions they will

06:36help define the goals for marketing your business step 8 define your marketing

06:42strategy now that you have your marketing goals you need a plan to achieve them how

06:48many products you need to produce and sell and at what profit margin so as to get your

06:52desired revenue what will be your system of delivery and your coverage area what will

06:57be the strategies to promote your business the media that you will use be very specific

07:04as these will translate to action and your ultimate success or failure plan for every

07:09eventuality while writing a business plan this is a very vital step of writing a business plan so

07:15acquaint yourself with it so that you can easily navigate through each point step nine take action

07:23and of course without action all else is a waste this is the most important part of writing a

07:30business plan you can plan all you want but unless you do the actual work and bring customers to your

07:36storefront you won't earn anything even if you find that according to the business plan your idea

07:43isn't viable don't give up there are thousands of other ideas out there and you can ultimately find

07:50one that suits you if you wish to be wealthy healthy and happy there is a business waiting for you to grab

07:56it your business plan will provide the direction and focus but you will need to take the first step

08:02writing a business plan isn't difficult if you know what you should focus on you now have an idea of what is

08:09important and how you should tackle the task of writing a business plan and you are now better

08:15equipped to start a successful business start your research today jot down all those brilliant ideas set

08:23your goals define a path and don't let anyone stop you now you know how to write a business plan and the

08:31mantra for success is in your hands make the best of it

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