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.
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 them
00:52if 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
01:12your 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 2 set your goals and objectives for the business never
01:55assume that your goals need to be small to accommodate your limitations think big
02:01clearly define your short-term goals the ones that you wish to achieve within 12
02:06months midterm goals those that will take between two to three years and long-term
02:12goals consider all aspects such as the revenue you wish to generate number of
02:17outlets you want the number of customers you need in your database the target population and age
02:23groups as well as the amount of passive income that needs to be generated in future
02:27step 3 define your unique selling proposition what is it about you that is different from
02:35the crowd your unique selling point or USP will make you more attractive to potential customers
02:41how is your product or service different from others in the market it could be anything from
02:47additional services to personalized customer service you could even offer them better after
02:52sales warranty and support while writing a business plan you just need to highlight the
02:57extras that your customers are getting from you to make your business stand out step 4 know your market it
03:06often happens that you have a brilliant 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 many petrol
03:18stations are there several businesses can provide the same service and still
03:22survive as the marketplace is huge and it can sustain multiple businesses but for
03:29this you should know your market like the back of your hand research and find out how many
03:33competitors you have what services they offer what are the current and future trends of the industry know the
03:40larger picture are there certain benchmarks that can be used to gauge your business performance
03:45such as gross turnover profit margins etc once you know the inner workings of the market you can
03:51manipulate them in your 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 important part of any business and you
04:07should know the customers your business caters to today customers are spoiled for choice and they have
04:13thousands of options for every product so if you want them to buy your product you should know what your
04:19ideal customer wants this is the reason why you need to define your target populations and research their
04:25habits while writing a business plan understanding the motivation behind customers actions can make your
04:31business successful you can focus on the areas that grab your customers interest and stop wasting energy on
04:38the rest put yourself in their shoes and then think what would make them choose you each time write down the
04:45ideas and implement them step 6 research the demand for your business you must have studied the demand and supply curve
04:55even if you haven't it stands to logic that there should be ample demand for your product find out the demand
05:01before investing in a new business the basic rule is the man should be more than supply if this holds true for
05:09your market your business will thrive but if the demand is less than the supply your business will
05:15eventually die out so do your homework and gather as much information as you can you can do a secondary search right
05:22from your home over the internet or your public library you can even visit government offices for this
05:28information but by far the best option is primary research where you directly interact with your
05:34target audience to know their preferences and how ready they are to buy your product so hit the road and
05:40note down all the interesting ideas you get to increase the demand be smart and invest your life savings only
05:48after ascertaining that there is a demand for your product step 7 set your marketing goals so you have
05:56finished the research and defined your business vision the next step in writing a business plan is setting up
06:02marketing goals these are those goals that define how your product would look like what it will cost how
06:09you'll distribute it and the ways in which you can promote it most businesses do plan this but they neglect the
06:15most important areas you should set up measurable marketing goals that will help achieve your primary
06:21business objectives questions like the number of products you'll sell what will be your product
06:27development strategy your price margins delivery methods and promotion plan should be duly considered when
06:34you ask yourself these questions they will help define the goals for marketing your business step 8 define your
06:42marketing strategy now that you have your marketing goals you need a plan to achieve them how many products
06:48you need to produce and sell and at what profit margin so as to get your desired revenue what will be your
06:55system of delivery and your coverage area what will be the strategies to promote your business the media
07:01that you will use be very specific as 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 acquaint
07:15yourself with it so that you can easily navigate through each point step 9 take action and of course
07:24without action all else is a waste this is the most important part of writing a business plan you can plan all
07:32you want but unless you do the actual work and bring customers to your storefront you won't earn anything even if you find that
07:41according to the business plan your idea isn't viable don't give up there are thousands of other ideas out there and you can
07:49ultimately find one that suits you if you wish to be wealthy healthy and happy there is a business waiting for you to grab it your business plan will
07:58provide the direction and focus but you will need to take the first step writing a business plan isn't difficult if you know what you
08:06should focus on you now have an idea of what is important 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 your goals define a path and don't let anyone stop you
08:27now you know how to write a business plan and the mantra for success is in your hands make the best of it
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