Trigger 1
Find
three key factors when starting a business and evaluate their importance.
Keywords
·
Investors, investment, capital, business idea, communication, business
plan
Business idea -> Business
plan – what is the purpose of the business, who is the customer? End goal?
This
has to be the most important one, no business without a plan
Research – potential to succeed?
Need
for that service or product?
Who
needs it?
Competitors?
How
is the market?
Second
most important imo. No point in starting a business if your product or service
is doomed right at the get-go
Legal – business structure? sole
proprietorship, a partnership, a limited liability company (LLC) or a
corporation
Important as
well since not doing this you cant do it
Licences
and permits
1.
Key factors to include in a business plan (remember to include in a
business challenges).
- Company
Analysis: what products and/or services do you offer now and/or
what will you develop and offer in the future?
- Industry
Analysis: how big is/are your market(s) and how are they
changing? What trends are affecting them and do these trends bode well for
your future success?
- Competitive
Analysis: who are your competitors and what are each of their
key strengths and weaknesses? In what areas will you have or gain
competitive advantage? How?
- Customer
Analysis: who are your target customers? What are their
demographic and/or psychographic profiles? What are their needs?
- Marketing
Plan: how will your reach your target customers? What
promotional tactics and marketing channels will you use? How will you
price your products and/or services? What brand positioning do you desire
for each?
- Management
Team: who comprises your current team and what key hires
must you make in order to execute on the opportunity in front of you. Will
you build a Board of Advisors or Directors, and if so, who will you seek?
- Operations
Plan: what is your action plan? What are the milestones you
must accomplish to go from where you are now to where you want to be at
year’s end? At the end of five years?
- Financial
Plan: how much external funding (if applicable) do you need
to build your company? In what areas will these funds be invested? What
are your projected revenues and profits over the next one to five years?
What assets must you acquire?
Executive Summary of your business plan,
which is this: why is your business uniquely qualified to succeed?
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