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What makes up a good business plan?



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What makes up a good business plan?

Being in business is something that is always necessary when we are looking at having some financial freedom and being happy. However, when we are looking at getting some loans for our business, we should try to have a good business plan. What are the core contents of one? 

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kaushikangara

Getting to know your customers is the most essential part of the plan. Without identifying the potential customer base, thinking of stating a business is useless. You should do a preliminary analysis of who your target audience would be, what is the probability of your business to succeed, already existing competitors, the prices in the market at present and the location where you intend to set up your business.




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Barida

That is true as we should know who our target audience are. This is one of the ways that we can get to enjoy some better moments as well instead of having to just start up a business without understanding the customers.




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Kakashi2020

Well for starters the higher the profit margin the better and you can do that if you have a unique product or service. To much competition in a niche drives the price down as well as your chances of becoming successful. Find a niche where you could maximize profit.




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MelanthaKrasos

I believe there are basic rule that we have to follow to start with a good business plan. First, know the place and it's people. Check whether the location you are planning to put up a business can generate customer. Find out if how many competitor you have to deal with and how to get ahead of them in terms of marketing. Then, think about your capital and the cost that it may incur during the actual startup. Most importantly include good customer service, it is the face of business that may either make it a success or failure.




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cjctm11

I agree, when we start a business and didn't know how to manage one or even doesn't know your target market will be surely unsuccessful. You must know what is your product and what would be your targer market. Location must be on your priority list when building a business to ensure that there are customers who would avail your products even though it was retail or services.




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Enyi

This is like taking a market survey to really know what really works. So first thing is to find out if there's really a market for the proposed business before embarking on one. A business plan must be concise and have the ability to succeed at least above 90% success rate.




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ghednepo

I think being a business man you should change your mindset. You need to know the mindset of a business man and how they use their money properly and wisely. As a business man you should know hot to communicate to other people because people is your customer and without communication skill you will lose your customer. As a business man you should have this characteristic: Kind, Hardworking, Have a long patient, Smart, Brave, and lastly God Centered




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Youngshark

Someone should underline the point on patience and highlight it as well so that nobody forgets its huge significance. Businesses can take long to pick and even longer to scale but with perseverance the results expected and more will be realized.




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burgosmichael24

Planning is very important in everything you do especially in business. Someone said, "Failing to plan is planning to fail." So if you want to make your business a successful one, make sure that you are prepared with a concrete business plan. Here are some basic steps in making a business plan.

1. Establish a goal for your business.
2. Identify the present situation of the business you want to have.
3. Define the barriers that can hinder your success and the aids to solve it.
4. Make a step by step action plan.

I hope this could help you with your plan.




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theresajane

This really helps. Thank you for sharing these tips.




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burgosmichael24

You're welcome theresajane. Thanks for appreciating my tips. Anyway, Merry Christmas to you and to your family. May God's love and abundant blessings overflows in your family. God bless you.




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astraherondale

I can't emphasize the importance of being goal-directed enough - in any endeavor, it's always important that you have your short-term and long-term goals clear in your mind. The goals will guide your entire process, and it keeps you anchored so you don't go off-track.




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Jelineex

It's always best to have a feasibility study on what kind of business you want to venture. This will give you enough observation and analysis if it will have a probability of growth. Knowing and understanding in one's business will advance your skills and strategies. I know business is a risk but it's best to take security measures to stay on track.




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jaymish2

I think to have a good business plan you should first look for a template.A template will have an outline of what should include in your business plan. The most important thing you have to pay attention to is your marketing research and plan. This would lay out the viability of your idea. Do you have an audience for it e.t.c. This is what a potential bank/investor would be looking at first.




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theresajane

You have a point. It is really important to be prepared in any aspects. It's good to have a big plan broken down into detailed plan.




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Alania

Best business plan is a plan where you've mastered all the aspect of the both income and outcome, the subject and the clients. What I mean is that you must plan ahead every step, and even consider what to do in case you will suffer a failure. That way, you'll be unbeatable, and your business will succeed.




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dullian

Establishing your goals, knowing your capacities, knowing what is the budget you'll need and making a good estimation of how to spend that budget effectively so you can see the results of your efforts. Also, learning from others and try to follow or imitate conducts you can apply to yourself.




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Alania

Remember the cliche from movies where a group of people plan every single move on a desk? That's how a business plan works actually. You have to calculate every single step. Never miss out on anything!




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theresajane

I agree with you. It's is important to make your plans clear in you mind. You should be sure of the things like the budget.




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NikSuks

Well, the businessman should examine the target market first. He/she should know everything about the needs of potential customers, what they do like and what they do not. Also, a businessman should have a clear vision how much money does he/she want to earn.




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idealmike

I think first you have identify a demand for something. And then plan how you can provide/sell/retail that product/service that is in demand. And from there, hopefully form and keep a good business plan / model, for your business to succeed.

There's some good points made here already though so good advice. I agree about the mental outlook / attitude part. As well as the part about about knowing your targeted audience. That's why research companies spend millions on market research so they can better target and sell to people.

I like the part about working out your finances and budgeting options too. Many businesses go out of business simply because they didn't take some other costs into consideration. Hey when you're spending more than you're earning, that's negative business lol

And the part about learning from others too such as rival/competitor sites/businesses, what they are doing, achieving or failing at. You can learn a lot / poach ideas from them and put your own spin on them / make them better. The punters love it.

As well as the template idea too, sometimes setting up a business can be timely, mundane and a bit of a minefield to navigate / hassle to setup. But you can buy template ready to go businesses you just have to stamp your mark on and be in business quicker.

Now then, if you're talking about getting a loan to start a business, and needing to show a business plan of sorts to your lenders / creditors, then indeed you'll likely need something solid in place that is viable and sustainable. Since they definitely want their money back.

That said, these days, you can get business grants and things you don't have to pay back. You can/could use the power of the crowd for example and setup a crowdfunding campaign for it. That's what savvy entrepreneurs that want a free business do. But even they need to have a solid business plan in place else you wont even get the wheels on let alone rock the wheels off!?




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esteban123

I think that a good business plan is something that is well executed were it is very near to reality and can provide us some benefits such as a huge amount of profit. But of course we all know that it is very hard to have a good business plan because there are some business plan that doesn't have a good outcome which is something that we do not want to happen.




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Kakashi2020

Well there's a lot of requirements in getting a business loan like Positive Financial Statements for the past 3 years, Business Licences, Tax Clearances and you must have a sound Business Plan. It's best if you have a collateral but ifvyou don't have one, then you can't get a business Loan. But you can apply for a Line of Credit against any Purchase Orders or Contracts.




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NerdIndeed

Regarding business loans, I feel that it's better to have investors rather than borrowing from a bank. As a business owner, you need to convince them that they'll get their money's worth in the investment, so have a good business pitch.




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Martinsx1

Depending on the kind of business you are looking at getting into should be what determines whether you are to go for a loan or not.

If it's a short term business deal, then getting a long would be a good idea but if it's a long term business, it's better to use investors rather than getting a loan.




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Alymae

Yes. I agree with you. If you are in it for the long run, find investors. It is not easy to find them, you would have to present a perfect business plan to gather investors. It is not easy to make a successful plan, it would have to undergo a lot of research and hard work.




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NerdIndeed

I agree. I guess it also depends on the timeframe you need the money. It's just that regarding business strategies, isn't it better to plan for long-term goals rather than short-term ones?




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satheeshsoft

If you are thinking to do some business with the help of loan, it should be done with a next level mind.
The next level mind i say is not about just a business plan make for money. Make for money today and increase in future and benefit to customers.

First think about online or offline sales.
For online selling you need to make it more time and a better plan about the current trend. 'what is the current trend' and 'how it become achieve to compete and reach in high potential'. Definitely it needed to spend some more time, yes worthy time. and more knowledge and experience from own and other experienced peoples surrounding to you and online peoples.

In offline sales the benefit is ready product and ready money. The customers we can directly see, talk and sell. Always look the customer need and the common need in that surroundings area. That need you can convert to sell. I mean the commodity. Yes and a very good response in the terms of Goodwill returns the customers into profit and doubles. Offline sales, the commodity, which commodity need to sell and the peoples daily need in that surroundings area, is a must to watch and apply. And some other commodities you can sell easily with the current trending commodity there. The main thing 'what is the customer need' that need transform business. this is what i seen and studied from other people selling better commodities in offline business. but in online business things are different and very difficult and needed more time for a smart work




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overcast

Every good business makes use of the cashflow and clients as the top priority in their plan. You can see that having such good business plan would make business have much better long term results. Many business plans design the business in such way that they assume the clients are easy to come. And that means they find the clients out there are easy to work with as well. So on that note you can see that each business plan should have a lot of focus on the lead generation and cashflow.




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knnon

A business project feasibility is essential if you're planning on taking a loan for your business. You'll need to do a lot of research and calculations. You'll also need to have a possible location listed in your feasibility report. Another thing to consider listing is the services you will offer and the set amount of price. You'll also need to list possible income and expense estimation for at least a month. You'll need to make sure that everything you calculated and put on your feasibility project is realistic and believable enough in order for your loan to be granted.




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amelia88

One of the biggest things that I think helps a business plan are things like scalability, plans for expansion, and a framework for how you’re funding your business ventures. Ensuring that you know the financial side of the business is extremely important.




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Martinsx1

It's very important to keep your customers needs included when making your business plans because no business can survive without its customers base.

Detailed research should be done by the business owner before setting up the business.




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ghednepo

I think the best business plan is get some pointer to a expert, Because they know what is bad and good for you




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cmoneyspinner

When it comes to a business plan I use those free ready-made templates. They are excellent guides.

https://www.thebalancesmb.com/entrepreneur-simple-business-plan-template-4126711




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Alania

Oh wow, that's a wonderful tool. Guess that simplifies things by a degree, I'm surprised how I've never got the idea to use such template. Gonna try to fill it out and see how it works out for my future goal.




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overcast

These are some good business plans. I think there is one more website named bplans. And the thing is that word or the excel document of such plans can be good. So I think you have found a good resource. I am also these days trying some of such on the Google docs.




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axl2468

A good business plan should be detailed, have realistic objectives, and should be checked by an expert. It may cost you initially, but at least there will be a lower chance of your business failing.




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ghednepo

i think the best business plan is to know what is your goal and wants to achieve




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Kakashi2020

Well for starters the higher the profit margin the better and you can do that if you have a unique product or service. To much competition in a niche drives the price down as well as your chances of becoming successful. Find a niche where you could maximize profit.




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Kakashi2020

Well for starters the higher the profit margin the better and you can do that if you have a unique product or service. To much competition in a niche drives the price down as well as your chances of becoming successful. Find a niche where you could maximize profit.




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Corzhens

For a new business the core of the business plan centers on the capital and the profitability. A business person always looks for the potential revenue and eventual profit against the amount of capital. In other words the ROI or return on investment is the main concern for a new business. Why would you embark on a business if you do not have the assurance that it will earn? At least the business plan will give you confidence.




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Rathiel

You have to know your market, and the ways that it grows, or can possibly grow. This allows you to adapt to changes better, and makes expansion a lot easier for you to do. After you get to know your market, get to know about the needs of said market. Why are people buying your product? Is it because it's affordable? Because it's a pioneer product?

Ask yourself how to keep your current customers while growing your customer base. Invest in good infrastructure and keep up to date with technological trends. And always, always, have back-up plans just in case something falls through the cracks.




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