Video instructions and help with filling out and completing Form 2220 Developments

Instructions and Help about Form 2220 Developments

If you're thinking of starting a business you should know how to write a business plan it is usually observed that despite having a great startup idea most businesses are not successful according to common statistics within the first five years of operations 90% of businesses fail and of the remaining 10% only one at 1/10 businesses last past the first five years so what makes some businesses fail while others prosper there may be several reasons including but not limited to or customer service poor logistics and cost management and inadequate product but the major reason is the lack of a business plan business plans help define goals and achieve them if you take out time to set concrete but achievable goals and chart a plan to success it can help you realize your dream and make your business flourish I have compiled an all-inclusive list of areas that need to be considered while writing a business plan these will help you in defining your goals and the path your business needs to take to achieve them step 1 define your vision when you start a business you have a clear goal in mind you know exactly what you wish to achieve with your business however after some time the clarity of your vision will become blurred and you'll forget some of your brilliant ideas writing down your vision for the company will help you to define it and moreover it will help your staff identify with the mission all daily activities of the business can then be aligned with your vision for the business this should be the first step of writing a business plan step two set your goals and objectives for the business never assume that your goals need to be small to accommodate your limitations think big clearly define your short-term goals the ones that you wish to achieve within 12 months midterm goals those that will take between two to three years and long-term goals consider all aspects such as the revenue you wish to generate number of outlets you want the number of customers you need in your database the target population and age groups as well as the amount of passive income that needs to be generated in future step 3 define your unique selling proposition what is it about you that is different from the crowd your unique selling point or USP will make you more attractive to potential customers how is your product or service different from others in the market it could be anything from additional services to personalized customer service you could even offer them better after sales warranty and support while writing a business plan you just need to highlight the extras that your customers are getting from you to make your business stand out step 4 know your market it often happens that you have a brilliant idea but someone else has already started as a business with a similar plan this is a very common occurrence but you should not let this stop you how many petrol stations are there several businesses can provide the same service and still survive as the marketplace is huge and it can sustain multiple businesses but for this you should know your market like the back of your hand research and find out how many competitors you have what services they offer what are the current and future trends of the industry know the larger picture are there certain benchmarks that can be used to gauge your business performance such as gross turnover profit margins etc once you know the inner workings of the market you can manipulate them in your favor this is an important part of learning how to write a business plan step 5 know your customer this goes without saying customers are the most important part of any business and you should know the customers your business caters to today customers are spoiled for choice and they have thousands of options for every product so if you want them to buy your product you should know what your ideal customer wants this is the reason why you need to define your target populations and research their habits while writing a business plan understanding the motivation behind customers actions can make your business successful you can focus on the areas that grab your customers interests and stop wasting energy on the rest put yourself in their shoes and then think what would make them choose you each time write down the ideas and implement them step 6 research the demand for your business you must have studied the demand and supply curve even if you haven't it stands to logic that there should be ample demand for your product find out the demand before investing in a new business the basic rule is the man should be more than supply if this holds true for your market your business will thrive but if the demand is less than the supply your business will eventually die out so do your homework and gather as much information as you can you can do a secondary search right from your home over the internet or your public library you can even visit government offices for this information but by far the best option is primary research where you directly interact with your target audience to know their preferences and how ready they are to buy your product so hit the road and note down all the interesting ideas you get to increase the demand be smart and invest your life savings only after ascertaining that there is a demand for your product step 7 set your marketing goals so you have finished the research and defined your business vision the next step in writing a business plan is setting up marketing goals these are those goals that define how your product would look like what it will cost how you'll distribute it and the ways in which you