Advantages Of Cash Flow Statement Over Fund Flow Statement How to Develop a Successful Business Plan for a Startup Despite a Low Budget

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How to Develop a Successful Business Plan for a Startup Despite a Low Budget

Already have a business idea or concept but confused about how to turn it into the ‘megabusiness’ of your dreams? Are you wondering what business to start despite having limited funds to make the financial progress you desire? Or are you short on budget for that new business and don’t know how to make it work? Do you fall into any of the categories mentioned above? Then this writing is for you.

The good news is that all you need to succeed in a new business is a lack of ideas, thorough planning, and motivation to succeed with limited takeoff capital.

Sadly, numerous businesses fail to thrive due to the misconception that a strong initial capital is required to start a successful business. But they got it all wrong!

“Don’t start until you have a business plan,” says Henry J. Turner, executive director of Howard University’s Small Business Development Center Network. Therefore, if you wish to start a long-lasting business, having a good business plan is definitely not a bad idea!

What exactly is a business plan? What are the potential benefits? How can you develop one? These are some of the questions that this article seeks to address with a view to giving you the necessary edge over your competitors.

Simply, a business plan is a written document that clearly describes your business. Undoubtedly, the potential benefits of a well-developed business plan cannot be overemphasized.

1. It helps clarify your business ideas and define your goals and objectives.

2. It provides a road map for running a business.

3. It serves as a template for progress evaluation.

4. It helps in getting bank loans or financial assistance from investors.

A high-quality business plan usually has the following sections:

1. Executive Summary: This part of the business plan highlights your product (and what makes it special) and identified market opportunities, funding requirements and expected return characteristics. If you are interested in financial support, this section should be appealing.

2. Business: Here, you need to provide background information on your business idea in terms of how long you have been cultivating it, how long it has been around, the proposed ownership structure and any relevant experience you have had.

How will your product be different? How do customers benefit from patronizing you?

3. Market and Competitors: This is where you focus on your target customers and why they should patronize you and not on other competitors in the market who offer similar services or sell similar products.

4. Sales/Marketing: How do you intend to meet specific customer needs? What marketing strategies do you plan to use? For example, flyers, posters, websites, blogs, internet through social and print media etc.

5. Management: You need to stress the management skills, strengths and areas of weakness in your team. It also includes the proposed remuneration of the team members.

6. Operations: What facilities will your business need? For example, if you are thinking of going into web design, all you need is a good computer with a reliable internet connection and you can work from the comfort of your room.

7. Financial Forecasting: This is where you do the numbers – a cash flow statement showing how much money you expect to come in and out of your bank account and when you expect your business to break even.

8. Financial Requirement: Here, you need to state how much funding your business needs and the possible source(s) of funding – bank loan/overdraft, personal savings or investor support. Decide which funds to use for everything from equipment purchases, loan financing to advertising.

http://www.prosper.com is a proven source of microloans.

9. Risk Assessment: It is very important to help mitigate the problem if something goes wrong. It also lends credibility to your business.

10. Appendices: In this section, you can include detailed CVs of key personnel (especially if you need external funding) as well as other relevant information such as market research data and product literature.

Finally, although the task of developing a good business plan may seem daunting, it is often worth the effort because it keeps your vision clear, helping you focus on key areas of the business.

The time has come for you to pitch your business idea and who knows? It just might be the next big thing. Welcome to the business world!

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