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Your business plan is going to be useful in a number of ways. Here are some of the reasons not to skip this valuable tool.
First and foremost, it will define and focus your objective using appropriate information and analysis.
- You can use it as a selling tool in dealing with important relationships including your lenders, investors and banks.
- You can use the plan to solicit opinions and advice from people, including those in your intended field of business, who will freely give you invaluable advice. Too often, entrepreneurs forge ahead ("My Way!") without the benefit of input from experts who could save them a great deal of wear and tear. "My Way" is a great song, but in practice can result in unnecessary hardships.
- Your business plan can uncover omissions and/or weaknesses in your planning process.
A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. Business plan process consists of buying a business,franchises,starting a business,international business.
Business Plans - A business plan is an essential step for any prudent entrepreneur to take, regardless of the size of the business. This step is too often skipped, but we make it easy for you by providing a format to build your plan as you progress through this course.
Buying a Business- This should be a step-by-step sequential process. Here are the steps:
FIRST: You need to decide if you will be buying a business to provide yourself with a full-time job or if you are making the purchase as a part-time investment.
SECOND: You will need to thoroughly investigate the industry you are considering to conclude if this is really a business in which you can make a commitment.
THIRD: Attend industry meetings, talk to existing business owners, spend time at typical businesses and visit competitive locations to determine if your conclusions are shared by those who are already in the industry.
FOURTH: You need to decide whether you want to start a new business, buy a new business or buy an existing business.
AND FINALLY: Appraise your own experience, skills and background and decide if this business is a good fit for you.
Franchises - When you buy a franchise, you are buying the right to use a specific trademark or business concept. The business you run is essentially the same as all other business being run under the same name. In order to do this, you may have to buy things like products, tools, advertising assistance, and training from the franchisor (the company that owns the rights to the business).
Starting a Business - There are some interesting advantages and some pitfalls in starting as a moonlight business. (That is, a business you start in your off hours while still working at your current job.) More often than not, the advantages of starting as a moonlighter outweigh the risks.
International Business -International Business in India looks really lucrative and every passing day, it is coming up with only more possibilities. The growth in the international business sector in India is more than 7% annually. There is scope for more improvement if only the relations with the neighboring countries are stabilized.