Starting up a business is a very serious matter – literally. Many enthusiastic entrepreneurs race into it with fixed ideas of making a massive profit in a few short years. Despite the advice from the bank of mum and dad suggesting a cautious approach with baby steps. In fact the first of these steps is to sit down and work out exactly what you wish to market – is it your making skills and a product or are you best offering a service, i.e. personal trainer or colour therapist for example. The next step is to work out a feasible business plan. Putting down all your ideas but formulating them into a document can channel energies. It should show how you plan to finance the start up – do you have your own savings or are you expecting to tap into a start up business loan. If the latter, how do you plan to repay this loan, have you a back up contingency plan. How do you expect to make the business more profitable and increase your assets. How do you plan to tap into your target market to get the business to flow readily and steadily. Where do you see your business in the next few years – set targets for say, three, five and maybe seven years hence. A business plan should be as realistic as possible. Marketing is the toughest nut for many an enthusiast in their hobby. Having one or two clients to start with is great but you need many many more to sustain the flow. These are issues that have to be researched, organised and acted upon.
How The Business Plan Can Give Realistic Shape To A Start Up
