The Magic Ten For A Business Plan

Being your own boss is the goal that everyone in every walk of life wants to achieve. Most of us would believe that setting up a business is the gateway to attaining that goal.

But it does not just take self-belief to make a business materialize. You need to be affirmed of it! That affirmation can only be concrete if you pen your thoughts of your ideal business down. In other words, you would need a business plan.

The business plan marks the beginning of your quest to grabbing the opportunity to be your own boss, but the business plan would not be a business plan without your aptitude in creating it. Remember, this business plan will serve as your guardian during your reign as the business owner.

So to those who have had an aspiration to establish a business of your own, get your pen and paper, and take down these ten steps to writing up an idyllic business plan:

1. Outline your long-term goals before plummeting into the short-term ones. If you were to hurriedly work on the short-term goals without analyzing what you can envision in your business, you may see yourself being wedged halfway through, not knowing where you want to lead your business. So the long-term goals should come first! A brief summary of those goals would do fine.

2. Prepare your budget realistically. You may have drafted your business goals and strategies, but remember, that is a plan. The reality has yet to arrive. So in budget setting, you would need to think of what reality may have to offer for your business, and use it as your basis for budgeting. Before doing so, do research on the industry, which is dependant on your business nature, as well as your targeted customers, demographics, the opportunities and threats, and even economical status of that market.

3. Make the extra effort to gather information from your targeted customers. This can be done by methods like conducting surveys or forming focus groups. The amount of success in your business depends primarily on your customers! So seize the opportunity to find out more about them.

4. Place priority on getting to know your competitors. They are actually your gateway to finding the answers to your queries about how you can make your business prosper. They indirectly can give you an idea of the dos and don’ts of your business that you should notify yourself of.

5. Pen down the possible risks of venturing in your business. Preparing a business plan does not indicate that your business will be risk-free. You should list down the probable negative situations that can transpire in your business and ways to tackle them such that you will not bound to be at a loss.

6. Prepare the plan with an opened mind. Collect feedback and opinions from others about what you had drafted so far. A few heads are better than one after all.

7. Expect the unexpected. You should not be too narrow minded in terms of the business or marketing policies and practices that you wish to implement. Research and analyze the current marketing tools and business practices that can possibly boost your profits and status. And be prepared that while you are managing your business, you may have to amend your plan along the way due to the external factors that are constantly changing over time.

8. Take down the unique selling point of your product or service. Do not blindly let your competitors lead the way! You are in it to compete with them, so you have to draft out something that can make your product or service stand out.

9. The business plan is meant not only for yourself, but also for your prospective subordinates. They have a major part to play in producing positive outcomes for your business. And for that to take place, they need motivation! So do include an outline of monetary rewards, benefits and privileges that can serve as sources of motivation for your subordinates to give their fullest dedication in their tasks.

10. Above all, never thrust aside the importance of the business plan.

As the saying goes, if you fail to plan, you plan to fail. So draw your attention to the ‘Magic Ten’ of creating a well-defined business plan.

Good luck to all entrepreneurs in the making! Start writing your plans to start your business with a bang!

Let's watch this motivational video presentation by Mr. Anthony Robbins

Recommended Books

The Total Money Makeover: A Proven Plan for Financial Fitness

The Successful Business Plan, 4th Edition: Secrets and Strategies (Successful Business Plan Secrets and Strategies)


Bertina Işık Yalçınkaya said...

Hello how are you. I bring desert with strawberry from Turkey

NAFASG©™ - United And Dedicated Behind You™ said...

Hello Bertina...

That's nice of u. Thanks for the dessert from Turkey! =)

Mariuca said...

Hello Nafa, sorry got no dessert for u today LOL!

Well, as u all already know, I run my own bus from home. It's not a large-scale business where I require office space and all but it does keep me busy every day and most weekends too. Just wanna share that when I first planned to be on my own, the first thing I did was to establish my name and my service to current/potential clients. It took me 2 years to establish things before I finally left my 9-5 job to be on my own. Never rush into a business without the correct preparations. So ur tips are excellent, hopefully those wanting to venture into biz will come to NAFA first before plunging themselves into what is definitely a most challenging job -running and maintaining ur own biz!

Have a terrific day NAFA! HUGS :):):)

NAFASG©™ - United And Dedicated Behind You™ said...

Hey Marzie...

Yes that is the exact message that we want to convey in our article here. Proper planning is essential, coz if u were to encounter hiccups along the way and if u do not have a plan on tackling those hiccups, you will be at a loss eventually.

Glad that u like our tips here. And good luck in your business! U definitely did the right thing in taking your time and carefully planning your business. =)

Bibik Nyonya said...

HI there, i linked you as requested. Great blog you have here!

Don Simkovich said...

Good article and it should provide a framework for any one looking to launch or improve their business. Collecting the opinions of others is vital. It's good you included it.


Hello Bibik Nyonya...

Thanks for the link. Will link u back ok? =)

Hello Don...

Glad u like this post. Hope our tips here can be of guidance to those who aspire to own a business. =)

JesseTheCat said...

If I ever start a business I will definately return to this article.I didnt try to watch the video as my isp is to slow and can never open these videos. What a pity, sigh :( Otherwise, your article is in all ways well researched and very informative and written in an easy to understand style.It will be a huge bonus to anyone thinking of starting a business.Hope the sweeties are having a wonderbluss day over there....! Sorry I have no desert for you, but this awesome chocolate cake might make you swoon.. :)


Hello Jesse!

Oh we love chocolate cake!!! Thank u Jesse. *hugs* Today our blog is raining chocolates and strawberries. Yippee! =)

So nice to hear that u would look up to this article if u were to start a business. Another tip that we can give u is that u should look up to others around u who probably have had a handful of experience in business management. That is something to take note too! It's ok if u cant watch the video, but it is great enough that u read the tips given.

Hope u had a wonderful day too! Thanks for coming. =)

Money Online said...

Hi nafasg
I already edited my post , And you is in there now. :>
check it


Hi Money Online...

Great! Thanks for adding us in your post. Will come over and check it out! =)

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