Developing A Business Plan

Business can be opened and operated by any person who has the desire to own and operate his own business. Even though the idea to begin a small business might seem simple, to make it into a proper business you would have to plan properly and organize a business strategy so that your effort do not turn out to being nothing more than another dead end job. Business ideas require work, and for those who have no money to start with, your most precious asset is your human labor. The lazy person will not have success in business, but the one who works and plans smartly and develops a plan for the future.

There are many ideas for developing a small business, but the decision to work whatever type of business that you decide to own and operate is up to you. The only thing that you need is the desire and an action plan. And so friend, in starting a small business and developing a business plan you will need to answer the following questions and when you have answered them, you will be ready to proceed with your business plans.

The first question you will need to answer is why do you want to open this type of business? Is there a need for this kind of product or service in your area? Are there any other persons providing the same kind of product or service in your area at present? What will make your product or service unique and more attractive then what is already available?

Who are the potential customers that you wish to target? Can they afford to purchase the product or service that you intend to offer? Are they presently buying the same product or service that you intend to offer them? If so, whom are they buying from? What price are they paying? Can you compete with the competition?

What product or service do you intend to offer for sale? Where do you intend to go get your merchandise? If it is a service business, then how do you intend to provide this service? What will it cost to get your supplies? What price do you intend to charge? What are the government requirements? What are the customs duties? What are the initial costs for the business set-up? What are the current market prices?

Where do you intend to set up your business? Where will you keep your goods? Where will the finance to operate the business come from? Where will the sales transactions be made? Which bank will you use for your business account? Which bank offers the best service for small businesses?

How will you get your product or service to the customers? How many staff will you need to work in the business? How many hours per day, and days per week will the business have to be opened? How many sales will the business need to make each week to breakeven, and also to make profit? How will the business advertise?

When (what date) do you intend to start operating? What time of the year is best for opening the type of business that you plan to open? How long will it take to get your supplies regularly? When will the customers pay for your products or service? Will you offer on credit?

These are just a few questions that you need to answer in order to insure that your potential business has met all of the requirements necessary to even move from the idea stage into something tangible. There may be many more questions or research that you will need to do before you commit to opening your particular type of business. Please save yourself time and money by doing the proper research. Your research will definitely tell you everything that you need to know or consider before going into the business world.

Research is much cheaper than losing all of your investment. There is no need to guess about your business for the most part. Of course nobody can be totally sure that every result of a research will prove to be exact or even correct, but the research will definitely give you a fair and reasonable base to start from.

All of the questions are very common and simple to answer. The answers required for these questions are available from sources all around you. You actually do not even have to move six feet away from where you stand to be able to get some basic information about the type of business that you are considering.

The person who will be wise and innovative will develop a very significant business with a thorough and proper planning. In developing a small business the wise guy will focus on developing a customer base which is essential to business success. Friend, in developing a small business, your educational level does not really matter. It definitely doesn’t matter what your age is. The only thing that matter is that you have a strong desire to become a business owner to accumulate wealth.

In time pass so many people believed that large sum of money was required to be able to own and operate a business. The myth that the big corporation is the key to the economic development of a nation is just that, a myth. Well, you can change that and make the decision to start today. The reality is that all major economies depend greatly on the small businesses as the backbone of the economy. All of the small businesses combined provide more activity for the economy in the form of jobs, production, and financial returns than any single corporation.

Friend, to be part of a Liberia that will rise and be developed to the level of a productive nation, I would say that it is the obligation of every good citizen to assist the nation in its growth by owning and operating his or her own business and am glad a few have realize this. Each business that provides some kind of useful product or service adds to the total significant output of the nation as a whole.

A well-developed business plan will guide you to making the right decisions, which will bring you success and great wealth in your business. Most of your business plan will only require time and thought before you ever have to spend the first dime. Friend, there are no short cuts to long-term success. Pay the price and you will be the winner for life.

(Chealy Brown Dennis is a marketing and business development consultant. He is also a much sought after motivational speaker and offers training in leadership and organizational development, creative sales and marketing, strategic planning, wealth creation and team building and offers on-location and train-the-trainer formats. He can be contacted through email at: dennisbc2011@yahoo.com or on phone at: 0886-264-611 or 0776-545-394)