Business Planning Basics

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• Business Planning Basics

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Here are few steps that should be completed in
the planning process for new business
enterprise1. Market Analysis2. Summary and
Offerings3. Business Strategy4. Projections5.
Considerations
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1. Market Analysis The entrepreneur
requires looking at the entire population of the
area and the demographics of the population. He
should look at his competition in the area and
make sure that the region is big enough to
justify another business of this type.
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2. Summary and Offerings When creating a
business plan, or not you can or should too
provide a basic summary of what his business will
do and what it can provide.
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3. Business Strategy It does not matter how
good a company's products are, they will not be
able to reach the target marketplace without the
correct kind of marketing. As part of coming up
with a business strategy, the entrepreneur should
include information marketing tactics and
promotions that will be used.
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4. Projections As part of creating a business
plan, the entrepreneur should also come up with
some fiscal projections for the company. This
should include some estimation of how much the
company will sell over the course of the next
year and what expenses the company will incur.
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5. Considerations Business planning is an
essential step for any new business, regardless
of whether it needs financing or not. A good
business plan can assist the entrepreneur
understand exactly how profitable a business can
be and what its chances are for success.
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