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Your business plan is the foundation of your business.
Having a business plan is a must, whether your goal is to start a one-person solo business or a multi-million dollar enterprise. If you are looking to start a simple product or service business as a sole proprietor or one-person corporation you don't need a huge 50-100 page business plan. A shorter plan will suffice. A quick and easy one-page business plan can be sufficient for you.
We will talk about the importance of Business and marketing plans and the need for startups. Many startups, especially small businesses do not spend much time in developing a business plan and then a marketing plan. It is in their head. Well what is in your mind needs to be on paper. Obviously if you are looking for funding then you do need a full fledged business plan. Even if you are self-funded it is imperative to have these plans and as we will progress I will show you the importance of the plans, what these plans need to include and who should be seeing these.
• What is your competition and how will you differentiate yourself in the marketplace?
• How will you make money, for example, in terms of sales versus expenses?
• How will you market your business?
A marketing plan is a report that outlines your marketing strategy for the coming year, quarter or month. Typically, a marketing plan includes:
• An overview of your business’s marketing and advertising goals.
• A description of your business’s current marketing position.
• A timeline of when tasks within your strategy will be completed.
• Key performance indicators (KPIs) you will be tracking.
• A description of your business’s target market and customer needs.
What You Need to Do
Previous: Episode A2.002 Goals & Mindset
Next: Episode A2.004 Understand the Four phases of Business
Written by Raj Kapur
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