How your product or service will benefit the customer. Which products/services (in your case the franchise) are in demand; if there will be a steady dream flow of cash. What is different about the product or service your franchise is offering. The location, the location of your business can play a decisive role in its success or failure. Your location should be built around your customers, it should be accessible and it should provide a sense of security. Consider these questions when addressing this section of your business plan: What are your location needs? What kind of space will you need? Why is the area desirable? Is it easily accessible?
It includes the name, address and telephone number of the business and the names of all principals. In the description of your business, describe paper the unique aspects and how or why they will appeal to consumers. Emphasize any special features that you feel will appeal to customers and explain how and why these features are appealing. The description of your business should clearly identify goals and objectives and it should clarify why you are, or why you want to be, in business. Product/Service, try to describe the benefits of your goods and services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty. And, it certainly is a good strategy for beating the competition or retaining your competitiveness. Describe: What you are selling.
What your product or service. Is it a new independent business, a takeover, an expansion, a franchise? Why your business will be profitable. What are the growth opportunities? When your business will be open (days, hours). What you have learned about your kind of business or franchise from outside sources (trade suppliers, bankers, other franchise owners, franchisor, publications). A cover sheet goes before the description.
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Conclusion small business success is achieved by: - assessing yourself to improve your success traits - assessing the market for demand and competition - meeting customer expectations and publicizing this fact - making detailed plans and implementing these effectively - controlling performance through monitoring and. Supporting Documents, what goes in a business plan? This is an essay excellent question to ask. And, one that many new and potential small business owners should ask, but oftentimes don't ask. The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial management plan and 4) the management plan. Addenda to the business plan should include the executive summary, supporting documents and financial projections. Description of the business, in this section, provide a detailed description of your business.
An excellent question to ask yourself is: "What business am i in?" In answering this question include your products, market and services as bird well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Section 1 actually describes your business, section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable. When describing your business, generally you should explain: Legalities - business form: proprietorship, partnership, corporation, franchise. What licenses or permits you will need. Business type: merchandising, manufacturing or service.
It is organizing that creates the business. With the clear ideas provided by the plans, you go out into the world of government, investors, bankers, suppliers of equipment, merchandise and services, employees and customers. You would work with them to translate the plans into an operating business. Monitoring and control of your business. You have the plans telling you how to achieve profits. Now you have to compare your actual performance against the plans: - are costs within allowable limits?
are sales growing at planned volumes and realizing estimated prices? are credit sales being collected in time? are unsold stocks accumulating? is there any significant change in market conditions? Inevitably, there will be variations between planned and actual results. Your task then becomes identifying the factors that caused the variance and taking the necessary actions to ensure profitable operations. For example, if costs increase, you might have to increase your selling prices. If local demand declines, you would explore new markets. Effective control is exercised not by bossing people round, but by setting standards, checking performance against those standards, and taking appropriate action in time.
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An essential element of the business plan would be hippie estimating cash flows. Initially, there would be cash outflows for establishing the business. Once operations start, there would be cash inflows from sales. However, until the sales reach a certain level, the inflows would be insufficient to cover all the outflows. There ould also be the problem of credit - the credit you receive could be less than the credit you have to extend to customers. A cash flow statement showing inflows and outflows month by month, incorporating all the above factors, would show how much external financing you would need and when. The same statement would indicate when you would be able to repay the borrowings. Plans alone would achieve nothing.
You communicate your sales messages to the customers at these places, or through hese materials or programs. Small business essay marketing means selecting the most appropriate medium to communicate. Planning and organizing for success, although a bit of forecasting is involved in planning, plans are primarily an expression of your vision. You have some ideas about the business you want to do, the results you want to achieve and the way you would go about these. Business planning involves evaluating these ideas against he prevailing business realities, including the market, the resources required, and the resources available to you. The plan also needs to include an estimate of outside assistance that you will need. It will explain your background, what you plan to do, as well as the resources requirements and how you would arrange these. Another key component of your business plan would be the program for achieving profitability - how you will achieve required volumes, the prices you will be able to charge, and the costs you will incur.
be something that you can handle or you will find yourself driven out of the market. Whether the market is competitive or otherwise, you simply have to know your customers. If you don't know such things as their age, gender, occupation, needs, likes and dislikes, you simply cannot hope to write sales messages that will appeal to them. Then you'll need a clear idea about what your customers expect from your kind of product or service. These customer expectations will form the basis on which you develop your sales messages. You can also gain a competitive advantage if you can meet any expectation that isn't currently being satisfied properly. Finally, you have to know the places your customers frequent, the materials that they read, and the programs they attend or listen.
The traits listed below are practically self-evident: A self-starter - this is the essence of entrepreneurship. Employees have a boss to tell them what to do and how to. Entrepreneurs must decide what to do and learn the how. Persistence - unless you are able to persist against all the frustrations and adversities that are inevitable while doing a competitive business, you are not likely homework to see small business success. Learning through doing - without observing the results of your decisions and actions, and learning from your mistakes and successes, your persistence might actually make the situation worse. You might be persisting with wrong actions. The habit of planning and organizing - if you don't have the habit of working out the details involved in achieving what you want, and then going out and organizing all that is needed, you might be floating around aimlessly.
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Main, business, small Business, a practical guide, for Small Business Success. Entrepreneurs who start a small business have high hopes of big success. Yet few small businesses survive beyond five years. Because only successful small business owners have recognized the basic requirements it takes to be a success over the long haul. Make sure you're one of them. Actually, there are just four broad requirements that can almost guarantee your small business success:, a few personal traits essential for small business success, a big enough market that a small business can tap, planning and organizing, monitoring and controlling, personal traits essential for success. People with very different personalities have succeeded in business. Therefore one cannot say that there is an entrepreneurial personality. But there are certain traits that are essential for business success.