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11 Steps To Creating The Perfect Business Plan

What should a business plan cover?

Startup Stock Photos

Startup Stock Photos

That’s the million dollar question.

For one thing, it should offer a thorough analysis of the need for the particular product or service you are planning to offer. It also needs to talk about how you are qualified to be making such an offering to the public.

A business plan should address your strategies in terms of production and marketing, how you will be organized, any legal aspects that you must address, and what your accounting methods will be. In short, a business plan should address the following questions:

Step 1: Forecast Your Sales Revenue– after you take a look at the market your product is best suited for, estimate the percentage of that market that you think you will reasonably be able to take over. Take in to account the number of your competitors, their size, and the amount of market they already have. It is important to be realistic during this exercise.

Step 2: Making the Commitment– be sure that you desire to work for yourself is truly greater than you desire to work for someone else.

Step 3: Put it All into Numbers– this may or may not be necessary for you; it depends on what type of business you are starting. When you approach a financial institution for a small business loan, they will respond better if they see all of your plans in numbers; they are, after all, in the business of numbers.

Step 4: Choose a Product or Service– this sounds silly, but just because you think you know what business you want to be in, it doesn’t mean your idea will be a profitable one. Take a look at the feasibility of your idea.

Step 5: Develop an Organizational Plan– what skills and talents do your new business need to not only survive, but to grow? If these individuals, and their skill sets, are vital to your success, do not make a plan without them!

Step 6: Analyze yourself– list your strengths and weaknesses. Determine how you can build off your strengths, and improve on your weaknesses. Remember, this can be a daunting task because you may have to own up to a few shortcomings you’re not prepared to recognize!

Step 7: Choose a Location– is your new business going to be on the web? Be careful to weight both your personal preferences and what makes the most sense for the ultimate success of your business.

* What do I want and what am I capable of doing?
* What are the most workable ways of achieving my goals?
* What can I expect from the future?

Step 8: Address Your Accounting– if you don’t know how much money is coming in and out of your business, you will never know if you are making a profit, or if you need to make changes. Keeping track of your numbers is one of the single most important things you can do for your business. Decide on whether you will do it in house, or outsource it to a professional; if you take care of it yourself, decide on what software you will use.

Step 9: Research Your Market– marketing research is crucial to the success of any business, large or small. The more you know about your potential market, the greater your chances of securing the customers you want, right out of the gate, and that means making a profit.

Step 10: Decide on Your Status– sole proprietor? You need to decide how you’re going to approach this, and investigate the legal ramifications of each situation. In a partnership, you share the responsibility, but you also share the decision making and the profits.

Step 11: Develop a Marketing Plan– here you will be forced to detail you plan to gain customers, and turn a profit. Discuss possible marketing channels, price points, advertising, and sales promotion.

There is not one specific format that you should use, or one best way to lay out your business plan. There are some steps you can take to make the process go a little more smoothly; we’ve listed what we think is the easiest method, below.

That’s it– wasn’t so hard after all, was it?

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P.S. If you got value from the article,  please comment below and share with a friend!

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To Your Success!

J.W. Steward & Beth Elliott

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www.facebook.com/somebuild

What exactly is the Best MLM Business Opportunity?

Startup Stock Photos

Startup Stock Photos

You could be at the point where you’ve got decided to invest some of your hard-earned cash into a new network marketing business, but just before you do this make certain that you simply thoroughly go over the various options that are available, not just to ensure that it is possible to produce a fantastic income, but also that your future downline team can benefit also.

Direct selling organizations and network marketing opportunities are not all of the exact same, and you’ll discover that people who have thoroughly investigated opportunities provided, will likely be those will create successful organizations – should you make a mistake at this stage, you will lose your money, but in case you discover issues at a later stage, you may have lost an awful lot of time.

You’ll find quantity of points set out below which you need to think about before forking over the buy-in fee.

You must ask how long the company has been in business. You ought to also learn if the organization is privately owned or publicly traded. The management team that runs any network marketing business really should have substantial expertise working in this type of business. It’s also a superb notion to discover whether or not the firm trades internationally, and should you is going to be allowed to sell the item overseas, without a issue.

You can find several crucial questions to ask, particularly when offered a pre-launch opportunity, since bear in mind that most startup MLM organizations will fail within their 1st three to five years. That’s not just some of these organizations.

It is most of them. So although you might be able to see the positive aspects of obtaining in on a prelaunch opportunity or joining a young company, you must know that the probabilities of 1 of these new businesses actually surviving is quite low, consequently if you’re not a risk taker you ought to stick to a verified business.

What concerning the costs of the services or goods the firm offers? Would the average Joe on the street obtain this item normally if there was no business opportunity attached to it? If the answer is no, then walk away.

For your personal personal security and peace of mind you have to look at these facts. Also understand that the majority of the individuals who get into network marketing really recruit much less than three individuals during their whole time within the business. All that translates to is that people either wish to buy the product wholesale, or they are simply too lazy to work on their companies. If new recruits fail rapidly, they are going to soon revert to buying a item that perhaps expense much less and they’ll cancel or quit. The dropout rate in network marketing is infamous – it might be as high as 80%. If the attrition rate within the company you are seeking at is higher than 20%, it truly is still going to be challenging to create a profitable business.

So that the best MLM business opportunity is one that’s got a good product that people already use at a price close to what they are already purchasing. If they’re used to paying $35 for supplement they already use and are now asked to pay $75.

If they do not build the business they may soon quit and go back to paying $35 per bottle.

Next thing you need to seriously consider before starting any new business is how, in particular, you mean to publicize, market and promote your new business.

Because the base line is you will not make any money until you sell a large amount of products and sign up plenty of new team members.

So what is your plan? Because even the best MLM business opportunity out there will not make you a cent unless and until you effectively and efficiently market and promote that business.

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P.S.  Thanks for reading……if you got some value out of this article……please like, comment below and share with a friend!

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To Your Success!

J.W. Steward & Beth Elliott

11268116_967244766630959_19013740299_n

www.facebook.com/somebuild