The Business Planning video gave me a lot of very good information about starting a business, and one the most important factors which is having a good business plan. Your business plan will be the backbone for your business, if it is weak the business will be weak as well. The four most important questions you should be able to answer before writing your business plan are: What services or product are you offering? What is your target market? How will you reach your customers? And, where will you get the financial resources for this business? Being able to answer these questions will give you a good start in writing an effective business plan.
Organization and marketing are two very important factors. The company must be organized in order to be effective. It includes all of the legal permits and and licenses needed, which are imperative to having a good standing business. Marketing begins with research. The more research you do on your target market the more likely your business is to succeed. It is very hard since people's minds are constantly changing, but you must know where your customers are, how to reach them, how to make your product appealing to them, and how to make them choose your product over that of your competitors. Another critical component is the financial statement. It is obviously essential for your business to have enough resources and for it to distribute the money efficiently throughout it's needs.
Many things come into play when building a business plan, but if is it done right it will pay off in the end.
