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the first blow is half the battle! Having a strategy and being prepared is nowadays of vital importance to become successful in business. Nowadays the internet creates more transparency in markets, people learn quicker, which makes the current players more competitive. If you want to grow a business, you need to have a good business plan.
Besides this, if you are looking for investors in your current business, this Personal Business Plan Word might inspire you to finish a plan faster.
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For more business plan templates? Just browse through our business plan database! You will have instant access to hundreds of free and premium ready-made business plan templates.Then, for each customer group, construct what is called a demographic profile: Age Gender Location Page 10 of 31 Income level Social class and occupation Education Other (specific to your industry) Other (specific to your industry) For business customers, the demographic factors might be: Industry (or portion of an industry) Location Size of firm Quality, technology, and price preferences Other (specific to your industry) Other (specific to your industry) Competition What products and companies will compete with you List your major competitors: (Names and addresses) Will they compete with you across the board, or just for certain products, certain customers, or in certain locations Will you have important indirect competitors (For example, video rental stores compete with theaters, although they are different types of businesses.) How will your products or services compare with the competition Use the Competitive Analysis table below to compare your company with your two most important competitors.. For certain functions, will you use contract workers in addition to employees Inventory What kind of inventory will you keep: raw materials, supplies, finished goods Average value in stock (i.e., what is your inventory investment) Rate of turnover and how this compares to the industry averages Seasonal buildups Lead-time for ordering Suppliers Identify key suppliers: Names and addresses Type and amount of inventory furnished Credit and delivery policies History and reliability Should you have more than one supplier for critical items (as a backup) Do you expect shortages or short-term delivery problems Are supply costs steady or fluctuating If fluctuating, how would you deal with changing costs Credit Policies Do you plan to sell on credit Page 19 of 31 Do you really need to sell on credit Is it customary in your industry and expected by your clientele If yes, what policies will you have about who gets credit and how much How will you check the creditworthiness of new a