Image for a blog post

Reflection on Business Plans Content

In the last two years I’ve been reviewing numerous business plans from young entrepreneurs looking to raise seed funding for their startups. Some business plans impressed me by the extent of research made to thoroughly assess a business opportunity. However, a number of business plans failed to capture some important components. Below are some of my observations. (1)  Business plan contains too many details about technology and insufficient research of the market, competition and customers A business plan is not a research article and as such there is no need to give in-depth analysis of all features that your technology…

Read More »

Image for a blog post

Small Business Ideas

What problems do you notice? What do your friends or colleagues complain about? Ideas for startups often arise from a problem that needs to be solved. Business ideas usually come from your work experience, study or hobby to which you have been dedicated for a period of time. Your idea may involve filling an unmet need in the marketplace with a new product or service, providing an existing product in a new form, making improvement to a product available from competitors, or providing an existing product to a new customer group or other ways in which value can be added. …

Read More »

Image for a blog post

Business Plan Structure

There is no universally accepted format for a business plan, and thus there are many types of business plans. A good plan can include these elements. Executive Summary: a clear overview of your business venture Background: in case if you are already operating the business or if you are planning to buy an existing business.  In this section among other things you can include outline of any progress that the business has made to date and details of current ownership structure Products and services: features and benefits, current stage of development, proprietary technology and intellectual property. Also, rather than just…

Read More »

Image for a blog post

Why write a Business Plan

There are several benefits of preparing a business plan: You will address a number of questions and challenges concerning your business and thus will validate your business concept. Your business plan may uncover significant issues and risk factors making your business idea impractical. It is much less costly to identify significant issues during business planning stage than facing such problems when business becomes operational Developing a business plan helps you approach planning of your business in a systematic way. Be flexible throughout this process; while developing the business plan you may come across other concepts, markets, products or services. Additionally,…

Read More »

Image for a blog post

Start Own Business

It is difficult to start a business alone. Entrepreneurs should address a plethora of questions such as will customers buy my product, how much I can charge, how to effectively market my product or service and what business model to use. In today’s business world, where many new businesses fail within the first few years, it is very reasonable to search for every opportunity to increase your chances for success.  Planning4business offers a range of small business services (include URL) addressing your startup business needs. Outside business advisors can assist you in making decisions based on facts rather than intuitive…

Read More »

Image for a blog post

Buying Franchise

Established franchise offers various advantages over independent business including brand recognition, proven processes and products, training, centralized development of promotional programs, better bargaining power with suppliers and knowledge sharing among franchise owners. On the other hand, you will need to pay franchising fees and royalties, will have to adhere to a restricted sales territory and will likely experience less freedom in your pricing strategy. As with any opportunity, both advantages and disadvantages must be examined before a decision to invest into a franchise is made. Once you completed commercial due diligence of the franchise and you remain happy with selected…

Read More »

Image for a blog post

Purchasing Established Business

Purchasing an established business can reduce startup costs, help avoiding the long lead times involved in launching an enterprise and building a customer base. Established businesses also may have existing good will such as reputation that will reduce the risk of business failure. The decision to buy a business requires careful commercial evaluation including options for financing your purchase. As a buyer you need to recognize whether you have the right experience and management skills, whether the business is in a desirable location and how much you are willing to invest. You should also perform own due diligence as many…

Read More »