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Platform 2035

Business Planning

BUSINESS PLANNING

Our Business Centre offers new and aspiring entrepreneurs the ability to prepare a three year business plan. Our free business plan template is an excellent tool for any entrepreneur or business. Please feel free to contact us with any questions regarding the business plan.

Getting Started

There are many ways to start a small business but each approach shares common elements you need to consider:

Time

How much time do you have to develop your business idea?

Money

How much money is at your disposal? Most entrepreneurs discover their businesses require more capital than originally anticipated.

Expertise

Do you have the knowledge and skills required to make a success of this business?

Risk Tolerance How much risk is involved?

You need to honestly assess your personality and finances to determine how much risk you can tolerate. This may rule out some high-risk opportunities.

Financial Return

Can you make a living from this business? Take the time to determine if your business revenues will justify your effort and provide you with the income you need.

Studying the Market

The first thing you need to do when thinking about starting a new business is to determine whether you can make a success of it. This means asking tough questions about the potential demand for your products, how much you can charge and whether payback will be sufficient to make it worth your while. A marketing plan will help you answer these questions. Although each marketing study is different because every business is different, most seek to answer the following questions:

  • What is the market potential for my product or service?
  • Who will my customers be? How many units can I sell?
  • How much can I charge?
  • Who will my suppliers be and how much will they charge?
  • What credit terms are they likely to offer?
  • Who are my competitors and what competitive advantages do I possess?
  • How will I get my goods to market and how expensive will this be?
  • Will this business produce a large enough profit to justify the sacrifices which will be required?

Armed with answers to these questions and a properly laid out marketing plan, you will be in a much better position to determine the viability of your idea.

Getting the information for such a plan is often quite easy. For instance, one possible technique is to interview potential customers or those already in the industry. These plans are dynamic and are only helpful if they change as your business changes. Rather than prepare a marketing plan and file it away in your desk drawer, you should re-examine your plan from time to time in the light of new developments and make the necessary changes. Your marketing plan will then guide and support your efforts on a continual basis.

Planning a Business

Once you have completed your marketing study, you can use it as the starting point for developing one of the most important foundations of any business – the business plan. Business plans contribute to the future success of a business in several ways. They are necessary when seeking loans and partners; they help you measure progress; and they tell you where you are going and how to get there. A business plan usually includes a description of your business and the industry in which it will function including suppliers, customers and competitors, the products and services you will provide, your price schedules, sales, and your marketing and production plans. You will also need to outline the opportunities and threats facing your business, the resources you will require, your expansion plans, and current and projected financial statements. Planning for the Future Planning is critical, not only in the early stages of business, but also as your business starts to grow. Continuous planning is necessary to help you avoid some of the pitfalls which often accompany expansion.

One plan you must consider is human resource planning - the hiring and management of employees. You need to consider how you will find employees with the skills and training needed to make your business a success. You need to be aware of the many legal, regulatory and tax requirements related to having employees on your payroll. Business planning is a continuous process. No business stays the same for long. Therefore, you need to revise your plan periodically to allow for changing circumstances. This will let your business plan continue to work for you. The process of rethinking the plan will force you to develop new ways of looking at your business and its environment. This may provide you with new ways of increasing revenues or cutting costs.

BUSINESS PLAN COMPETITION

The Platform2035 Business Centre organises a quarterly business plan competiton that will see the winner awarded startup capital through a combination of grants and interest free loans. Young entrepreneurs are encouraged to do their groundwork and prepare and submit a business plan by 4:00pm on the last day of each quarter.

BUSINESS PLAN TEMPLATE ...


Our goal is to enhance the capabilities of entrepreneurs to generate wealth and growth. Click here to request more information.

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