Take these into account when creating a business plan

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We all know that before we start any business, whether it is a business or something else, it is necessary to plan it carefully. Planning before you start a business can help you anticipate many of the headaches that may arise in the future and make you more successful in what you set out to do.

So today we want to talk about the main things you need to pay attention to when writing a business plan.

1. Determine what the purpose of writing a business plan is
A business plan can take many forms, depending on the purpose for which it is written. Business plans are usually written for the following purposes:

Approximate calculation of initial capital
Knowing whether a business project is generally beneficial or detrimental
Identify your product or service, your customers, and your competitors
Identify your business model, your goals, and the strategies you need to achieve that goal;
Explain your business project to others (banks, investors, partners, etc.)

2. Think about what you are going to write about

Make a list of the main sections of your plan, or use diagrams to summarize your important points. Most importantly, the process of writing a business plan will be easier for you if you understand it.

3. Tell us about yourself.

Tell us about your education and skills, who you are, what opportunities you have to run your dream business.

4. Describe and explain what your product or service is

Tell your customers what benefits your product or service has, the specifics of your product / service, the manufacturing process, and so on.

5. Identify who your customer is

Explain why you chose this type of customer market. Support your reasons with your own personal experience or the results of your research and studies.

6. Unique and distinctive features of your product

Write about why your customers should buy your product or service, not your other competitors. Are your prices cheaper than others, or do you stand out in terms of quality? Maybe your place is more convenient for customers, or you want to save time?

7.Determine approximately how much your customers will spend on your product

Keep track of how much your customers are willing to pay for your product or service, and how many times a year they will buy that product / service on average. Of course, you should write here based on the results of research and studies, not dry assumptions.

8. Write down how many products you can produce on average in a year

Write down how many times you can produce or service this product in a year, depending on your workforce or equipment capabilities. Again, writing based on evidence.

9. Calculate the unit cost of each product

Calculate the cost of each of your products, taking into account all the costs, from the cost of materials used to produce the product to the cost of rent to the workers, the cost of renting a shop or equipment, taxes, electricity, telephone and the Internet.

10. Write down how much start-up capital will be needed

Explain how much start-up capital will be needed to get started and what the investment will be used for.

11. In general, write down with evidence what your business will benefit from and when it will start to benefit.

To do this, you need to study the market carefully and make the calculations accurate and reliable.

12. List the main sections of your business plan.

Put this at the top of your business plan. Often investors do not have the time or desire to read the entire business plan. Therefore, they can read all the important and noteworthy aspects of your plan from this brief outline, and only if they are interested can they begin to read the main part to learn the details. Therefore, this section should be short and to the point.

Of course, writing a business plan is a serious and time consuming exercise. In addition to the aspects listed above, there are many other important aspects that need to be considered. If you have a business plan, or if there are other things you know about and we haven't mentioned, please let us know in the comments section below.