write business plan
write business plan

Some experts says, when you want to start a business, write a business plan first. Why? You have to put your purpose, strategy, and goals in your business plan. A great business plan is like a reminder for you to achieve your goals within your strategies.

Before you write your business plan, follow these steps from Business News Daily to make a good one.

Always know your purpose

Entrepreneurs should identify and articulate their business’s core values and purpose. Those will serve as a compass for decision making at all levels. The purpose may contain two important questions: why and how. Why your business exists and how people representing the business will behave.

Build your vision

vision business plan
vision business plan

Have a clear vision of what you want to accomplish as a company. You have to write a mission statement in your business plan. The mission is why you’re doing what you do. After you fill the “why”, then followed with defining what you are going to do and how you’re going to do it.

Clarify your business model

A good financial model should include many of the details you put in your formal business plan. Like hiring, pricing, cost of acquisition, sales, growth, and expenses. Your model should be revisited and updated every time.

Identify your target market

Who are your target markets? To help narrow down your market, answer the question: why am I uniquely placed to solve the problem? Define your target market.

Test your business idea

You can talk to some real potential future clients and experts, and ask for some honest feedback. Their answer can determine your business’s viability.

Want to learn more about starting a business? Have your business degrees Singapore at Singapore Institute of Management. It will give you the best learning journey in business field. You can enrich your learning with the best lecturers and experts in SIM Global Education.


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