View the video to hear Sean talk about what is most probably the most important document for a company.
Download Business Insights #6 or view in the player below
[flv]http://184.108.40.206/video/80e143d18b21ce028aa552d6d8ece21b.flv[/flv] Sean talks about how a business plan is a way of communicating your business idea to a banker or potential investor.
The process of preparing a business plan is very important and should be prepared over a number of weeks or in some instances over a number of months. If you are sitting down to write out a business plan, before you begin you should think out the different areas that affect your business.
In this week's video, Sean discusses the first two key areas of the business plan:
This area should address the overall management of the business. Sean advises that the first thing a Banker or potential investor will want to know is who is involved in this business venture and how qualified/competent are they at what they do. You should use this section to prove that you have the specific skills and experience required for the business area into which you wish to enter. In this instance, a franchis opportunity can be beneficial as franchisees do not have to have as much business experience because they will be supported by a team of experienced franchisors who are experts in their field.
2. Market Analysis
The second section of the business plan should address the area of market analysis. Here you should outline and give detail of where and to whom you are going to sell your product/service. You should be able to provide evidence of significant market analysis, as well as a competitive analysis whereby you will have identified your main competitors and stated how you are going to be able to compete with their business offerings.
Next week, Sean will continue on the topic of Writing A Business Plan, and address the areas of Operational Aspects and Funding & Finance.Come to the blog again next Friday to watch the next installment of Business Insights.