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So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!), it’s worth spending some time to think about a business plan.It’s not only an essential component of your business plan; it’s also one of the first written parts of the plan.
So, here are seven steps for writing a perfect business plan.“Research and analyze your product, your market and your objective expertise,” William Pirraglia, a now-retired senior financial and management executive, has written.
“Consider spending twice as much time researching, evaluating and thinking as you spend actually writing the business plan.“To write the perfect plan, you must know your company, your product, your competition and the market intimately.”In other words, it’s your responsibility to know everything you can about your business and the industry that you’re entering.
Company profiles are often found on the company’s official website and are used to attract possible customers and talent.
However, your profile can be used to describe your company in your business plan.
When I started my payments company, I set out to conquer the world. By explaining why you care about your business you create an emotional connection with others so that they’ll support your organization going forward.
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I wanted to change the way payments were made and make it easier for anyone, anywhere in the world to pay anyone with few to no fees. When writing a business plan, YOU are your target audience!The point of a business plan is to help you get your ideas down on paper – so don’t worry about making it fancy or excessively long. You only need a fancy one with an executive summary if you are trying to get funding.This is life in the marketing trenches.”Of course, achieving marketing objectives will have costs.“Your marketing plan needs to have a section in which you allocate budgets for each activity planned," Entrepreneur says.To help with this process, document everything from your expenses, cash flow and industry projections.Also, don’t forget seemingly minor details like your location strategy and licensing agreements. (Infographic)A great business plan will always include a strategic and aggressive marketing plan.If you know these interests up-front, you can be sure to take them into account when preparing a plan for that particular audience.”For example, bankers will be more interested in balance sheets and cash-flow statements, while venture capitalists will be looking at the basic business concept and your management team.The manager on your team, however, will be using the plan to “remind themselves of objectives.”Because of this, make sure that your plan can be modified depending on the audience reading your plan.Related: Conducting a Market Analysis for Your Business Plan Investors want to make sure that your business is going to make them money.Because of this expectation, investors want to know everything about your business.