Questions like these can help you: Who are your five nearest direct competitors? Who are your indirect competitors? How are their businesses: steady? What have you learned from their operations? What are their strengths and weaknesses? How does their product or service differ from yours?
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How will you attract, hold, increase your market share? Will the franchisor provide assistance in this area? Based on the franchisor's strategy, how will you promote your sales? What pricing strategy, if any, has the franchisor devised? Competition is a way of life. We compete for jobs, promotions, scholarships to institutes of higher learning, in sports - and in almost every aspect of your lives. Nations compete for the consumer essay in the global marketplace as do individual business owners. Advances in technology can send the profit margins of a successful business into a tailspin causing them to plummet overnight or within a few hours. When considering these and other factors, we can conclude that business is a highly competitive, volatile arena. Because of this volatility and competitiveness, it is important to know your competitors.
Develop a marketing plan by answering these questions. Potential franchise owners will have to use the marketing strategy the franchisor has developed; however, it should be included in your business plan and contain answers to the questions outlined below. Who are your customers? Define your target market(s). Are your markets growing? Is your franchise market share growing? Has your franchisor segmented your markets? Are your markets large enough to expand, depending on franchisor restrictions?
The marketing Plan, marketing plays a vital role in successful business ventures. How well you market your business, along with a few other considerations, will ultimately determine your degree of success or failure. The key element of a successful marketing plan is to know your customers - their list likes, dislikes, expectations. By identifying these factors, you can develop a marketing strategy that will allow you to arouse and fulfill their needs. Identify your customers by their age, sex, income/educational level and residence. At first, target only those customers who are more likely to purchase your product or service. As your customer base expands, you may need to consider modifying the marketing plan to include other customers.
Consider these questions when addressing this section of your business plan: What are your location needs? What kind of space will you need? Why is the area desirable? Is it easily accessible? Is public transportation available? Is street lighting adequate? Are market shifts or demographic shifts occurring? It may be a good idea to make a checklist of questions you identify when developing your business plan. Categorize your questions and, as you answer each question, remove it from your list.
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It includes the name, address and telephone number of the business and the names of all principals. In the description of your business, describe the unique aspects and how or simple why essay they will appeal to consumers. Emphasize any special features that you feel will appeal to customers and explain how and why these features are appealing. The description of your business should clearly identify goals and objectives and it should clarify why you are, or why you want to be, in business. Product/Service, try to describe the benefits of your goods and services from your customers' perspective. Successful business owners know or at least have an idea of what their customers want or expect from them. This type of anticipation can be helpful in building customer satisfaction and loyalty.
And, it certainly is a good strategy for beating the competition or retaining your competitiveness. Describe: What you are selling. How your product or service will benefit the customer. Which products/services (in your case the franchise) are in demand; if there will be a steady flow of cash. What is different about the product or service your franchise is offering. The location, the location of your business can play a decisive role in its success or failure. Your location should be built around your customers, it should be accessible and it should provide a sense of security.
An excellent question to ask yourself is: "What business am i in?" In answering this question include your products, market and services as well as a thorough description of what makes your business unique. Remember, however, that as you develop your business plan, you may have to modify or revise your initial questions. The business description section is divided into three primary sections. Section 1 actually describes your business, section 2 the product or service you will be offering and Section 3 the location of your business, and why this location is desirable. When describing your business, generally you should explain: Legalities - business form: proprietorship, partnership, corporation, franchise.
What licenses or permits you will need. Business type: merchandising, manufacturing or service. What your product or service. Is it a new independent business, a takeover, an expansion, a franchise? Why your business will be profitable. What are the growth opportunities? When your business will be open (days, hours). What you have learned about your kind of business or franchise from outside sources (trade suppliers, bankers, other franchise owners, franchisor, publications). A cover sheet goes before the description.
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In short, you want to impress people but you want to do so with as many statistical predictions and facts backing you up as possible. Writing a great business plan won't ensure that you get an investor to help you get started, nor will you be sure to succeed just because your presentation plans are solid. But without one, you're sunk even before you've sailed). Supporting Documents, what goes in a business plan? This is an excellent question to ask. And, one that many new and potential small business owners should ask, but oftentimes don't ask. The body of the business plan can be divided into four distinct sections: 1) the description of the business, 2) the marketing plan, 3) the financial essays management plan and 4) the management plan. Addenda to the business plan should include the executive summary, supporting documents and financial projections. Description of the business, in this section, provide a detailed description of your business.
Is there enough local labor to fill these positions? In other words, you'll want to address all the possible "bad scenarios" that could afflict your business and then come up with genuine solutions to these problems so that potential investors will not only say "Wow this guy's got all his bases covered but also. Marketing Plan for your Business, extremely integral to a good business plan is a solid marketing component. Here you'll want to forecast for potential investors the many ways in which you believe you have a good chance of succeeding as a business in the marketplace. If you're opening a coffee shop, you'll want to explain just how you are going to handle the challenge of competing against larger chains, and just why analysis the location you've chosen to set up your store is going to be ideal to attract a regular. For example, when you are asked why you are opening a coffee shop in front of an old folks home, come up with the answer that you'll have a steady base of regulars. If you are wondering how you are going to market and advertise your company, explain in your business plan just why you think printing the name of your company on the paper sleeve that insulates the coffee cups will be a good solution. Better yet, explain why the name of your company and its logo are eye-catching and memorable.
you can provide meaningful estimates. You'll want to take into consideration any possible "down time" where you might experience a drop off in profits - for a landscape business, say, the winter months, where shoveling snow might be the only gig you get for two months - and how you. Then you'll want to figure out what your monthly expenses are likely to be - for instance, how much will you be spending on gasoline for your machines, and what happens if the price of gasoline suddenly goes up? as well as what write-offs you are going to take advantage of when it comes time to do the company's taxes at the end of the year. Assessing the risks, assessing risks, as well, is a key component of a good business plan. If you are opening a coffee shop, you'll want to factor in the possibility that your espresso machine could one day have a nervous breakdown and completely stop the business from functioning normally, and just how disastrous this is going to be to your "best. The human resources part of your business plan should cover some of the possible risks as well. For instance, if you want to start your landscaping business, what kind of compensation are you going to guarantee to your workers should one of them get injured? Are they going to be covered by worker's compensation? How many employees do you think you will need to function properly and what happens if one of them falls ill and cannot work for an extended period of time?
The main thing that is going to attract an investor - and, in turn, cement the rationale for your business's existence - is coming up with a reason why your company simply must exist. Call it your existential philosophy if you like. If you don't have a concept that describes just what your business is going to do and just why it will fit perfectly into the industry you've chosen, then chances are you haven't flushed out a very good business plan. The chances are even greater that you yourself have not figured out the particulars of your business venture, and as biography such, are in no position to offer a business plan to an investor in hopes of receiving financial backing. Robbie burns spoke the truth when he said that "the best laid plans of mice and men often go awry" (loose gaelic to English translation but without laying out the best of plans, a small business owner can virtually count on everything going disastrously off. Determining your Cash Flow, depending on what your business is going to be, there are all sorts of important, helpful things that you can put into a business plan. If, for instance, you are planning on starting up your own landscaping business, it would be prudent to incorporate the amount of mechanical equipment you'll need in order to get started.
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As we all know by now, the success rate for small businesses in North America doesn't exactly offer a strong argument in the favor of the entrepreneurial spirit. It's tough going because the marketplace is tough. It's hard because in order to really succeed in today's world it seems like you have to plaster your company's logo on as many websites, bus panels, bumper stickers, t-shirts, and even tattoos as possible in order to get the message across that you even. However, it can be done. It just can't be done without solid planning and the perseverance required to stick to a good plan and follow through with. The first and foremost presentation step if you have no experience in the business world and are looking for a way to get your small business off the ground, is to come up with the best possible business plan that you can write. It is only with a good business plan that you can hope to attract the eyes (and money) of potential investors, who are always extra-wary about what they throw their money at and why.