One factor of successful businesses is a well prepared Business Plan. In order to develop your Business Plan for your new business venture, you should be able to give a detailed description of your planned company, products and services. You should also be able to identify any factors which will affect your profits and your competitive advantages. In this section, you will start gathering information which you can use later on to write your detailed business plan.
A business or company profile should include the following:
- Business name
- Business location
- Type of business
- Nature of business
- Financing required
- Source of financing
When you are refining your business concept, you should always be thinking of your customers. Who are they? What affects their demand for your product/service? Do you have any customers lined up?
Some factors to consider in developing a customer profile are:
- Income level
- Purchasing habits and trends
This is another important area to consider while starting up your new business. What business image do you want to create? How will you create this image?
For most businesses, some costs will be incurred at startup. Do you know what these costs are? Have you researched possible sources of financing?
Suppliers and Resources
What resources do you have available to set up your new business? Do you have ready access to used equipment? Have you identified suppliers?
Many regulations and legislation affect how and where you can operate a business. Have you researched whether your business requires any special permits, licenses, zoning, patents, etc.?
Click on Worksheet 2.10 to begin your business profile.