No business idea is a success. It always remains an idea. No idea can change or affect this world, positively or negatively. Almost everyone you have ever come across has an idea, very brilliant, world-changing idea. Nevertheless, the only problem with these ideas is that they never see the light of the day. They live with the person and die peacefully with the person.
A plan is what separates a person with an idea from the man who changes the world. A business plan makes you understand the idea you have and helps to evaluate if it is as great as you imagined. It removes the fictional and dreamlike characteristics, replacing it with reality and the harsh facts in existence
What is a Business Plan?
A business plan is very crucial for the success of a business idea as it is a major ingredient but so easily ignored by individuals. A business plan is a formal written document outlining the goals of a (new) business, outlining how it is attainable and stating plans on how to achieve them. It is an essential roadmap for the success of a business because “...failing to plan is planning to fail” in itself. So true.
This document must contain a description of your business covering the strategies, objectives, sales plan, marketing target and even financial forecasts. The essentiality of the business plan is that:
· It aids you to spot problems that may come along the way and enables you to plan for them.
· It enables you to set out your goals ahead of time. This keeps you mindful of what you plan to achieve.
· It helps you to clarify your business ideas inside your head. You cannot get the nitty gritty right until you have it on ink and paper. It points out the plan’s weaknesses.
· It helps you to obtain loan, investment or any other financial aid from people. Make you look organised and put together.
· It helps others to criticise and correct some part of your ideas that can make the plan a roadmap to failure.
· It helps you to keep track of your progress.
You can have a look of what a business plan looks like by observing the template or the financial excel template. This gets you to know the requirements and how it looks like.
What to avoid in a Business Plan...
Many even after putting the idea in a business plan, the plan is as unrealistic as it were right in their head all the time. However, in writing a business plan, there are things you can avoid for maximum impact:
· Do not put off so much into the future or the long run. This stifles you plan and makes it no better than just an idea. Concentrate on the short-term objectives and goal and modify as you go along.
· Clarity is the key here. Explain the idea in a way where it is understandable to people other than yourself. This is kind of the point here. Stir away from languages that only you comprehend and needs you to verbally make other see it your way. The business plan should be able to speak for itself. In addition, use formal language not slangs.
· Be realistic not over optimistic. Optimism will make you to mess up your predictions, requirements, sales, profit and all. Do not present yourself as a business superman. Keep it simple, plain and real, above all.
· Contrary to what many start-ups think, it is not the uniqueness of your business invention that makes it successful. Rather, the planning and economics make a successful business.
How to write the Business Plan:
This process is more fruitful and easier if adequate time is given to research your ideas and gather pieces of information that are needed in it. Start-ups can benefit from research issues like:
· Marketing strategies
· Capitalization requirement
· Regulatory environment
· Business organisation
· Risk handling
Writing a business involves knowing your audience. Business plans come in different shapes, sizes and types depending on the purpose of it. Start-up and business owners for example have different formats for following this process, each have their business plan goal, and target. Business plans is developed with a target audience in mind.
Some of the most frequently included elements of a business plan are:
This is a snapshot of your business concept as a whole with the objectives and overview of the business. It is the plan’s calling card, as it appears first. It tell your reader what you are after. Here is where you state what you are asking for. It should be 1-2 pages long. This part is written last after the plan is developed. Here each paragraph summarises detailed parts of the plan. This should be very carefully prepared, as you never get a second chance to make a first impression.
It should include:
· Mission statement
· Company information
· Financial information
· Products and services
· Future projections
This is a short description of the business, discussing the present state as well as its near future possibilities. It talks about what you do, who you are, what differentiates you from other businesses. It does not just say, “We sell things”. Things that can affect you are included too. It should not be too lengthy. End this section with an explanation of how the company plans to be more profitable, for more effect.
Explanations of your target market segments and how you will differentiate your products. You write about your product Unique Selling Proposition (USP). It presents an overview of the target marketplace. This follows a meticulous market analysis of how you plan to meet customer’s specific needs. Be sure to discuss:
· Your industry and market
· Your customers
· Market size
· Pricing policy of company
Operations and management plan:
This is closely tied to the management core of the business plan. This is the heart eat of the whole business, as without it nothing else can work. Details and instructions on how to direct and organise people in the company during their daily activities, is contained in this section. It explains the logistics and responsibilities of members of the team. A profile of the members of the management team, as well as the human resource plan, production plan and all other daily routines are outlined in details.
This is the most important section, not minding that it is the last item on our business plan. Its preparation takes up most time than others. It show the direction the company is going in the light of its finances. Careful financial projections is paramount here, up to three year or more. Make sure you summarize the data, making it very understanding.
Popular posts from this blog
If you’re looking to make a name for yourself in the merchant services industry, then you have probably, at one point or another, considered becoming a registered ISO . In the merchant services industry, becoming a merchant services ISO is one of the highest levels that you can achieve. Becoming an ISO is a highly desirable position to be in because it opens up your earnings to an entire new world of potential. You’ll gain access to more revenue streams and you will also be able to market your services under your own unique brand instead of having to operate under the umbrella of another company. However, the process of becoming a registered ISO is not one that happens overnight. Becoming an ISO requires that you have a large budget for paperwork, legal, and administrative expenses. You will need a considerable amount of resources to become an ISO in a timely manner and have success in the transition process. This short guide will show you the steps that you will need to ta
Have you ever dreamed of establishing yourself in a widely-used field and creating a passive, consistent income for yourself? Passive income is the dream of anyone, but it never comes without work. To achieve this status, you need to put in the work, but you also need to choose the right field. Every day, millions of businesses around the world require credit card processing to move their business forward and accept payments. On each transaction, a fee is paid to the credit card processing company . As you can imagine, this arrangement presents an amazing opportunity for anyone that is looking for sustainable, continuous income that could become passive for the long-term. Becoming a credit card processing agent is one of the latest and most desirable positions for sales professionals that have a network of small businesses that turn to them in their time of need. Whether you are an experienced agent or a beginner, this industry remains one of the most lucrative available to any
Are you looking for the best m erchant services agent ISO program ? As a merchant services agent, you must be quite attentive about how to find the best program for your payment processing business. Well, you should search no longer because you can use the best merchant services agent program in the country . There are many reasons why we have become the best credit card processing agent program for credit card processing sales agents and ISO's. First of all, we give you a 100% guarantee of satisfaction for you and all your merchants. With our high quality service, you can sign up business owners and merchants with self-reliance. About the Agent ISO Program Our Merchant Services Agent ISO Program offers relationships with various processors and processing platforms. Able to offer your merchants most payment platforms across the globe. Track all of the commissions and deals from your back office portal. Commission structure is much higher than other credit c
Aѕ a rеѕult of thе great vаluе оf our credit card processing agent program , we are one the lіѕt оf fastest grоwіng рrіvаtе соmраnіеѕ. Thrоugh thіѕ agent ISO рrоgrаm, оur agents hаvе thе avenue tо ѕurраѕѕ thеіr fіnаnсіаl аѕріrаtіоnѕ. Alѕо, our customers fіnd thе ѕаlеѕ proposition whісh іѕ well dеѕіgnеd dіffісult to rеѕіѕt. The focus оf thе рrоgrаm іѕ оur hіgh end tоuсh ѕсrееn роіnt of ѕаlе ѕоftwаrе аnd hаrdwаrе ѕуѕtеmѕ whісh іѕ рlасеd free оf cost in retail аnd rеѕtаurаnt buѕіnеѕѕеѕ bу оur merchant services аgеntѕ . Yеѕ, at a рurсhаѕе price of zеrо dоllаrѕ, оur agents gіvе these ѕуѕtеmѕ to merchants. Thіѕ іѕ a unіԛuе and іnduѕtrу сhаngіng аррrоасh tо mаrkеtіng point оf ѕаlе ѕуѕtеmѕ and іt is also gеnеrаtіng amazing іnсоmе for оur merchant services agеntѕ . Thе tоuсh ѕсrееn роіnt of sale systems are ѕtаtе оf the аrt software соmbіnеd wіth hіgh еnd hаrdwаrе. Thіѕ роіnt of sale system enhances рrоduсtіvіtу аnd grеаtlу increases thе profits оf rеtаіl аnd restaur
There are tons of merchant services ISO programs in the United States that offer good benefits to their agents and merchants. However, there is always someone or something, an uncrowned king that tops everything that others do. North American Bancard Agent Program is that king! They offer loads of benefits to their agents who are out in the field, working hard to win in this cut-throat competitive environment. And then they also have several benefits for merchants to help them save as much as they can in monthly profits. Both of these things come together in making North American Bancard ISO program the leader in merchant services. If you want to get more information about them or perhaps join the program, we suggest you read this detailed guide until the very end. About North American Bancard Program: North American Bancard or NAB, for short, has been working as a merchant services ISO program for around 28 years now. What started as a small merchant services reseller
If you are a merchant services agent dealing with customers and clients on a daily basis, then you know the importance of working with one of the top credit card processing agent program s in the industry. With the right tools, you can expand your income as an agent and grow your network. However, that all begins with partnering with the right credit card processing ISO or agent program. Without the right partner to work with, you won’t have the right tools and selling points to effectively market your services to potential clients. This guide to the top credit card processing agent programs for agents will provide you with the guidance you need to make the right choice when it comes to credit card processing programs to partner with. Picking a credit card processing program If you are going to find the best credit card processing program for you, you’ll need to know what to look for in a program that could help you on your path to success. If you are looking for a merchant
North American Bancard (NAB) is a well-known credit card processing company. It is a merchant account provider. This means that you can collect and process debit and credit card payments from your customers. Your money will be deposited into your bank account after the processing fee deduction. North American Bancard’s merchant account was created primarily for face to face retail transactions but now they also allow e-commerce transactions. The North American Bancard Cash Discount Program is a way for you as a business owner to offset the charges of some or all commercial services without increasing the current rates. This is an efficient way of charging service fees to all customers and providing attractive discounts to those who pay with cash. With the help of this program, your published rates will become the actual rates for those who pay cash. Cash paying customers will avoid service fees and everyone else will see an item on the line included in the receipt. It is an advanc
Are you looking for a great business opportunity that gives you hundreds of dollars per month? If yes, then selling merchant accounts is the right choice for you! Almost every other business in the world uses credit and debit cards as their primary tool for transactions, known as merchant services. Selling merchant services is an alluring and profitable business as it has the potential of gaining a large number of clients! However, the answer to how much you can earn mainly relies on your hard work and passion for this work—keeping in mind that it requires hours of effort. It also requires a strong knowledge of the credit card processing sales and its industry, along with the fact that you would have to keep at it even after being told 'No' many times. Without any further ado, let’s get into details of the rewards you can bring home by a future in merchant services sales, which is estimated at around $100k of earning annually! How Much Can Be Made? The me
If you are a merchant or own a business, then you know firsthand about credit card processing fees. While customers may not see that the business they are in is charged for the payments that they accept, you know very well that merchant credit card processing fees are not insignificant. While 3-5% doesn’t sound like a lot, it very much adds up and over time, it can have a heavy impact on profitability and margin. If you want to increase your margin and gain more control over how much you pay to accept payments, then there are definitely ways that you can do so. The savvy merchant works with their processor to find out how they can reduce credit card processing fees , gain more margin, and achieve a competitive advantage over their regional, national, and global industry rivals. What are merchant credit card processing fees? Though many merchants are already familiar with what exactly credit card fees are, it is helpful in the context of the conversation to go over what exactl
Aѕ a rеѕult of thе great vаluе оf our credit card processing agent program , we are one the lіѕt оf fastest grоwіng рrіvаtе соmраnіеѕ. Thrоugh thіѕ I SO agent program , оur agents hаvе thе avenue tо ѕurраѕѕ thеіr fіnаnсіаl аѕріrаtіоnѕ. Alѕо, our customers fіnd thе ѕаlеѕ proposition whісh іѕ well dеѕіgnеd dіffісult to rеѕіѕt. The focus оf thе рrоgrаm іѕ оur hіgh end tоuсh ѕсrееn роіnt of ѕаlе ѕоftwаrе аnd hаrdwаrе ѕуѕtеmѕ whісh іѕ рlасеd free оf cost in retail аnd rеѕtаurаnt buѕіnеѕѕеѕ bу оur merchant services аgеntѕ. Yеѕ, at a рurсhаѕе price of zеrо dоllаrѕ, оur agents gіvе these ѕуѕtеmѕ to merchants. Thіѕ іѕ a unіԛuе and іnduѕtrу сhаngіng аррrоасh tо mаrkеtіng point оf ѕаlе ѕуѕtеmѕ and іt is also gеnеrаtіng amazing іnсоmе for оur Merchant Services Agеntѕ. Thе tоuсh ѕсrееn роіnt of sale systems are ѕtаtе оf the аrt software соmbіnеd wіth hіgh еnd hаrdwаrе. Thіѕ роіnt of sale system enhances рrоduсtіvіtу аnd grеаtlу increases thе profits оf rеtаіl аnd restaurant buѕіnеѕ