Business Idea

A Business plan is a long range map to guide your business to the set goal.  This plan answers what, why, when, where and how of your business.

A business plan is an optional plan for achieving your goal.   Your plan is supposed to attract investors, obtaining finance and hold onto the confidence of your creators, especially in times of cash flow shortages.  A business plan should prove that your business should generate enough revenue to cover your expenses and make a satisfactory return for bankers or investors.

The art of winning in business is in working hard not taking things too seriously and working intention.  Business are many, innumerable.  People go for business to make more money. Nothing wrong.  All that you need is keep your business alive.  The very important thing when you take up a business is that you have to write or prepare business plan.  Success in business comes as a result of planning.  You have to have a detailed, written plan that shows you what the ultimate goal is.

A Business plan should include :

1. Executive summary salient features, the highlights of your plan.
2. Company profile (your firm's nature etc). Your products, business description.
    This should indicate how your products and services.
3. Market Analysis.  This provides market size, customer's response and expected market growth.
4. Plan of action and selling
5. Management summary-provides the experiences and key accomplishment.
6. Summary of business and outlook for the future.

A successful business plan has
a) a well thought out idea
b) clear writing
c) logical structure
d) management that is capable
e) and profit motto.

Poor management and lack of planning leads to failure in business.

You may hire a professional consultant to write a business plan for you.  But it is your idea and your business, so it is very important that you do the planning.  Understand the underlying concepts in your business idea.  Use business planning software.

Remember, without a plan, no one can manage.  Without a direction of guidance in which to aim its efforts, no business can attain success.

Key points to achieve success in business and make more money:

1. Advertising and publishing experience.
2. Describe the product, the production process.
3. Tell what makes your product or service unique, say what gives it an edge in your market.
4. Describe the buyers you're trying to reach - why they need and want or will buy your product.
    Explain how you intend to reach the market which you have defined.
5. Identify who your competitors are their plus points and minus points.  Explain how you intend to
    capitalize on those minus points and match or better the plus points.
6. Decide how you plan to keep your business growing and how you are going to increase
    your profits.

It is also important that how and where you are going to get the money to finance your business. You may have silent partners who put up some money.  Think of relatives and friends who might help you with an outright loan to provide money for the development of you business.

Approach reputed Banks and Insurance companies. Work out the interest to be paid if you raise a loan.  Find out the feasibility and then attempt.

A business means you would become your own boss.  Being your own boss can be personally and financially rewarding provided you come up with the right business idea. There are home based businesses also.  If you know the business and market the product properly, making money is easy.

The business idea should meet these criteria

1) Know how to do and how you can do well.
2) You like what you do.  You would not mind doing
    day after day.
3) You have to sell on a steady basis
4) The price at which you sell should cover all of your
     expenses and overhead plus return a healthy profit.
5) Only thing you require sufficient funds to get the
     business started and keep it running until it becomes
     a profitable business.