Formulating a Business Plan requires a careful, thoughtful approach into the industry you are in, the customers you crave, the competitors you’ll face and the cost of doing business…and it all begins with research.
Research can come from different sources. Using databases, in-depth written articles and direct interviews with those in the business your working on are just a few examples. This course will take you from the point where you have decided to invest resources into a process that will result in the creation of a successful business.
With fundamental research, you’re ready to shape and mold an idea in the beginning of your plan, In addition to developing Goals, Objectives, Mission and Vision for the future of the business, here are other key component parts.
Operations Plan: Details for production. purchasing, facilities or suppliers utilized.
Marketing Plan: This is affectionately referred to in business as the “4 P’s of Marketing.”
- Product (brand/packaging)
- Price (loss leaders, pack rate, penetration strategy)
- Place (channels of distribution)
- Promotion (advertising, public relations, market penetration)
Financial Management: Start-up cost, debt and equity and cash flow are a few of the essential elements of responsible financial management that will be discussed to assist in determining the profitability of the enterprise.
Human Resources: Outline how to determine how many and who you need to manage a successful business. Roles and responsibilities, workplace policies, skill requirements, compensation and organization shall be covered in depth.