This is the first step that anyone should do in setting up a business: make a business plan. Without a business plan, the business would be like sailing without charts and destination. A business plan is your direction to keep you on track and to identify your goals and objectives. Having no business plan and poor planning are among the top reasons why new businesses fail.
Here is a guide how to make a business plan:
Determining Your Product/Service Line
Focus on what specific type of product or service you want to sell. Some of the factors given for consideration will help you come up with a great idea for a product – what specific field are you interested in? Can you apply your skills or background work experience to this field? Provided below are the different types of product/service lines:
1.Product Industries - You may choose to manufacture your own product, either for the mass market or for specialized or individual demands. Canned goods, wooden or plastic toys, and ready-to-wear garments are examples of goods produced for the mass market, while precision instruments for industrial use of made-to-order furniture are examples of specialized products.
Here is a guide how to make a business plan:
Determining Your Product/Service Line
Focus on what specific type of product or service you want to sell. Some of the factors given for consideration will help you come up with a great idea for a product – what specific field are you interested in? Can you apply your skills or background work experience to this field? Provided below are the different types of product/service lines:
1.Product Industries - You may choose to manufacture your own product, either for the mass market or for specialized or individual demands. Canned goods, wooden or plastic toys, and ready-to-wear garments are examples of goods produced for the mass market, while precision instruments for industrial use of made-to-order furniture are examples of specialized products.