Business [start up] II

Today is the part two of business start up process, in my last post(link below), which we talked about the meaning and the various form of business ranging from sole proprietorship to franchise, having known that we have to move to the next step and this steps will lead you to achieving a good business, by the way after reading the first blog post, I hope you have determined the kind of business you want to venture in.

CONTENT

• Introduction
• Definition of business plan
• Need for Business plan
• Sample of business plan
• Market research
• Further reading

In truly setting up your business you have to draft a schedule which you would follow to achieve your ultimate goal of achieving maximum profit and that schedule or list is what we businessmen call "Business plan", To further go deep,

Figure 1Source

Definition of Business plan
Business plan can be defined as a written document which contains the process/activity of the business, it's a layout to display how the business will practice it's activities, it comprises of the executive summary, description of the proposed business, industry analysis and many more segments(link below). This in time becomes organizational behavior and this behavior can be affected by the economy if the country and other business. Taking for example the price of a commodity is really based on how the economy is, and this comprises of inflation, government policy and many more governmental factors, as well as the expenses squired in producing that service or goods.
In all am urging you take down the factors that are going to factor your business, sources of finance for the business before creating your business plan, so as to avoid future complications, also plan for a bankruptcy situation and do not borrow what can equate to your assets it's too risky.

Importance of business plan

¹ It helps prepare a good stand for your proposed business
² It helps you to be hardworking since there is a format already laid.
³ It helps you maximize your profit by using your resources effectively
⁴ It helps prevent bankruptcy.

Sample of a business plan

I will be sharing an image which will show you an example.

Figure 2source

Market research

While getting into business you have to consider this first before going into the market, sorry for not mentioning it earlier, but you have to check the market and understand what you actually going into that's leads us into what is called "Market research".

Market research can be defined as the act of finding out information about the market, it's structure, economic position, competitors and others. Market research helps any business that want to stand and gain market dominance, it helps you to truly understand what your doing to help face the challenges that are going to coming up in the future. You really need to do so, there will be another post on this topic so get read and visit my blog on steemit @jammyroberts.

Figure 3source

Importance of market research

¹ It helps you identify your niche business
² It helps you find out fundamentals of your niche business
³ It helps you develop a wife knowledge on your niche business
³ It helps you understand your competitors.

Going into business, you have to have taken this all into consideration, whether big or small, I will like to end this post by urging you to drop your feedbacks in the comment section below, and if your not a steemian I urge to sung up quickly to also share your thoughts, post and earn.

SEE ALSO

¹Business startup processes(business plan)

² Market structure II

³ Business (How to start up) I

Reference site

¹ https://www.Oberlo.com/
² https://www.SimplifyLLc.com/
And
³ https://www.businessnewsdaily.com/