In post 11 we talked about barriers, and I would like to further those discussions before moving on to the Market Strategies. I feel it is important for us to get a good understand of the barriers that may or may not be present. If you know what your barriers are, you have a better chance at removing some, if not all of them to avoid hitting a brick wall. Not all barriers can be removed, but there are ways to work around some of them without getting into legalities, regulatory issues or financial burdens. I have listed a few ideas to help deter you from heading in the wrong direction.
1: Make sure that you have all the licenses required for your specific business.
2: Don’t borrow more than you need.
3: Find out who your competitors are, then decide what makes you unique.
4: Get statistics on your competitors.
As you have found out; completing a business plan is not a ‘hit-or-miss” project; rather you are going to have to do some strategic planning, and you will have to be precise, and well organized with a certain degree of stamina. You’d be surprised what you can do with a little though, and a couple of hours a day for research. Under normal circumstances it would not take as long as it is going to take here, because I am trying to reach a lot of people. However; a business plan can take anywhere from 2 months to 6 months or more. It all depends on what it is that you want your lender to know. It can be anywhere from 60 pages to 100 pages or more. It all depends on how much information you want to include impressing your lender.
My next post will be on Marketing Strategies which is the next chapter in your Table of Contents for your business plan. Please feel free to make a reply, a comment, suggestion, or a critique at the bottom of each post.
Cite: Deborah Thompson, November 10, 2015
Deborah Thompson-Memanera ®July, 2015