VIDEO 1: What is a Business Plan and Why Do You Need One

“Get your pen and paper ready to jot down your plan of action now.
Time to Build a Business Plan for Success”

What is a business plan and why do you need one?

When most people think of writing a business plan they envision a long extensively detail document with reams of data and financial forecasts.

While that may be a requirement for people seeking outside funding, a business plan doesn’t always have to be all that complicated to be effective, it provides a blueprint for how you intend to build your business so the plan only has to be as long as you need depending on the size of your business.

Use your own business plan to knock out your
1. goals,
2. action plans,
3. and financials,
while significantly increasing your chances for success.

The most common use for a business plan is to get funding from a bank or loan organisation for a new or existing business, this is where you will end up needing that long document that supports all aspects of your plans and why you believe they will succeed.

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Writing a business plan of this nature can be an ordeal and can slow down the start of your business but it is a necessity if you need someone else to loan you money.

Both online and offline business owners often create a business plan on a yearly basis to get themselves organised for the next year. It’s a way to take stock of their progress, examining what’s working and laying out goals and plans for the year to come.

Almost all of the very successful business owners will tell you that they create business goals and action plans on a regular basis, sometimes as often as once a month. In addition, if you have been struggling in your business or are considering something new the entire process of creating a business plan will help you see where you can be most profitable, it will also tell you where you going wrong and need to change.

The Business Plan Points to Consider:

What are the key components?
What are the key components of an online business plan most business plans are comprised of the following parts if you are creating a proposal for a business loan you will be given more precise requirements but for your won online business these components should be plenty sufficient
Description of your business model and target market.
What kind of business are you implementing and who are your target customers?
Unique selling proposition
What do you have to offer that makes you different from everyone else?
Business Goals
What are the specific measurable goals that you want to achieve and when?
Marketing Plan (Adsense Site)
What marketing strategies will you put in place and what is their timeline?
Action Plan (Financial forecast and budget)
What are the tasks you need to complete and when?
Financial Forecast and Budget
How much is all going to cost on a monthly basis and what kind of revenue do you expect?
How long will it take you to break even and make a profit?