How to Plan a Small Business

How to Plan a Small Business

In putting up a business, planning is the first thing you have to do. The following are guidelines that may help you in planning a small business:

1.              Be realistic. Do not plan any projects that are unattainable. If you do not have sufficient capital, manpower, equipment and materials, do not plan a big business.

2.              Your plan must be flexible. Your plan should be able to adjust to changes following governments' or business' policies. The plan should easily be changed in case of move­ments in business trends, competitors and customers.

3.              Study the people's need in your community.

Obtaining Facts for a Business Plan

When planning to put up a small business, you must make a survey on the kind of business and clients for your market. You must also gather needed information about the location of your business.

The following are some questions that will guide you:

1.      What product is needed by the customers?

2.      Who are my customers?

3.              Who are my competitors?

4.              How much capital is required?

5.      What facilities and equipment do I need?

6.      What kind of recourse is needed?

7.              How will I organize my business?

8.              How profitable will this business be?

9.      What attitude and managerial skills should I possess?

10.  What kind of manpower does it need?


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