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How Necessary Is A Business Plan

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IS A BUSINESS PLAN REALLY NECESSARY?

A business plan is a written description of your business’s future. A document that describes what you plan to do and how you plan to do it. A business plan conveys your company goals, the strategies you will use to meet them, potential problems that may confront your business and ways to solve them, the organizational structure of your business (including titles and responsi­bilities) and finally, the amount of capital required to finance your venture and keep it going until it breaks even. So the question now is with an outline of your businesses future don’t you think you can operate it much better with a business plan? A business plan also assist to seek finances to run or expand your business. Can be used to negotiate with key suppliers even in recruiting key stuff. So in a word ‘YES’ a business plan is necessary. There are three primary parts to a business plan:

  • The first is the business concept, where you discuss the industry, your company structure, your particular prod­uct or service and how you plan to make your business a success.
  • The second is the marketplace section, in which you de­scribe and analyze potential customers: who and where they are, what makes them buy and so on. Here, you also describe the competition and how you will position yourself to beat it.
  • Finally, the financial section contains your income and cash flow statement, balance sheet and other finan­cial ratios, such as break-even analyses. This part may require help from your accountant and a good spread­sheet software program.

Breaking these three major sections down even further, a business plan consists of seven key components:

  1. Executive summary
  2. Business description
  3. Market strategies
  4. Competitive analysis
  5. Design and development plan
  6. Operations and management plan
  7. Financial factors

These are the main components of a business plan and after one has decided on the business they want to start. To also seek expert advice from experience individuals, consultants and public institutions who assist in business development is also a good thing for one to develop a good business plan.

NAMING YOUR BUSINESS

Naming your business at the moment you are working out how much it will cost to run your business, the number of stuff needed and a name storming session could be a bit of a headache or a bother. Did you know that the BlackBerry phone service developed by RIM in 2001 apparently hired a consultancy called Lexicon Branding to find a name for their new wireless messaging devices. Current at the time CEO Mike Lazaridis confessed that he could have been called the “Uber-Electro-Swiss-Army- Telecommunicator” really hard to say hey. Well after much convincing the name we love won BlackBerry a far much better name. The devices were largely dark colored at the time and the name has stood the test of time. One can also use the functionality of the product or service to name the business. Another tip is a word that has no meaning and the business defines what the word means in relation to the brand. Here is one handy tool for you to use while you busy.

Blackberry source –www.cio.com Article RIM BlackBerry History: Origin of the Name “BlackBerry”

TOOL 5

NAMINM

Naminum is a company, startup and website name generator designed to make your namestorming sessions smoother. They want to be successful in providing you with THE single name idea that leads you on the right path toward naming your product or company.

Enter a word and Naminum uses prefixes, suffixes and replaces letters within your keyword to generate a (huge) list of name suggestions. Didn’t find a satisfactory name? Try with a new word, transform the current one or generate random names for additional inspiration.

Website

www.naminum.com

TOOL 6

NAMEROBOT

Building a brand new start-up can be stressful! It feels like you have to tackle 101 projects simultaneously, and one of the most important of them is finding a name for your business. Ironically, this one actually needs sufficient time and leisure or a decent budget, but NameRobot knows from experience that these are exactly the resources that people starting a business tend to lack. Fortunately, NameRobot helps entrepreneurs and businesspeople find ideas for start-up names and then checks their availability immediately.

Website

www.nameobot.com

TOOL 7

PANABEE

Use Panabee to search for and find a name for your startup. In case the perfect name is taken, Panebee presents plenty of suggestions inspired by your original idea. These are derived from phonemes, syllables, abbreviations, suffixes, prefixes, and popular domain trends. Panabee also simplifies domain name checks. Enter a domain like tonystark.com and quickly see availability as well as multiple alternatives. You can also search for a different default extension like .io or .us, when you search with a domain like tonystark.io, Panabee sets a default for all future searches to use .io until you switch to another extension.

Website

www.panabee.com

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