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A business plan is the result of thoroughly investigating your industry, your market, your product, your financial situation and your proposed organization.
A business plan outline provides an organized system for researching the feasibility of your business. Who should do a business plan? A business plan should be done by anyone starting a business or making major changes within their existing business.
This could include adding product lines, increasing sales, purchasing another business, or a multitude of other changes within the existing business. Business planning is a process that leads to a product. Your internal business plan should be in a format that is easy for you to understand, access, store and retrieve, edit and update.
There are a number of business plan formats, but here are two examples that we think work well: Why is a market analysis for my product or service important?
A common mistake is thinking that everyone will want your product. Those who succeed identify target markets, learn about their needs and provide the appropriate bundle of goods and services to meet those needs.
Find out as much as possible about the industry you want to enter. Is it emerging, growing, stable or declining? What are the trends?
Who buys and what do they buy? When do they buy? What percentage of the population buys? What is the demographic profile of each target market? Where do I find information on my industry?
Virtually any industry you can imagine has a professional association that gathers data and processes it into useable information for their membership. Many will publish trade magazines, newsletters or e-letters. They may also provide membership or vendor lists, although this information is usually only available to members.
It may be a good idea to become a member. Apply the national statistics to your local demographics.
If 3 percent of the national population uses the product and your local population is , then you can expect 3, potential customers. Then consider identifying your target markets.American Automotive business pre-tax results to be breakeven or profitable in Ford provided initial details of an accelerated vehicle electrification plan for a family of hybrids, plug-in.
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