Business and Marketing » Business planning

Business plan – Industry analysis

Business — Wed, 06 May 2009 12:53:46 +0000

Industry analysis is one of the most important analysis that you should carry out in the business plan, as a business owner, you should get the plan readers familiarize with the industry that you are launching your home based business to. Couple of researches such as, how is the competitor doing, is the industry active, is the competitor actively launching new products and etc.

Try to research the industry in depth, and provide a report with fact and statistical data on how the industry behave currently as well as in the future. In the last paragraph of this session, explain how your home based business will fit into this industry. What makes you invent into this industry.

The idea of industry analysis in business plan is to provide a clear analytic data on how the industry behave and why you are choosing to enter into this industry.

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Business plan – Executive summary

Business — Tue, 05 May 2009 13:38:16 +0000

In the executive summary section, you have to discuss about the key point from every section in the business plan and the discussion must be summarized in a concise manner. The purpose of the executive summary section is to provide the reader with a brief overview of your home based business so it is preferable to be fit into a single page, some readers may choose to move on into the content page and some readers may read on. Executive summary usually is the last section that you should start the write up and it is normally appear in the first or second section in the business plan. This is because you have to gather and summarize the important write up from each section, you cant do this until every each section is substantially completed.

Executive summary in the business plan usually spell out the 4W1S, Who, Why, When, Where and How of your home based business. Begin this section with your business goals or personal goals and the forecast of the business. In some business plan, the writer may want to point out the foreseen potential problem that the business might face, and the solution for the problem.

In the following point, you may want to talk about the business marketing plan and financial plan, be transparent to the readers that who is investing on the business, how much money is needed to fund the business, the readers will be more than happy to know about this. In some case, the business owner may not want to include the financial requirement up front, because this may seem too pushy and the risk of being rejected will be fairly increase.

In the last point of the executive summary, include some basic write up like what is your target market, where your business will be located, how you are going to run the business from home(obviously, this is a home based business!), whether the business will be run by yourself only or you are going to hire employee.

All these point must be only fit into one page in the business plan!

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What to include in your business plan?

Business — Mon, 04 May 2009 11:50:58 +0000

Every type of home based business have their own structure of business plan, it vary by the nature of business you are running, the industry your business in, the location of your business, and the most important is who is your plan reader. As a home based business owner, you should always keep in mind to answer the questions of 4W1H, who, why, when, where and how will be the business plan could work for your business needs.

The outline of a business plan can be broken into few categories:
- Introduction of the nature of business
- Executive summary of the business
- Industry analysis
- Business overview
- What is the product or service provided
- Competition analysis on major competitors
- Marketing plan
- Operation management
- Financial analysis

A standard business plan is usually written in a standard A4 size plain paper with 12 point of single space Arial or similar font. Write your business plan in a formal standard with proper outlook, this would definitely increase and give a positive impression to the reader on your home based business.