entrep-lecture-02.docx - Developing a Business Plan Before...

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Developing a Business PlanBefore Starting a BusinessPlanning a business involves: -Planning-Making financial decisions -Completing a series of activitiesBefore starting a business, you should know and make a list of the following:1.Reasons you are starting a business.2.Kind of business you want.3.Products or services you want.4.Your target customer.5.Your competitors.6.Your difference from competition.7.Your business location.8.The number of employees you need.9.The amount of money to get started or if bank loan is needed.10.Types of suppliers you need.11.Lead time to take before your products or services are available.12.Price of the product compared to your competition.13.The legal structures of your business.14.Business plan.15.Types of management and advertising style.16.The taxes and business permits you need to pay.17.Persons to get professional help or advice.Business plan- A good business plan will guide you in creating, running and
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