Your New Business – Business Plan
Like so manyothers before you, you have decidedto set up your own business.
Having investigated various options, you have concludedthat your idea is viable, it suitsyou and can be developed to be an interesting enterprise with rewardingfinancial results. Your project canbe as small or as big as you want to. Similarly, your idea does not have to be unique.In fact you might consider bringing an established service or product to a new marketor develop an existing concept to a new application. It is advisable that youselect a business that is not totally fictitious or imaginary. The closest you are to reality, the easier it will be for you to think your project through properlyand present it to others. Ideally, you want to present something that you are genuinely considering as an alternative for your future.Who knows? Maybe it will happenone day!
To get your new business started, you need toapproach financiers / lenders / investors tohelp you raise the necessary capital for your purposes. You thereforeneed to put together a businessproposal (else known as a Business Plan (BP)) which will includea comprehensive description of the new business and anyother additional material that will convince your audience to back you up. You should be clear in how much fundingyou need, for how long and how you are going to pay back in a way that will be worthwhile for your supporters. The structure of a good plan has been discussed in class (Pleasecheck Topic 4: BusinessPlan on Moodle).Please take use Topic4 as template for your report.
It is importantthat your BusinessPlan adequately covers what you plan to achieve, in a way thatit generates interest and confidence in your arguments. It is worth keeping inmind at all times the golden rule:
you + idea + (money/credit + facilities/people) = Product/service +
marketing = Money/credit = Profit
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