How to start a successful business and earn thousands of dollars!
To start a business
The first thing to start a project is to prepare a business plan for the project, which is a documentation and clarification of the goals and vision of the project and how to achieve them, in addition to a time frame for the practical steps to implement the project and how the work will go, in one way or another, it is the roadmap for your project.
Action Plan Elements
In the work plan, we specify the material, human and cognitive needs that must be met before the start of the project. The work plan must include answers to questions like, How will profits work? Or how to act if sales are low or profits are low? It must also contain who the competitors are, what the target market is, how to reach it, and the action plan. Its nature is that it can be continuously updated and added because market conditions are changing and therefore you can correct your path at any time.
Executive summary of the action plan
The first part of the business plan will be the executive summary, in which the main mission of the project and the need covered by the product, in addition to the vision, logo and everything related to the identity and personality of the project and product.
The business plan must have a part about the most important marketing and sales plans, the target group and its characteristics, the age group and all the details about it, and the expectations of their spending budget on the service or product you provide, as well as the information of the competitors in the market and the advantages and weaknesses of each of them, as well as the strengths of your product or service Which will let you outpace them.
The business plan has an important part about human resources, and here we will define the project’s needs of employees, workers, specialists and their salaries, a brief explanation of the organizational structure, a brief job description for each position and the skills required for each position, preferably writing training plans, and the cost and time required.
After this comes a section on operational processes and suppliers, in which you determine the nature of your needs from suppliers, is it daily, weekly, periodic or irregular. We also mention the facilities requirements such as the size and space of the site, management and information systems, inventory control, account management, quality control, customer tracking and any related requirements With information technology systems, we must also define all stages of the production process, starting from ordering to delivering the product, and all employees must be aware of all these steps.
The last part of the work plan is to convert all of the above into figures in the estimated financial budget, which will include the project's needs for funds, their sources, and the amount of expected revenues based on the volume of operations.
Here are some tips if you decide to write a business plan for your project:
Be brief and get rid of useless information.
You must be realistic and objective.
Be honest with yourself and mention all the challenges and obstacles that may face the project.
Use charts and graphics to highlight and clarify the details of your project.
Be creative in writing a business plan and do not be bound, in the other is the plan for your project that you are most interested in.