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So you’ve decided that you want to quit your day job and start your very own ecommerce empire. But before you become the next Jeff Bezos (and definitely before you quit your job!), it’s worth spending some time to think about a business plan.It lets you know where you want to go, what you want to achieve, what you have in order to achieve your goals and probably most importantly what problems you can expect along the way.” “Being able to identify potential threats, problem areas that could affect the business, and to be able to develop coping strategies in a proactive manner rather than in a reactive stance, is key to business survival.” It’s also a great way to share information about your business, to develop your thinking and test scenarios before you make any changes (like leaving your job and going it alone), and it gives you a way to measure how things go when you do start up.
That would be: While it’s valuable to get your ideas clarified and to test your thinking before you launch your business, it’s even better if it’s embedded into your day-to-day business too.
As Jennifer says: “Business planning is a continuous process – from the initial start up any business to stage two of developing and growth of existing sales and developing new income streams.
So what are the advantages of business planning and how could it help your business to succeed?
Jennifer O’Toole, Senior Partner at accountancy firm Thomas R Dixon, says: “.
Additional References Creating a short, crisp value proposition is a good gauge for how clear your idea is.
Write this section as if you had one minute to explain your business to a potential investor or customer.
Rebecca Mc Neil, MD for Business Lending and Enterprise at Barclays, says: “A strong plan can help applications for finance from a business loan to alternative forms of finance and investment.” Many people assume that a business plan will be a hefty document containing lots of facts and figures, but it doesn’t have to be.
The key thing is to choose a format that will work for you and your business.
This will give you a good sense of how much growth the industry is experiencing, why this growth is happening and what are the largest customer segments.
In our example of Atlas Hiking Co., we should research the outdoor apparel market.