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So you want to go into business….

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Entrepreneurship

So you want to go into business….

Are you really ready? Do you have a business plan?

At the very least, you need a basic, simple Business Plan.

But what IS a basic, simple Business Plan?

A simple Business Plan will list out your objectives, processes and business systems. It’s the document that says what you want to do, why you want to do it, and how you’re going to do it, and for what outcome.

To establish a simple Business Plan is essential, especially if you want to become a successful business person. This is because as you flesh out you document, you will need to be able to justify logically the steps that you take and what outcome you expect to achieve from the steps taken. Defining your Business Plan properly will guide your business to success.

 

Ask yourself:-

1 – What are my goals?

2 – What do I want to do to achieve my goals?

3 – Why am I in business?

 

Once you’re clear on the above, you move on to the next phase of questions you need to ask yourself.

Yes, you’re going into business to make money – and yes, all business owners want to make money. But what do you want your money to do for you?

  • Do you want to work IN your business or ON your business?
  • Do you want to work from home?
  • Do you want to hire a team?
  • Do you have the right connections?
  • Do you want to create a business and then sell it?
  • What is your exit strategy?
  • Do you want to create a disposable income?
  • Do you want to create passive income?
  • Do you want to contribute to society? When?

 

With all these questions, you will be able to fill in determine several answers for your simple Business Plan, which will help you describe your business, determine if you need organization management, how much market analysis you need, and the kind of sales strategies required.

It will even help you decide if you need funding, and if you do, the kind of research you will need to do to prepare your financial projections.

The bottom line is that you must take time and make the effort to write up your Business Plan (start with a simple one and expand from there). Give yourself a fair chance to work with your Business Plan and take full responsibility to make things happen. Only then can this process start.

Khing is a Business Coach, Author and Corporate Trainer. She has more than 10 years experience in coaching and mentoring. She has worked with hundreds of individuals in several local and multi-international companies. Khing’s insights and coaching has helped high level CEOs, business owners, entrepreneurs and business executives increase their performance in just weeks.

2 Comments

2 Comments

  1. mikhel

    May 16, 2018 at 9:36 am

    What if one needs funding? What kind of documents are expected by funders?

  2. Khing Wong

    June 5, 2018 at 4:44 pm

    Hi Mikhel,

    Normally funders will want a document that has the following:
    – Executive Summary (do this last)
    – Business Description
    – Market Analysis
    – Organization Management
    – Sales Strategies
    – Funding Requirements
    – Financial Projections

    There are many resources on the internet that you can access to learn how to do all of the above. Be confident, patient and disciplined as money will be the main component for every business, and as one of your key goals, it will let you know whether your ideas and execution methods are workable.

    You can contact me for further guidance at any time.

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