| Why does one enter into a new business? The | | | | for most, if not all, circumstances that may arise. |
| primary answer to such a question is the desire to | | | | A new business plan must first state the vision, mission |
| increase ones earnings and savings. Starting a new | | | | and goals of the company. This enables all the |
| business basically requires a lot more from the | | | | members and staff to focus on what the business |
| entrepreneur than just time, effort and money. It | | | | stands for. It actually serves a similar function as the |
| requires a huge commitment. | | | | Constitution. That's how important this stage is with |
| It is a commitment to persevere despite all the | | | | planning a business. The foundation and the direction of |
| difficulties you may encounter through your journey. | | | | the business will be determined through this process. |
| Statistics show that once a new business has | | | | Target markets, sales forecasts, products, strategies |
| survived the first five years or adjustment years, it will | | | | and even future expansions can be written in this plan |
| start to grow and produce profits. Statistics also show | | | | so whatever your business is, careful planning is |
| that 80% of small businesses do not make it through | | | | essential. |
| the 1st year. Of those that were left, 90% would close | | | | As you plan, you concurrently research competitors |
| down during the adjustment years. This is why a | | | | and the industry. This will enable you to learn the needs |
| strong commitment is required to when starting a new | | | | or special factors that must be considered in the |
| business. | | | | business. There are organizations and even private |
| In all life's endeavors, the success rate is higher if there | | | | companies that offer help not only in planning but also |
| is a plan. For a business to succeed careful planning is | | | | in the purchase or negotiations for product lines, |
| required. A concrete and well detailed business plan | | | | distribution systems and networking with people in the |
| must be made. The old saying goes "if you fail to plan | | | | same business. Some even offer free business plan |
| you have planned to failed"which is very true in | | | | help. Take advantage of all these organizations such |
| business. Creating a business plan may be time | | | | as SCORE to help you create your business plan. |
| consuming and at times redundant. But remember as | | | | When opening a new business, an entrepreneur should |
| you sweat through all the paper work that this is a | | | | be ready to commit their finances, time and efforts to |
| necessary step, a step that may cause the failure of | | | | make the business thrive and survive. To ensure any |
| the entire business if not done. Also bear in mind that | | | | level of success, a well detailed business plan is |
| going through this entire process makes you prepared | | | | needed to guide you through this new journey. |