| First things first, what is a business plan? | | | | people who would most likely be your customers, so |
| A business plan is a blueprint for your business. It is the | | | | that you would be able to secure a location that your |
| foundation that keeps your business solid. It prepares | | | | target market frequents. Is your business long term, or |
| you for conundrums such as what goals should I set | | | | is it just a stepping stone for yet another venture into |
| for myself and for the business? Are they attainable? | | | | wholly different industry? Most importantly, how much |
| Is the business economically viable? How do I allocate | | | | do you think would you be earning on a given basis? |
| resources? What are the problems and opportunities | | | | Remember that profit is distinctly different from cash. |
| that I am bound to encounter? | | | | And that the lack of any of the two would |
| A business plan is needed in order to streamline your | | | | undoubtedly bring the business down. A business plan |
| aspirations for your business, which, in this case, is a | | | | helps address these vital concerns. How about, what if |
| hot dog cart. By making one, you would be able to | | | | the trend changes? What if, at your usual spot, a |
| assess the pros and cons in putting up a business. For | | | | burger joint opens and you find your target market |
| instance, why pick a hot dog cart as your business? | | | | taking a turn that way? The best thing about hot dog |
| Surely, the answers you come up with are all pros. | | | | carts is, they are MOBILE. You don't have a lot of |
| However, the cons are also needed in order for you | | | | rearranging to do when it comes to just picking up and |
| to be able to objectively view your foray into the | | | | leaving the formerly lucrative location. You may think of |
| business. | | | | all these without a business plan handy, but having one |
| What is your vision for the business? Saying that you | | | | allows you to streamline your thoughts. |
| plan to expand to 10 more carts in 1 month may be | | | | A business plan is most helpful at the initial stage of the |
| getting way ahead of yourself. A properly drawn up | | | | business. It is the first step to undertake in the |
| business plan keeps you in line by presenting you with | | | | development of a business. It is your guide, your |
| projections grounded in facts. Do you actually | | | | compass. And don't we all need that, in one way or |
| understand your market? Ask yourself who your | | | | another? |
| prospective customers are. It should state the type of | | | | |