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How To Write a Business Plan To Start Your Own Business - YouTube
Channel: Young Entrepreneurs Forum
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Welcome to How To Write a Business Plan
To Start Your Own business
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if you're thinking of starting a
business you should know how to write a
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business plan
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it is usually observed that despite
having a great startup idea
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most businesses are not successful
according to common statistics within
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the first five years of operations
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ninety percent of businesses fail and of
the remaining ten percent only one of
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the ten businesses last past the first
five years
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so what makes some businesses fail while
others prosper
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there may be several reasons including
but not limited to or customer service
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poor logistics and cost management and
inadequate product but the major reason
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is the lack of a business plan business
plans help define goals and achieve them
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if you take out time to set concrete but
achievable goals and chart a plan to
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success
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it can help you realize your dream and
make your business flourish
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I have compiled an all-inclusive list of
areas that need to be considered while
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writing a business plan
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these will help you in defining your
goals and the path your business needs
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to take to achieve them
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step 1 defying your vision when you
start a business you have a clear goal
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in mind
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you know exactly what you wish to
achieve with your business
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however after some time the clarity of
your vision will become blurred and
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you'll forget some of your brilliant
ideas writing down your vision for the
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company will help you to define it
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and moreover it will help your staff
identify with the mission
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all daily activities of the business can
then be aligned with your vision for the
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business
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this should be the first step of writing
a business plan
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step 2 set your goals and objectives for
the business
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never assume that your goals need to be
small to accommodate your limitations
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think big clearly define your short-term
goals
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the ones that you wish to achieve within
12 months mid term goals
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those that will take between two to
three years and long-term goals consider
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all aspects such as the revenue you wish
to generate number of i'll let you on
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the number of customers you need in your
database the target population and age
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groups as well as the amount of passive
income that needs to be generated in
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future
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step 3 define your unique selling
proposition
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what is it about you that is different
from the crowd
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your unique selling point or USP will
make you more attractive to potential
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customers
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I was your product or service different
from others in the parkin it could be
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anything from additional services to
personalized customer service you can
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even offer them better after sales
warranty and support while writing a
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business plan
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you just need to highlight the extras
that your customers are getting from you
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to make your business stand out
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step 4 know your market
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it often happens that you have a
brilliant idea but someone else has
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already started a business with a
similar plan
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this is a very common occurs but you
should not let this start - how many
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petrol stations are there several
businesses can provide the same service
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and still survive as the market place is
huge and it can sustain multiple
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businesses but for this you should know
your market like the back of your hand
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research and find out how many
competitors you have what services they
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offer
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what are the current and future trends
of the industry
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no the larger picture are there certain
benchmarks that can be used to gauge
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your business performance such as gross
turnover profit margins etc once you
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know the inner workings of the market
you can manipulate them in your favor
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this is an important part of learning
how to write a business plan
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step 5 know your customer
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this goes without saying customers are
the most important part of any business
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and you should know the customers your
business caters to today
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customers are spoiled for choice and
they have thousands of options for every
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product so if you want them to buy your
product
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you should know what your ideal customer
ones this is the reason why you need to
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define your target populations and
research their habits while writing a
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business plan
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understanding the motivation behind
customers actions can make your business
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successful
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you can focus on the areas that grab
your customers interests and stop
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wasting energy on the rest
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put yourself in their shoes and then
think what would make them choose you
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each time write down the ideas and
implement them
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step 6 research the demand for your
business
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you must have studied the demand and
supply curve
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even if you have it it stands to logic
that there should be ample demand for
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your product find out the demands before
investing in a new business
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the basic rule is the man should be more
than supply if this holds true for your
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market your business will thrive but if
the demand is less than the supply your
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business will eventually die out
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so do your homework and gather as much
information as you can
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you can do a secondary search right from
your home over the internet or your
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Public Library
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you can even visit government offices
for this information but by far the best
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option is primary research for you
directly interact with your target
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audience to know their preferences and
how ready they are to buy your product
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so hit the road and note down all the
interesting ideas you get to increase
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the demand be smart and invest your life
savings
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only after ascertaining that there is a
demand for your product
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step 7
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set your marketing goals so you have
finished the research and define your
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business vision
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the next step in writing a business plan
is setting out marketing goals these for
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those goals that define how your product
would look like what it will cost how
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you distribute it and the ways in which
you can promote it
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most businesses do plan this but they
neglect the most important areas
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you should set up measurable marketing
goals that will help achieve your
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primary business objectives questions
like the number of products yourself
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what will be your product development
strategy your price margins delivery
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methods and promotion plan should be
duly considered when you ask yourself
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these questions they will help to find
the goals for marketing your business
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step 8 define your marketing strategy
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now that you have your marketing goals
you need a plan to achieve them
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how many products you need to produce
himself and at what profit margin so as
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to get your desired revenue
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what will be your system of delivery and
your coverage area
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what will be the strategies to promote
your business the media that you will
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use be very specific as these will
translate to action and your ultimate
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success or failure plan for every
venture ality while writing a business
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plan
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this is a very vital step of writing a
business plan so acquaint yourself with
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it so that you can easily navigate
through each .
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step 9 take action
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and of course without action all else is
a waste
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this is the most important part of
writing a business plan you can plan all
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you want but unless you do the actual
work and bring customers to your
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storefront you won't earn anything even
if you find that according to the
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business plan your idea isn't viable
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don't give up there are thousands of
other ideas out there and you can
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ultimately find one that suits you
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if you wish to be wealthy healthy and
happy
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there is a business waiting for you to
grab your business plan will provide the
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direction and focus but you will need to
take the first step
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writing a business plan isn't difficult
if you know what you should focus on you
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now have an idea of what is important
and how you should tackle the task of
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writing a business plan and you are now
better equipped to start a successful
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business start your research today
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jot down all those brilliant ideas set
your goals
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the find a path and don't let anyone
stop you
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now you know how to write a business
plan and the manager for success is in
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your hands
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make the best of it
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yeah
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yeah
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yeah
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