Business Plan

All businesses, whether new or established, should have a constantly evolving business plan in order to help them define their objectives and their strategies for achieving them. Here are a few tips to understand what a business plan consists of. ECHAD Business Services can help you formulate your business plan by building your business plan with you.

Define your business

Your business plan outline should state:

    • What your business will do
    • The products or services it will provide
    • How customers will access your products or services (for example, in a shop, online or by phone)
    • Your approach to pricing

Know your customers

Make sure you know as much as possible about who will be buying from you. For example, if you’re marketing to consumers:

      • Are they young or old?
      • What do they do for a living?
      • What are their lifestyles like?
      • Do they already buy the product or service you’ll be offering?
      • What will they think of your product or service?
      • Why will they buy from you and no one else?
      • How will you tell them about your business?

Knowing the answers to these questions will help you promote your business much more effectively.

What’s in a name?

The name you choose for your business should reflect the image you want to project to your market. Pick one that’s easy to pronounce and remember. And make sure that it’s not already in use, is available as a web address and will work on your business stationery. We can create your web domain name, and offer branding services.

Taking on staff

If you take on employees – even part-time – you’ll need to familiarise yourself with employment law and know how to get the best out of your staff.

Writing it all down

When you write your business plan outline, remember to be clear, realistic and concise. This will help us build the detailed Business Plan that will make it stand out from the crowd. Use research to support your conclusions and include an action plan. And remember that business plans are dynamic documents - meaning that you should adjust your plan as your business develops.

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