6 Steps How To Write a Business Plan in 2021

If you want to start a business or you are planning to start a business this is a first step that you want to know how to write a business plan. Without business plan is hard to achieve success in business a business plan is a path of your starting point and your end point where you want to reach in 1 year, 5 year or 10 year its all about you and your vision.

• Key components you should know before writing a business plan.

1. Business plan is not should be 100 page long a perfect plan should be short and only mentioned specific points no body wants to read a 100 page business plan, soo keep it short.
2. Don't think you want to be a expert in writing a business plan.
3. You want to know what you want to achieve in short-term, mid-term or long-term business plan.

Lets start with our 1 step of how to write a business plan.

Step 1) Market and customer                                      research.

Research is a main factor in anything without research you cannot make any life changing or problem solving product and services. Write it down in your business plan who is your perfect market and your customer be specific with your market and product.

• How you can do perfect market research. ( points )

1. Know what is your Industry transport, computer, education etc.
2. Know what kind of product and services that are high in demand in your market.

    For example:- In cell phones Industry ( xiaomi realme 6 ) are High in demand

                                        In Footwere Industry ( Shoes, sneaker ) are High in demand

                               In Toys and Games Industry ( Sports equipment, pubg game ) is                                                                                                           High in demand

      3. Comptition analysis.

          We already do research and we find a product that are high in demand. Now               you analysis your competition who is a leader of your market.

   For example:- In cell phone Industry Xiaomi is a market leader in India. Now you                               make strategy how you can beat Xiaomi and be a next leader of                                       your market.

• How you can do perfect customer research. ( points )

          If you don't know who is your perfect customer Is, you cannot sell your                        product and services.

1. Gender > For whom is your product is for male, female or your product is for                       both.
2. Age > Who is your customer do you want to target kids, teens, younger people               or older find that.
3. Demographic > You also want to know where you want to sell your product,                                    its India,USA,UK etc. also count cities.

Step 2) Finance Capital.

Finance capital is a backbone of any business If business not have enough capital business cannot survive in long term. So you want to find out and write in your business plan how you can get your startup capital to start your business. its your own money, borrow from your relative, loan from bank or any investor fund you for your startup you cleary know where you can get your first capital for your startup.

 Step 3) Make your product.

In past you do your market and customer research or also you arranged your statup capital for you business. Now this is the 3 step where you want to make your problem solving product write it down in your business plan. what kind of product you want to make and how your product solving a problem of your market.

Step 4) Marketing and sales.

Marketing and sales is a mid-term goal that you want to achieve in your business. Choose the way how you market your product and generate sales. Sales is a key factor in a business without getting sales nobody can run a business.

If you want to market your product the best way to do it online because online marketing is cost-effective, Time-effective and most targeted marketing and its give you more sales compare to offline marketing.

My recommendation is do online marketing not offline.

Step 5) profitability and scalability.

This step is a 5 step of how to write a business plan its for long term two major points profitability and scalability. why most of the business not grow because they don't know to scale it, most of the businesses are scalaable but not profitable thats why they fail. so always you want to take a balance between these two, you want to know how you can be a profitable and make a scalable business write it down all the steps.

IN Profitability

• Know what margin do you set for your product.

KEY TIP:- ( Expansion without gross margin is committed suicide )

Cash is different and profit is different to run a business you need cashflow without cashflow you will fail in business.

IN Scalability

• In digital world it is very easy to scale your business through one country to different country by just one click and it is possible in both physical product and digital product.

Step 6 Take action.

Take action on what you write in your business plan without action every business plan is waste, properly excute your business plan.

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