Business Planning

Is doing business better than a job? This has been a question in a lot of minds. Especially young people would always feel a choice between a job and be doing a business. Ironically, a business has a lot more challenges and hardships than a job. Most of the people step into business because they get sick with their jobs. And most of these businesses fail because they lack passion and the necessary planning needed for starting and running a business.

A choice between business and job also depends on the type of personality a person has. If you are a determined person and enjoy challenges then certainly business is for you. Business helps you to be your own boss and create more jobs for others. A business idea can be creating solutions for the society and improving the surroundings by creating wealth for yourself and others as well.

Starting a new business needs a lot of planning and research. It is not that easy the way it may seem. A checklist should be developed before starting a business.

Develop an idea

Build on an idea you are passionate about and want to work on. Doing what everyone else is doing will not be very helpful. Most of the people do this mistake of starting a business that is in vogue. A strong business idea is very important as it will help you sell a product or service that is unique and will help improve the customer experience.

Business plan

Writing a business plan is very important. Most of the potential businessmen might not agree with the importance of writing a business plan. But it not only helps you set goals and work in a direction, it also helps you gain access to external investors and finance. A business plan can be written on your own or services of a professional business consultant can be availed.

Target market

Identification of target market is very important. Which market do you wish to target, who is your customer, what price are they ready to pay & what are your competitors doing? All these points should be taken into notice.

Cost analysis & budgeting

Costing is one of the most important factors of a business. A good research about the cost analysis can help run a profitable business. Industry standards should be researched to see the costs incurred by the comparable business. A budget should be fixed for creating and manufacturing the product.

A new business can consider as many factors as follows: