No two businesses are going to be the same, but a successful business plan will always follow a similar formula.
Here's a few tips to enable potential and current business owners to transform a good idea into a great reality:
Make Projections and Estimates-Include estimations of your future customer base and the cost of acquiring those customers.
Project how far any investment funding (your own or someone else's) will go (at some point, you'll want to know when your business becomes self-substaining, enabling investor payback; and when you'll need another “shot of cash.”
You'll also want to project not only your product costs, but the cost of producing those products as well.
What Makes Your Business Special? Consider your business plan as a sales pitch; a good one will define what makes your business 'tick' or stand out.
Exactly How Will Revenue be Generated? A good business plan will always and clearly indicate how a business owner plans to bring in revenue. Many investors want to see a viable sales model that summarizes how potential customers will be drawn to a business (simply selling products won't be enough).
Don't Overdo Things-Business owners may be tempted to offer quantity over quality when putting together a business plan to present to potential investors or lenders. But remember that many successful startups often begin small, first selling a particular idea or item, and then diversifying only after establishing a customer base and having a long period of financial success (and potential investors or lenders will breathe easier!).
Two Recession-Proof Industries
Waste Disposal: There's always going to be a need to remove garbage (from homes and businesses)!
Liquor stores: When times are good, people will drink and celebrate. When times are bad, people will drink to numb their personal pain-or the bad economic situation.
Did You Know That.....
According to the Small Business Administration, two-thirds of new businesses survive two years, while about 45 percent survive four years.
Sources: “Craft a successful business plan” by MetroServices-The (Sunday) Vindicator, February 23, 2014 and “Start a recession-resistant business” by MetroServices-The (Sunday) Vindicator, February 23, 2014