Sunday, February 1, 2009

Business Planning Basics

You have probably heard the proverb "He who fails to plan, plans to fail"... so here are 10 questions created to help you plan your new business, and create your business plan - you provide the answers.

1. What is your business (list your products and/or services)?

2. What is your vision for the business (what do you want it to look like 50 years from now)?

3. What makes your business UNIQUE (how are you different than your competition, outside of price)?

4. Who is your target market (you may have more than one, but be specific for each)?

5. Why would customers want to buy from you (how does your business fill their need)?

6. What is your projected cashflow (how much will you make, and how often will you make it)?

7. Which hats will you wear (what are your specific roles & responsibilities in the business)?

8. Who are the members on your team (this includes anyone who helps you move your business forward)?

9. How much money will it take to startup your business (where will it come from)?

10. How will you test and measure your results (what will you track and how will you track it)?

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