Monthly Archives: May 2018

Tips to Start Business For You Now

Because many starting entrepreneurs struggle with drafting a professional business plan, experts give below tips for writing a well-founded business plan and found quicker business opportunities.

  1. Basic layout

While planning the business there are some basic points to consider. Start by working out a good structure / table of contents. A good business plan contains the following components:

  • The entrepreneur (s)
  • The company
  • Marketing
  • Personnel & Organization
  • Feasibility plan
  • Source
  • Attachments

Plan all these points concretely before moving into other steps.

  1. Planning

Make a good plan for writing your plan in which you include what you are going to do for each part. When you engage an advisor, you coordinate the planning with your advisor. Make sure you provide the information that the consultant requests on time according to the agreed schedule so that no extra unnecessary costs arise.

  1. Detail level

The further into the future the more uncertainty, the closer you are now to the more certain your plan is.

The short term (within 1 year) can best be worked out in great detail. The years thereafter are more uncertain and will be assessed more in outline.

The information about the next year will have to be largely clear and ‘fixed’. Include a 12-month liquidity budget in your business plan for the first year. For example: If you have sold 10,000 in sales this month and sent invoices for it, you will receive it next month, so do not show any revenue in the next month if you have not sold this month. These are things that are known and that you know. You can make a list of all known information and then tick it off and process each item in the list one by one in the figures.

  1. Focus on turnover, not on costs

The investments and costs are often reasonably predictable: you can request a number of offers and look up prices and you know what the costs are. Do you also know exactly what you need to do to predict turnover and make it happen? How much turnover have you already earned and how do you sell your product or service?

You can also see it like this: when enough money comes in, a lot of things can be easily solved by purchasing something or by hiring someone, because you have the means for that. In the end, investments have to be paid back, costs are paid, taxes are paid and interest and repayments of loans and financing are paid from the turnover and then there must still be enough room to pay your salary and make a profit. Many people know and understand this; few people put this principle into practice.
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