How To Compile An Effective Business Plan For Start-up Businesses

1. Introduction : Hi everyone. My name is Clement, and I'm currently based in my cereal. In this course, I'll be focusing on teaching how to compile and effective business plan. And this is for beginners, people who have vision or they have business ideas. We want to put it in a plant form. Or those who already have a plan, but they want to improve it. 2. Why You need a Business Plan: In this first lesson, we're going to talk about why you need a business plan. Well, every vision needs a plain business plan. It's like a plan. What's your plan regarding this business? So business needs to be operated in a certain way. My character in a certain way, even financially budgeted in a certain way. And so you need a plan for this important reason. First of all, what you should put in mind is who will be reading your business plan. And by just knowing who will be reading your business plan. It will give you some ideas why you need a plan. You need a plan, because you need a pace. Pace in a sense of achieving certain goals of your business. So a business plan, It's like Emmanuel, now that we're trive your business to drive your employees with your tribe, your management management of the business, should it be based on the operation of the business plan? The other reason why you needed a business plan is for investors. Some investors who like your idea, they may require your plan. Maybe not the entire business plan, some real, but some mean quiet some headings from your business plan. And also you need business plan TO potential suppliers depending on what kind of supplies we need from them. Also, your business plan, maybe the hands of allies. If your business is going to be based on you forming alliances with other businesses in the same industry depending on the Memorandum of Agreement or whatever agreement you close if those businesses, it may require the involvement of a business plan. As personalized business plan is some headings in the business plan can be public depending on what you're dealing with. So why do you need a business plan? Because you need a plan. You need a business plan because he needed to drive to achieve those goals. And of course, to present yourself to everyone that you approve to reach your business plan for the benefit of the complainant or the business. 3. Characteristics of a Business Plan: In this second lesson, we're going to talk about the important characteristics of a business plan. First of all, I want to talk to you about the way you should begin. Like I said, that this is for beginners, but some who already have a business plan may benefit from this. Why did you want to do first is to write down the vision. Why this division, your business idea. So normally when a business idea come Sway, you will discover this idea and then you get many, many ideas of how you want to do it. So what do you want to do is to write it down. Write it down without following any other flowing anything. Just write it down like a re, re writing in a journal. But write it in point form. And why you should read it in point form is so that when now you come to business play, you can take those point to each respective heading. So fast, ray division and don't mind the business plan, don't mind any protocol. Just write down everything that you have about this idea in quadrant four. So that now when you learn about the plane headaches, you know how to categorically record those points in your business plan. And exciting exposure of the business plan is this, is that the moment you start doing a business plan, you discover that the eye headings in your business plan are important headings of your business plan you did not have in mind. And now it will require you to do more research on your idea and gather more important information. Because you see business plan is not just about how you're going to make money. As such, it's not entirely focused on finances, is also focused on how you're going to ensure quality is also focused on how you're going to market your business and how you're going to establish a very effective customer care depending on what sort of business you do it. Yeah. So I'm going to talk to you about these important characteristics of a business plan festival. Your business plan should be straight forward and avoid to be redundant. Now, in this lessons that I'm going to do, I'm going to be redundant. Why? Because I want you to craft to cross B, the whole idea of business so that you choose which headings are important for you. So it's possible that I will be talking about one topic in this business plan. And then I may repeat the topic in another plane heading. Why do I do that? So that you'll get the freedom to see the nature of your business. Do I have my independent heading, for instance, independent hitting as quality assurance or quality assurance, I will intrude under operational play, right? So understand that business plan has to be flexible. You can write a business plan in your own way as long as you include the most important headings. So as I continue, I'll be stipulating which ones are a must that you should include in your business plan. So the other characteristic is a simple language. You see a business plan is not going to be read by just technical people. The investors may not be that technical, but they need to understand what you are seeing a business play, right? So use a simple language and use a present tense. Even if your business is about to commence, even if you haven't started yet, or you're just at the beginning of just writing a business plan because here's the thing. Some people study business and then they make a plan later, which is not a good idea. Some they have a business and then the, the compiler business plan. Because if business plan is going to drive the business, if you are in a position where your business has not yet started and now you are going to go according to the business blend. Write it in present tense. If the company is already running because the business plan is going to operate during their running time of the business. For instance, if I say my company is called one NSA. In one, we offer quick services. We offer quick services. It makes more sense than if I say, we will offer quick services because now why didn't the business stats? And then now you are adhering to the business plan. And then an investor reads your business plan and it's like we will offer a quick services. He'll, he'll be like, when a present tense makes more sense and more practical for business play. Business plan should have main headings numbered. Every heading should be numbered, main headings, subheadings. And second, subheadings. Just make three categories of headings are waiting to make too many headings. Because if it's like that, it looks like chaos. It's not attractive to be read, right? So do that so that a reader is not lost it in 3D. So the other thing is right, in point form, rather than paragraphing because paragraph is attractive, it's already tiresome. You get your business plan and I see paragraphs. I'm already tired. But if you just write it in point form, points, I excited. They just get straight to the point and I just really didn't. I'm done. When I read 1, I'm gravitated to read another point. Gravitated to read another point. And then I'll be finishing quickly, right? So let's do that. And I think other characteristics of a business plan will be obvious when we go through adolescence. 4. Business Identification : In this lesson, we're going to talk about business, a business identification, if you will know. This is how we do business plan, will do it in black and white. We write it down because we compile an effective business plan. And what you want to do first is to begin your business plan with a business AD, meaning the credentials, identification details of your business. Start first with a title. Now this title of your business, this should be a registered one, not the one that you want your business to be. Because you see titles can be disapproved, especially if there is another business that is already existing with that name and name that is almost 90% identical with that one. So ensure that a tightly you include in your business plan is a registered business identification is a registered id title of your business. The second one is a nationality. Like your id, your personal ID, national, each of your firm. What does that mean? It means the location in which the headquarters of your film is based. We will say that initially nullity of it or the headquarters of it, you state that in your business AND and then date of execution. Date of execution, you may include two dates, if you would, or just one date, date of commencement of your business, and date of execution of your business plan. Because like I said in the previous lesson, business, our business operations can start today and your business plan can start next month or next year. Or they miss that at the same date and preferably the ships that at the same date. So you want to include that intruding also the expiry date, but the expiry date is the date of the business plan. The business because the business intention, is it continuous as long as it's possible, right? So the date of expiry should be that of a business plan. The business plan should be updated Y, because during operations the different discoveries, new development, the new partners, new investors and ideas come. And now you need to update your business. So now you need to study new date and then a new expiry date. So it's, it's an ID right? Now. It also should include a logo. If you already have one. And a logo should be simple and attractive and good for grinding because it's not just the logo for the sake of my businesses. But you should imagine the brands, platforms like t-shirts or cause a billboard every way that this logo is to be printed on, it should be attractive and gravitating and it should communicate your services. It should be simple and please make sure that your logo is not similar to any other logo there is. It's it's true you are you may not be familiar with every existing logo out there, but please be aware that if your logo is similar, especially a business logo that provide the same services, you might find yourself advertising for other people. So a logo goes, a slogan. Slogan is like a message. It very simple, motivational message that you want to pass to elderly person. What one thing that you can say that you believe as a company or you promise to your customers, your logo should be like fibroids, more or less. It's five widths, just a motivational, service related, business related. A slogan, interests like a message, like a motivational message. Let me make an example. I'm cheap products just for you to see, that's a very simple thing. Cheap products just for you. And what these communicate, it tells like a potential customer or cheap to produce. That does for me. Let me just check out what these people are providing. She just simple, not complicated at all because it talks to the general public. A business idea should include business actresses should have e-mail address, postal address, and physical address. Or physical address as if you are branching. And also the statement of owners, but this one is optional. Statement of owners is when are you like photos and pref profile of owners of the business, even management, if you would. Like I said, business plan is flexible depending on the nature of the business and wide the owner is trying to achieve and who will be reading your business plan. And so it should also include public contents. The contexts about your business can be reached out through social media platforms, website, and electric application. If your firm has all these things and if not, include the ones that are very important. Actresses and contracts, title and logo and slogan, right? I kissed the dose ones. And so this is a business ID. If your business plans start with this details, a person already has an expectation what they are about to see or read in your business plan. Because these details have given them useful chimps. 5. Executive Summary: In this lesson, I'm going to talk about executive summary. Now I have read different executive summaries from different business plan. I prefer executive summary that has only two subheadings. The first one, general campaign description and mission statement. That's all. That's it. Because it's enough for me, I think is more attractive and more beneficial and sort of enough. And so as executive summary is a main heading, two subheadings, I'm going to describe it based on these two, some heady general compound description or general business description. It's self-explanatory right here you describe your business industry as in white, services, will it be providing or what this business is about in the industry and in this industry, what services will be provided? Or is it providing because it's in present tense way. So for instance, my business, It's a real estate business, right? But in real estate, why do will it be focusing on that general company description? And you do that briefly in detail because it's a general company description, right? And mission statement. Mission statement is, what are you trying to achieve with this services in the society? This is where now we'll talk about the development at your company or your business prints in the society, for instance, creation of jobs and improving socio-economic lifestyle, right? So general description, describe why the company is about. And in that industry, what will it be provided or what will it be doing? And then mission statement, what are you trying to achieve? Generality and the public. 6. Goals & Objectives: In this lesson, I'm going to talk about the other main heading, goals and objectives. Business plan should include this because you're going some way. Goals are the main achievement and objectives are the minor achievements. Why do you need both? Because the main achievement is what drives your mission, your vision. But this one's the minor achievements being objectives. Ah, they're running achievements or the achievement that you achieved to get where you're going. Weekly, achievement, my achievement, and so on. So this what your goals and objectives should have. The characters different characteristic, they should be specific, they should be measurable, they should be achievable, realistic, and they should be time bound. And I think this one is the most important time-bound, right? So both of them goes and adjectives, objectives so to speak. They should be time bound. And you should read the mean point form in your business plan so that they are practically read and practically executed. So this is what you want to do, right? You want to describe your goals and describe your goals. In two years, three years, four years, five years, maybe up to ten years. Because they will determine the pace of operation of your business. They will tell you if you are moving slowly or quicker or as expected. And so you need to set goals apart from objectives because they should be read apart because goals are what you, what you're looking for it to achieve in a long run or in Iran processes. But objectives, they are like from here on, we are doing this, right. By your goals and objectives being measurable, we mean that you have to send like a scale, a scale of assessment. You should be able to know that my goals are going to be achievable. They are being achieved or they're being, we are drawing near to them or failure to them. There should be some kind of a scalar just said that skill should be described in your opening, opening statement of goals and objectives, right? We said they need to be specific. Each and every goal should have one minute. It should have one minute. It should not be confusing. One person should not read it differently from how you intended it to me. And so they should be achievable. That means now it requires you to get the right resources, human resources, physical resources and financial resources and so on. And so even people, human resources that are going to be involved in the execution of the business plan should be qualified. Because if they are qualified for the tasks that given that determines the achievability of these component of this business, right? They should be realistic as well. That means even as much as you have, you would have gathered everything together, their resources altogether. There has to be a point of really a point where you can tell that this is realistic. For instance, even if like a plumb bob qualifies for a task that you have, a task that you have given him. Doesn't necessarily mean that they can install 50 toilets in windy. That's not realistic. So every goals should be realistic if you say were achieved, this goal in a year should be realistic according to the resources you have, according to their pace, according to the time, according to the witching hour. So you should consider all the dynamics that will affect and other factors that affect the process of achieving each and every goal. They should be time bound. I keep referring to yearly or two years, three years, until ten years. And beyond your last day, your elastic, elastic goals should be beyond ten years, right? So that, you know, you are achieving every year what you have intended or you're not achieving. This will tell you whether you're failing or you're really getting there. Now let's talk about objectives. Objectives, like I said, these are temporary achievement on mine achievements or clinic was achievement. There are some things that we need to achieve to get to the main achievements, the goals. The objectives, they include services. You are going to do what? Provide services. So the sub the second subheadings to the objectives is services. Services are described under this heading of objectives. They are described objectively as you're going to put them this way to achieve these goals, we are going to provide these services. And this is how we're going to provide these services, right? And then resources, these resources introduce or fees. The way the workers, their transportation, the views, the capitalization or the capital. Anything that is a main resource to help the company operate. To achieve their goals. You're going to describe them and state how they are going to have the component, the business, to achieve those goals. And it's a sub heading to the objectives. The other one is training. There are some programs. Are there some training programs that you include or incorporate in your business to achieve your goals. Some businesses they describing their business plan or including their business plan. They inductions of employees where the oneness of all regularly. So these are the programs that refresh the employees. Saw that they instill some skills and groom them to provide even better services every time. So I guess I'm dreaming involves describe them because those draining are the objectives that will help their companion of the business to achieve the set goals. Now, record-keeping. Record keeping is just one of the most important objective because everything that the company, every transaction, every deal that is true for every activity, it should be recreated, it should be fired. You should be able to tell by dates and reports that this is happening, right? When you go through the records, those records were statistically give you inferences whether you are really making it or not. So record-keeping, just one of the golden objectives that will help the company to achieve goals and involve, it involves both non-financial records and financial records. Advertising and pricing, how the companies to advertise it is described and objectives. Objectives should include advertising and pricing. Because everything is priced in business, you should be able to liquidate everything, give everything a value. So let us speak business language and so that decision-making will be easily answered the question of money easily, because that's all. It involves. Money, finances way. You describe that we are going to advertise and this is how we're going to even price our services or products to achieve those goals as a subheading, subheading be leaked, documents and activities. Now, to achieve the goals, objectives helps the company to stay with code of practice, legal document, or those documents that involve registration of the company and the running of the company because your company, as much as you will have your own in-house policies. You also need to add her to the State Law Code of Practice, labor law in all those lats. Right? So these are the important headings, subheadings and the objectives. But let us say a business plan is flexible. There are other great if headings that you feel like your objectives to achieving your goals and you may include them and objectives. So this is the main heading, goals and objectives. 7. Business Philosophy: In this lesson, I'm going to talk about with business philosophy. Business philosophy as one of the main headings. Now business philosophy is optional. It's not a must-do improvement of business, but I think it's interesting. What is it all about? It's about a statement, knowledge that you pass to your potential customers because you want them to fall in love with your business or to be gravitated to the services and the products that you should provide. Business philosophy hasn't nature of logan. But it's not, it's a try saving knowledge. It tries your employees, it tribes the directors in tribes and management. It drives everyone involved in the business, but also it takes the potential customers. For instance, if your business is providing financial services, your philosophy statement can be leaking of your finances, the king of your finances. And then when you write this main heading, you describe that statement based on the services and products that you provide. Describe what you mean when you say the king of your finances, right? The king of your finances means that you're going to help our customers to manage their finances. Well, yada, yada. You describe that budget. Describe it based on two aspects. The services or product digit provide your customers, right? So that is what business philosophy is all about. It's like, in other terms, motivational tribe of your business. One thing that you will always hold onto, and when you celebrate, maybe in public or in function, you can Claire and state your business philosophy so that people know that you're confident brand, you're confident in your services, right? So that's all. What business philosophy is all about any flexible depending on your taste and what picture you want to portray to your, to your customers. And it should be in paragraph form. But it should not be a paragraph. There is more than five lines because we try as much as possible to make the business plan readable, note unattractive. 8. Niche: So the next lesson, we'll be talking about the main heading, niche. Niche. Arguably the most important heading in your business plan. Why? Because what a niche is all about three things. Your target market, what is their problem? And what is this solution that is presented by the company? Why am I saying It's very important? Because business men are always busy and investors are always busy. So instead of requiring your full business plan, they may say, Well, let me just read your niche, right? Let me just switch your niche. Your needs should be convincing. I should read your niche and be able to tell what your company your business is all about. Mitch should convince me as a reader of your business plan to do what is required of me, whether I'm an employee or a management or a potential investor, your business plan, should, your business niche should convince me without reading the entire business plan. Underneath, you will have this three subheadings. Target market and target market is well now you describe your target market. What is your target market? Your specific highly distinctively. Set it apart that this is who we are, target t. And now you go to the next subheading their problem. Their problem, they are meaning the target market. What is their problems? Hi there, main problems, so to speak. So niche is about the problem and solution because the third heading is the solution that is brought by the company. Before you turn this into a need, you have to discover it first as a program. And before you print a service and a product, you've got to interpret it as a solution first, right? Underneath you describe target market first subheading. Second subheading, you describe the problem. For instance, if a company is property management company and you realize that in this society or in the, in the industry, so to speak, there's a problem of legalism, there is a problem of legislation. Legislation problem. Maybe landlords are mistreating tenant in a certain way. And you discover that this is the main problem in this target market, in this market isn't main problem. So I can solve this problem by providing this solution. After you discover the problem. And then you discover the solution, you write them down as problems under your niche. Then after writing them as a problem, now you convert it, you're describing converted to be a neat, there is a need for this type of solution, which brings you to the fact subheading, which is solutions. And then when you talk about solutions, you talk about solutions to this discovered problems and you present your company as a provider of that solution. And then by describing a convector solution in a product or a service. Right? Now, if I summarize what I've said underneath, I'm saying niche is about who your target market is. What is their problem? Which is a need, a need for a certain product or a need for a certain service. You describe that and then you go to a third heading in this company is a solution by what it provides. It provides this services, are these products. And so that should convince me to invest in your company. Convince your employees that we are actually making change in the society. We are actually solving people's problems, right? So that is what niche is all about. 9. Why Develop In This Area?: So in this lesson we're going to focus on the main heading, quite deep lobe in this area. That's a heading. It's like a question. Why do you develop in this area? Okay. So your company or your business is based on a certain area, state, region, or country. Why in that area? That is this main heading would answer that based on a number of sub-headings right there, I'm going to share, share with you. But understand that this requires a businessman to know their target market, to know the demographics of the area based on the services and productive want to, you want to provide, right? So I'll list them and then talk about them. There's some headings and white develop in a certain area. Why do you develop in Johannesburg where you develop in New York? Why am I right? So you need to describe or answer this question, or I trace this main heading based on these subheadings. One, population size, accessibility, advancement, technol, technology, available, services, my kit, economy and industry. This one, this one's are important, but you have the right to add on your list right? Now, let me share population size. It should, population size should give you a reason why you develop your business in that area. Because it's obvious that if an area is very much populated, you know, for sure that there is high possibility of thriving, flourishing with your business in that just because, just by just a virtue of the fact that there is a high population number, right, is a potential market. And so you have to describe that the size of your population. Now, this does not mean that small population may not be good for your business. It depends on what you're providing. Some business ideas are so creative and innovative that it doesn't, doesn't matter the location that we just get the target market. You just get customers and clients hair, right? So you need to describe for your business based on the population size. Why did you develop that? Why did develop based on accessibility? Accessibility now has to do with mappings. Is this location well mapped? This location, the roads Well, Matt, road signs and maps provided GPS services. Navigation services. Are they easy? Because all these affect the business. So you need to describe that and really convinced yourself and convince our plan readers that displays accessibility is adequate for the business profitability. Advancement, advancement has to do with that location. How develop is that location? Is it urban, rural and develop, develop low pin or poor light? And so with those facts, is this the right location for your business? So like I said, the business blend can expose much about your business idea, right? Because it's one thing to have a business idea. Isn't it? Next dynamic TO now? Where do I develop this business idea? So business chooses its location. You don't get to choose it just because it's hometown. I like that. Please know these things should be described in a convincing and factual manner, right? So the other one is technology, the level of technology that because we live in a time where now technology is the main platform for advertisement, right? Is their provision of internet, right? And how your business will be advertising and will be rendering services and orchestrating payment. It may involve technology altogether. So considering the dynamics of technology or technological developments in that location you have chosen, is it fitting for this type of business? So the other one is available services. This is where now you describe the location. Answering while developing this dislocation, you answer that based on available services, filling stations, shopping centers, banks, electricity, water, all those Internet. All these are available citizens, right? And which ones are required for your company to run smoothly according to the peace and the level of objectives and goals your ticket into achieve, right? So you need to describe based on available services and also describe the location. Why do you develop and dislocation based on market, right? Is the m my day right? Now, this May 1 require your market research to really affirm that your products were run, were sold, your services sale, right? So also describe this economically. It may not be original or based on your district or state, may be based on the entire counter with the economic state fluctuating, Is it going down or is it rising? Those are considerations. They affect the location of y that please, why that region, why do you develop day? And you have answers to this type of arrangement or this type of economic development. So the last one, industry, this industry, the business is in. The industry that is good for dislocation. Because if we say why that place, is this industry overwhelmed in that, in that place, or this industry, it's demand is just 0, almost 0 demand right there. So you need to describe this based on the location. And so why do develop business, their main hedging altogether. 10. Strengths & Competences: In this lesson, we're going to talk about the main hidden strengths and competencies or business trends and competences, right? But let me just mention that this one is not a musty, can include this under operational plan, right? It doesn't have to be the main heading, one of the main headings. It's optional whether you put it as M in Haiti, put it under main headings like Operational Plan or other headings like quality assurance. Because there's a main heading called Quality Assurance because strengths and competencies, this is where you talk about you right? Point of strength for your business. Things that you feel like they are outstanding for your business that you'll go into regularly referred to as your strengths, right? Maybe you can include, for instance, our customer care. Our customers will attract people by their titles and you'll always have a badger the name, where a person can actually stipulate who they complain about, things like that. It includes those things. So I won't go in detail with the examples, but I will say, just don't write many of them because I believe that you can even write hundreds from those. Just read ten strangest ones. Tender, you say, this one will be the main tribe of this business. 11. Form Of Ownership: Alright, so in this lesson we're going to talk about a main heading column, form of ownership. This one describe your firm or your business. Advantages for that type. Because having a business idea, it is one thing. Deciding what it's gonna be accompany cooperative partnership or sole proprietor. On up to their advantages, a business person or the owner's looking to work, right? Level of profitability they're looking to achieve, right? Form of ownership. Describe what this is if it's a compound, for instance, you will see, for example, let's say your company's tech one, okay? You say temp one, is it is it limited liability company? Okay. And then afterward describe the advantages. Why? Object for that? You'll see it's because of it's graded worthiness, its profitability, and the fact that owners are not liable to the, to the loss of the White today bankruptcy of the company, right? So you describe those advantage in, but that's all. What form of ownership is all about. It may be required. And I believe it's important. 12. Services: Now, in this lesson we're going to talk about the main heading, services. And this is one of the most important headings of your business plan. This one is a must, services or slash products. This is where you describe let me begin with products because I believe they are described differently. Services and preliminary beginning of products that you can describe under services, you can describe your other services or products. You can describe your product. If you provide thousands of products, you can describe them categorically, not individually, because there are many, right? You can just describe them categorically, how you're going to provide those services and the route of provision of those those products, delivery of the products, transactions of the proof that any payments that are involved in the exchange of products where the payment involve credit. Rabbis, all those. So you describe all those involving inflammation and remember you do it in 0.4. So if it is good, if it is products and there are many described them categorically. Consider supermarket where a guy, supermarket. So supermodel provides food products, lotions, made the call, and so on. Some even clothes in there. So if you describe them categorically, it will be easy to put them in a plain form, right? But when it comes to services, it's more easy because services, they don't tend to be that many. So you can actually specify each services with each service with a number and describe how each services will be. Describing even the involved people awake, the contract, the payments, the forms, everything that has been involved in transactions. And the payment is where you go in detail about the services that you provide, including the credits and the cash transactions. And so I believe the heading is self-explanatory. How as business, personally, I use to render your services to your plank. If your services are rendered differently, don't put them together, put them categorically bad in those category. Try as much as possible to describe each series in a specific manner with every detail that you feel like it will be needed by any investor and a customer and it will be profitable. The pricing even include the provision of promotions like there will be like terms and conditions that surrounding that surrounds the Times away. Now the price should go down. Or if it can be describable, then please describe those because they are needed in a business play, right? So that when you keep ongoing operating a business, you can refer to that until it is instilled both in the management, both in the investors, both in you as a business plan, the business plan or business owner, so to speak. And so that is all that is involved and services, main headings. 13. Quality Assurance: In this lesson, I'm going to talk about one of my favorite main headings in a business plan, quality assurance. What does quality assurance and assess? It answers the questions, how I used to ensure quite or how have you how have you claimed to assure quality of your services and products to your customers? What gives you the confidence that your customers will come bake? What confidence do you have that as an assurance that customers will come back, right? It's all about that. Okay, so I'm gonna share subheadings as ideas that you can incorporate in your business plan. I'll be mentioning them like this and then we'll describe briefly each what it entails. And so benefits follow ups, but this benefits, benefits to the customers. Follow ups to the customers, employee care future, preventing, future consideration or forecasting, so to speak, methods of payments, right? Bonuses for owners, recruiting, pool programs, and then objective, objective tray of the business, right? And then we have current contracts. The meaning like agreed designed forms. Already treaties and so on. Rewards and incentives, periodic reports, detailed financial reports, alliances and advancement. Many, Right? Why are they mainly because it's quality assurance. This one is not a compromise. You want to get customers to come back and remain clientele, right? So let's go to the first one, benefits. What benefits are you planning to allocate? Or what Blend Are you learning to execute to give benefits to customers, right? There can be benefits that say, I want you to come back. So under benefit, you describe a dose. I can describe them because I don't know what your business is all about, right? Maybe you're like if a customer comes like fake times, and then in a system in check them that this customer has been here for three times, then they will be given this benefit. Or if a customer buys something that costs more than 50 bucks or 100 bags, they will get a certain benefit, right? Those are benefits all during weekends. I care for an hour, the prices go down. Those are just examples of benefits that you can actually render to your customers. Those benefits say, I want you to come back and follow ups. Customers, they want to be taken seriously. If you follow up on customers, we care just wondering how they are doing and if the product is sold to them is doing them well, if there's anything that they are not satisfied with, those four apps, they are very benefit visually. Yen, company or a business respect, Embry care now, I love it. Employee kit. If you care for your employees, your employees will care for your customers. So what structure or what what plan have you set up as a means of care to your employees to ensure that your employees are satisfied to the extent that you can be confident that they will also satisfy the Klein's, right. And so the employees, now the requires incentives, but you've got to give them incentives, give them freedom to go on holidays, things like that. They should love their future consideration. What are the adaptations? What are the plans that you have? Concede that to keep up? What does setup that you have considered to keep up with trends, keep up with new developments because the means of payment that we're using, as in, in this era, they may differ in the next decade, right? Things are developing. A company should keep track of development, development because people are dead. They're keeping track with new development. They will consider some things, foster, some things efficient, some things cheaper, right? So you need to ensure quality by keeping track of votes. Let the market control The way you advertise and the way you render services because you catch a fish on its own terms, right? So the other one is methods of payments. You ensure quality by the best methods of payment, people should not tire when they think about the fact that they have to go through a process in making some kind of payment or receiving a certain payments. So as a business, you should describe what methods of payment you're going to use to ensure quality, right? And it should really in shock close to bonuses of openness or bonuses rendered to owners. Owners who can say I want to work in my business, you are in your business. You want to work in the business. You need to motivate yourself or their company management should motivate you. So there should be a part of the business plan under quality assurance should be a way to motivate you because you are a visionary of this business. You are the one who can determine whether a business will just go low, right? So you need bonuses just because you're an owner who works in the business. Those bonuses should really be something motivational. Yes. So recruiting programs or they're recruiting programs maybe to enhance or keep checking the customer care quality and bringing and delivery of services. Everything that strengthens, that keeps strengthening the business. In every way. These programs should be set up an if there are programs at all, describe them under quality assurance because they ensure quality, right? How are you go into objective really run the operations of the business, these principles to objective, our objective tribe of the business, right? For instance, how are you going to ensure that each and every employee is waking to the satisfaction of the pace that is required to achieve the set objectives and goals. This is where now each and every person by management, they are given a weekly objectives. Manfred objectives. Because that helps management to check that this person is really doing well in a month. The hammer chip to what we required of him or head. Right. And so what what's the what's set up has been established to monitor employees, to monitor people were involved, to monitor equipment, machinery, resources that are being incorporated. All right. So now we have also contract what our contract that are being involved in rendering the services are receiving services from supplies or from other agents, right? So this contract should ensure T2. They should be contract that actually the satisfaction of what the business is all about as far as achieving goals and objectives is consent. Periodic reports by the management should have periodic reports of what progress has been achieved. Those reports should be timely and intrudes inferences, maybe weekly, monthly, yearly so that we can actually go back to the report and say yes, we are making, making it. So describe that set up in this quality assurance main heading. Alliances. Alliances are important because alliances is in a simple language, can see friends to the business. Maybe other business with similar services. Maybe they have more clientele and they can keep up the render some to your business or alliances. To some extent they may be your main suppliers or they may be beneficial in a certain way to your campaign, right? So describe what alliances you required or what alliances you have opted for, why and how that alliances will ensure the quality of your service. And so let me just NTA. And with this, I believe I've given the picture of what quality assurance is all about. So you can have like 20 headings. Yes, you can can have 50. But I would suggest that you have just ten. Right. Because we don't want this business plan to be too long and too tiring. So just try as much as possible to choose the subheadings that are all encompassing and yet do not compromise details. So this ones are the ones that I'm very confident that there will be of benefit to your business. 14. Why This Business?: In this lesson, we'll be focusing on the subheading. Why this is the main subheading. Why this business Why did you opt for this business? Right? So I'm going to share with your subheadings upon which you're going to describe or answering this question of why this business. You're going to answer that question based on the future of elopement, flexibility, complexity, affordability, growth, economy, overall, profitability, viability, competition in the industry. And the main overlooked problem, right? Okay, So why does business, so describe based on the future as a subheading future right? Now, describe the forecast of the demand of this business even in the future, right? This, this business still be demanded in the future. The services, the product. Is there a demand in the future? You're focused, right? Is it the demand going towards the future? Are going down towards the future. What I used to do about that development, this is where now you answer that question of why this business based on the future. Also, you describe it based on the subheading flexibility. Some business I just, they require you to be stereotypic in a certain way. Some are just white freedom platform, right? So your business, what the flexibility of its industry, right? Is it a business that you can say yes, it's flexible? I am. I have opted for this business because it is flexible in a sense that even though IT industry, the trends are that many similar businesses, they provide this kind of services and they provided in this common way. I see an opportunity to provide it in a certain way, in a different way. That's what we mean by flexibility. There has to be some flexibility because if you come up with a business plan and there is already an industry of that business. It means that other people are already doing it and what's different about yours, right? And the level of difference is determined by the level of flexibility. The level of creativity and innovation will be determined by the level of flexibility of your business idea and industry, right? The third one, complexity is it, is it easy to start this business? Is it easy to run this business? Business and isn't easy to maintain it. Also it is, is it easy to grow it, right? Right. And so the complexity of the business should be Describe, Describing in that sense. Because remember, your business plan is going to be read by investors who will be curious, right? Will be curious about now in the future, the progressive nature of the business, right? The other subheading is offer the ability why this business? Is it affordable? And if it is affordable in wipe sense, and how is it affordable? Right? Oh, maybe it's not affordable but it's worth it. Still. Describe that, right? Yeah. Just make sure that every sub heading you're not writing to satisfy this, some hidden writing to be honest with your business plan. During operations, things won't look great. So the other subheading, you're going to answer the question, why does business idea or why this business is crude growth? Now, describe why you believe this idea will grow. Why will it grow, right? The other is economy. Economy. Now we can talk about the economy of the state economy of the country, or the economy surrounding area, the business is located, right? How well that economy affect this, right? If, if you say that I'm starting this business idea or I have opted for this business because the economy in this area is arising. Or even though the economy in this array is fluctuating, that is an opportunity in this business. In the sense you understand or how you do that. You just, you answer this question, why this business based on their conscious economy, economy of them, state. Hello, hi, this business. Now understand that every legal entity, every legal business, every legal enterprise, may have its own in-house poisonous. But there is a lot of state religion law of the country. Write the code of practice depending on the nature of your business, you may be required to do certain things in a certain way, and maybe not to do some things at all. You may require not to do something at all, even though you see opportunity in those things, they may be rendered illegal. So have you considered the laws that govern the type of the industry that your business is E. And how can you say, you study your object for this business? Based on those laws? Or how can you say maybe, maybe it's because the laws are easy, right? Some considered under this. You can say, we start this business because the loss of registration, the loss of establishment, and the loss of rhyming, and the code of practice. They are easy to add her to write. They are not overdetermined. And so it may be a reason why octet for that business, but be honest and check things up so that you include very, very useful details over there. Alright, profitability. Is it really profitable? Is it really profitable that people who have brilliant ideas, very prudent that everyone is just, just in all the creativity and the level of innovation, that business idea is bad. It's 400 years from now, is not from this, it is not for this era. It's good for many years to come, right? So you've got to talk about the profitability. You started it because it's profitable, right? How can you say it's profitable? It's profitable. In what sense? Right? Then we talk about the viability of this business. Now you talk about there is a market for this business. Is there really a market? Is there my kiddo, right. So is it viable, right. I mean, the area that you are qualified people to offer these services for this, you will get the required employees for the type of service or product to jump out to, right? Competition, industrial competition. Why this business talk about industrial competition? Is it a competition DEJ, you will bid? Or is there no competition at all based on what you're going to do? You describe that because you will try to convince us of employees and everyone who be hands on today's business plan, right? The last subheading is the overlook the problem. Is there. This probability, this huge problem that can be solved by a business and yet, or by you, by the industry in which a business is. And yet all the businessmen are inclined to one service or one idea or one aspect. They just go away from this main problem, right? It may be arisen that these, these main problem, that is an opportunity. So these are the subheadings, Hawaii, this business. And like I said in the previous lessons, you can always add your own headings answering this main heading. So that's all about why this business. 15. Operational Plan: In this main heading, we're going to talk about operational plan lesson. So operational plan is most pregnant business plan hidden. So why? Because it involves now the operations of the entire film, the entire business, right? And so I'm going to talk about the first subheading under operational plan, general operating hours. This one, I believe it's self-explanatory, general oppression of hours. It's general waking hour, so to speak, right? This is where now you describe those dynamics of how you intend to set up the schedules for Wake hasn't waking hours, according to your plan, waking hours in 8258 to 12. And then you describe all those, you know them, you've got to have them put them in a plane because they will just run your business. Right? And so over time, describing there will be any overtime even the payment I touched it to that describe that under general operating hours, even the terms and conditions surrounding time off and the policies. The policies should not be part of the business. But the appendix that you need to describe under which conditions and Tim's there will be time offs, right? So the second subheading under operational plan is production techniques. Production techniques. This is where now you should give everything that you have, everything that you have, every creativity, every innovation in every lend, a deer. This is where now you should consider exactly what you have, because this is where now we ask the question, how are you going to operate your business practically, right? So that is all about production to the production process. And it involves n number of sub-headings. I'm going to talk about them. First one, how services are offered, right? How services are offered? You have to describe that if they are offered through verbal agreements. Describe that offered through graded cash contracts. Do that. You'll describe how synthesis products are offered. Orange registrations, right? I decimal registrations involved, talk about them. For instance, in my tutoring business, we resist the people before we start classes, they need to register and is a registration fee, right? That can be your ideal other registration ideas. So either registrations involved in operations, in rendering of citizens. So describe that contract. Either contracts that are being involved in your business, whether it's contract between an employer and employees, between company Allies, between company customers, right? Company sublayers, are they involved contract? If there are too many of them, describe them categorically. But if they are not more than ten types, you can actually list them and briefly describe each contract. The details of that contract is all about the involvement of that contract and conditions and terms suddenly bad contracted by the form of that contract. The structure of that contract may be included in the appendix. Financial transactions, specifically financial financial transactions as this subheading, describe, the financial transactions which will be involved in the company are in the business. Now, commonly, they are involved between your business and supplier's business and employees, business and Alumnus business and customers. Right. Then. Business and government, Texas, right. So describe that. Okay. Yeah. Part of business consideration and business plan, navigation to claims. Does your business involved locations of the skin? Locations of clients. If your business involves locations, locations of client, then you've got to describe how you're going to navigate the mappings. Everything that has to do with all those guidances to the locations of the customers. For instance, in property management, I know they can actually have like site agents, people who go to sites. And they can map areas like we have client in these areas and is how we label them. This is how we categorize them based on regions, are based on road sides. So, all right, based on this tree, based on regions and so on, right? So if it involves navigation to claim, describe that, describe the operation of that outreaches. If your business involves outreaches like like insurance insurance brokers who have insurance agents or salespersons? Yeah. Those are involved in outreaches. Describe the operation setup of that. What is the syllabus that and how, how is that set in operation? So you've got to describe that under production techniques also, dispute settlement, because this whole thing involves people, involves offense, involves businesses, involves transactions and agreement between firms and different parties. There's just a potential dispute. And so you've got to have like a disciplinary set up over how you are going to deal with, for instance, mistreatment of employees, mistreatment of customers, mistreatment of supplies, and so on and so forth. Just have a plan of how you will deal with those. Under production techniques. Also legal documentation. Legal documents, as we talked about it. Because I said I'll be redundant in this lesson's just for you to make that choice where you include this but legal documentation. You need to file and have proper documentation. Legal documentation from registrations. For instance, if a company I've tried have business contracts, Certificate of Incorporation, texts clearance, and licenses. Depending on the services that you provide, even Hemings, depending on the business that you're running. Right. So all these should be considered ended described, right? If they are many of them tried to describe them categorically, but if they are not more than ten, you can list them and describe describe each administration. Administration has to do with record keeping it as two. It has to do with operating this business plenitude, do it. You've got to talk about the encode of practice. I mean, administration talks about the administration of the business. How are you going to keep that? How are you going to store information? File, involve the paperwork, and also allocate the resources and keep records and details of customers and employees and profiles of owners. All these should be described and the administration inventories as well, and so on and so forth. Other hidden services. How are you going to monitor their services? Not necessarily rendered him because he's a heading for citizens but more neater them. And mostly services are monitored by the use of policies, right? You can say that all say or write down what you have that is fitting for your business, how you're going to monitor your services, right? Also have operating documents. There should be a document of operation like log books, like attendance, like progress reports. If there are those kind of operating document, you have got to mention them and describe each and everyone in there, not more than ten, but if there are more than ten, include them in the appendix here, mentioned them categorically and describe their functions. Follow up. So we talked about follow-ups and our quality assurance, but follow ups as self-explanatory as it is. I just briefly mentioned it in passing. Follow ups on on clients, for apps on your client's customers, suppliers to even alliances, the important parties that will just help the business to run. Make for a table set up of how you follow up on them and describe the methods of payment. Described The method of payments business has object for to operate their finances of the business. Alliances describe what type of valences your company will be looking forward to and how you're going to form alliances with different industries, business agencies, freelancers, and so on. It's still under production techniques. Also talk about major resources. What are the major resources? Office, space, computers. You know, a bank catch cash that is always there for uncalled for operations. Just describe here major resources that you need for production. For production, describe them. And if you would, describe them with a price, right? Or if you don't describe them with a price and a financial plan, you will have to do that with a price on budget, so to speak way, customer care now, this one is just too important. Customer kids set up. How are you going to ensure customer? And this one has to do with ensuring that your employees are well equipped, well-trained, quantified, and even in adapted to deliver quietly t, communication, quality, atmosphere to the customers so that a customer can fill at home and when to come back. So that is all what operational plan and tails. But it's so flexible that depending on what type of business you're doing, you can add more even creative ideas than what I've shared with you. 16. Production Techniques : Still on the production techniques are considered personnel. Describe the personnel that will be involved in the entire operation if that different management describe them and that each management describe the personnel involved because we know for all we know there is administration to their management team. There is Technical to describe the personnel that will be required for the production of the fit and why they're needed, right? The last one is organization structure. Organization structure. It takes all these personnel and put them in one structure. Like a family tree, right? I like doing it like that because I think it's more attractive and more clearer and more useful. So, right in the main management and middle management and then family chocolate into those teams or departments right? In person now, right? So why do you need to do that? Because you're doing this under production techniques, right? There's a technique how you would even since the productivity from each and every department and be able to bring it together. In a question of, is it is it heading towards the objectives, which has a heading towards achieving the goals of the business. So this is all about operational plan and production techniques. 17. Financial Plan: In this lesson, I'll be talking about the last main heading. And it's very important and it must include as your business plan heading, it's a financial plan. Write a business plan has to have my cutting plane. It has to have financial plan, it has to have operational plan. Financial plan. Financial plan involves finances. Obviously, as you turning your business plan or your business, a financial language, being able to describe everything financially because Miami will be involved from the start to the end and everything in between. So we need to consider subheadings, capitalisation of the business, budget, Financial Rates, financial projections, management expenses, payment structure, financial documents, service pricing, payments involved, but they are still under service pricing and business expansion, financial business expansion, and then how the business should be tested financially, right? Let's talk about capitalization, where it's a sole proprietor, patronage, shoe company, trust cooperation, or whatever this is. You've got to have an answer, true how you're going to capitalize the business plan? Is it full contribution of owner's contribution, of directors, whatever that is, should be described and capitalization, what will be capitalizing? Businesses and investors together with the owner, describe it and the financial plan. And then budget. Budget is now since we are looking for two things. Now where you budget everything because you're not just going to spend, you have to spend based on the budget that you set for each and every operation, right? So financial aid, financial rate, it's awesome because financial rate is where you put a value on every single thing that is involved in the productivity of the business, everything, everything where it's paperwork, printing, electricity, you put your own on that. For instance, in the general space to print one page, maybe 20th sense, right? But you can add your own rate. Your budget can be fed to send. So that when you, when you, when you budget for stationary, your budget based on your own rated that each and every page because fetches sense, right? Yeah. So you accompany should have its own rates that are higher than the industrial rate so that when you budget, you're always on budget. It's a recommendation, its molar mass. So financial projection, I believe financial projection, arguably the most important aspect of financial plan because they project the profitability of the company. It's like the company or the business start with negative something, profit because now we start with expenses. We started with contribution and just giving it away. And then it will be rendering its services commonly. And loss under lost because you're not doing much profit or you're not doing profit at all by just spending. 18. Marketing Plan: The other important lesson that we're going to get is based on the main heading, marketing plan. Marketing plan is a plan to make known your services and products to the public or to the potential clients or customers. So you've got to include this marketing plan in your business plan. It must affect your business plan can be brilliant in every way. But if it lacks a marketing plan, how the more people know about the products. And so the subheadings strategy, you've got to have a strategy for your business plan. You've got to know your market. Marketing plan. You should know your market, describe your market. You should locate your business or where my cursor is, right? And you should set up your strategy not according to how you see it, but according to how you're McKenzie require it because we catch a fish on its own terms, right? So you should know the demands of the market so that you set up a marketing strategy based on time. Make it, and start to describe the most trusted strategy for marketing or business. And also consider the trends in marketing plan. How do many businesses that are trending market, how big the market and how did you render it as services? And if it's too common in they're not quite doing as much as you want to do. Do you have a better idea, right? Then write it down, operate it, you test it, then do market research on it. The other thing to consider an ohmic heating plant is market research inference. We've got to have some market research whether you do it through questionnaire, just go into places and click into people interviewing them. And then now write an inference like some kind of a shot or a very brief statistical inferences of how the, how the potential people responded in your market research regarding the services and the product that you want to render. It will be motivational or even in there, the future to do that. Then the last subheading under marketing plan is customer description. Describe your customer in detail because everyone who gets hold of your business plan should know exactly who you're targeting for. N, it should be specific because you cannot be dynamic until you are specific. Describe your customers according to according to if I mean, if you are providing a female unrelated female related products, your customers would be females, right? Right. So you need to stipulate that when you describe your customers that it will be females. If age mentors, you say females from this edge to that age group in it mentors use, you specify specified the class. Only parents are only girls in their teens, right? So if there are classes involves, then describe them, describe the location, describe the nationality, and describe the Democratic fix. Everything that is that has to do with the demographics of your target group, describe them, and the customer description so that when we operate the business plan, we know exactly where to go, how to do, how to do about that. So marketing plan was then lastly heading of a business plan that I presented to you. 19. Conclusion & Class Project: Thank you for your time to go through this course for your class project. Do something interesting. You have an idea, right? It's a vision down. And then in point form and then categorize that information according to the plan headings I shared with you. And the plane headings that are empty tried to come up with the fitting information twice that idea and make it a profitable business plan and send it to me.