Business Plan

• What is the purpose of a business plan?

  To guide from business idea to reality
• How long is a typical business plan period?

  Often 3, 5, or 10 years
• Why is a business plan essential for new businesses?

  It helps raise capital or loans
• What should a business plan quantify?

  Objectives, cash flows, and production figures
• What is the first step in preparing a business plan?

  Research and assess feasibility
• What types of research are important for a business plan?

  Primary and secondary research
• Why is knowing the target market important?

  To assess demand for the product
• What is a key reason for attracting potential investors?

  To raise finance for the business
• What must a business plan include to attract investors?

  A written plan outlining the business idea
• What is the role of a business plan after starting a business?

  To guide operations and decision-making
• How does a business plan help in measuring progress?

  It provides benchmarks to compare against
• What must a business plan comply with?

  All necessary laws and regulations
• What is the executive summary in a business plan?

  A synopsis of the entire business plan
• When should the executive summary be written?

  Last, but presented first
• What does the business opportunity section describe?

  How the business idea came about
• What factors should be included in the business opportunity section?

  Market size, target customers, and competition
• What is the operational plan's purpose?

  To outline daily business operations
• What should an operational plan include?

  Business objectives, staffing, and quality standards
• What does the marketing plan detail?

  Marketing strategies and customer demographics
• Why is demographic information important in a marketing plan?

  It helps target specific customer groups
• What should a marketing plan highlight?

  Unique selling points of the product
• What is a crucial aspect of modern marketing?

  Targeted advertising based on data
• How do companies like Amazon use customer data?

  To tailor marketing strategies effectively
• What is the significance of a business plan for investors?

  It provides a structured overview of the business
• What do YouTube and Facebook do with your browsing history?

  They target ads based on your history
• How do companies use your information from social media?

  To sell targeted ads to brands
• What should you highlight in your marketing plan?

  Unique selling points of your product
• What is the purpose of financial forecasts in a business plan?

  To estimate future profits and expenses
• What is the main goal of any business?

  Create wealth
• Why is careful management of financial resources crucial?

  To earn a good return on investment
• What should you include in your financial forecast?

  Income and expenditure projections
• How can you show a bank your financial expectations?

  By providing revenue forecasts and break-even analysis
• What are the key sections of a business plan?

  • Marketing plan
  • Operational plan
  • Financial plan
• What does a marketing plan include?

  Description of product or service
• What is the significance of comparing your product to competitors?

  To show how your product is better
• What should you estimate in your marketing plan?

  Market share and demand
• Why is it important to have a realistic marketing outlook?

  To set achievable sales targets
• What should be included in your operational plan?

  Production process and equipment outline
• What are fixed assets in a business?

  Long-term tangible assets like machinery
• What is the purpose of a feasibility study?

  To determine if a business idea is viable