How to Make A Successful Business Plan Before You Establish
A good plan is like a foundation stone of any successful business. You have a large investment, an excellent team and a good pace and field but still, all of your efforts may fall down in nothing because of the absence of a strategic plan. Let’s say, you are running a successful business in your hometown and now are thinking to expand by having a Mainland Company Formation. Now, UAE is whole another country and to succeed in Dubai not only requires investment or experience, it also demands a strong and powerful business plan.
Many entrepreneurs and businessmen don’t realize the importance of a business plan. Especially small and medium enterprises owners mostly never spent much and time effort on planning. No matter how big or small we are we all want maximum results. Let me tell you one real secret, many billionaire entrepreneurs had nothing in their hands when they started. No team, no investment but just a single person with a plan. A plan remains crucial even if your business is fully established because the real success is the long term goals and making a business sustainable.
Ok, we have talked too much about the significance of a plan; now let’s get to its making. Before we kick off, I want to make one thing clear to you; it’s not a rocket science. A successful business plan is nothing but just a game of pushing right buttons at right time. I am listing down five easy steps and important things to keep in mind for making a successful business plan.
Analyze your target Audience
The very first step to the victory is to do a good and thorough research on your target audience. It is two way advantageous. Firstly, analysis of your costumers, prior of making any product will give you and your production team a clear view of consumer’s needs, demands and what he is expecting from you. It is said that “Offer people want they want to buy not what you want to sell”. Secondly, it will give you the idea about the medium you have to use to outreach them.
The second step is the analysis of market. This includes the analysis of your competitors and their plans, popularity of the product you are making and how much it is consumed and what is the reasonable profit margin. A good market analysis will give you a rough idea about all these aspects.
Choose The Correct Marketing Strategy
The next step is to have a solid marketing strategy. It is important that you make a proper marketing budget and use the proper medium to outreach your costumers. If you don’t have much capital to invest on marketing, use the cheap resources. Nowadays email marketing and social media marketing has become a powerful tool of advertising. Introducing your product by making interesting videos and uploading them on social media like Facebook and Twitter really pays off. On internet, it takes few seconds to viral anything. So, before you start a business make a proper marketing strategy.
When you launch a business you try to be cost effective. For this, an efficient and effective use of your resources is required. Resource management is basically a MMM management i.e. Money, manpower and machines. Time is also a very important resource that must be utilized properly. An effective resource management sets a strong base of your business.
Consider the Sustainability Factors
For any company today, it’s very important that it plans ahead of time. Have a master plan in your mind, set long term business goals. The question is simple, where you see your company in ten years. For Example, you are planning to have a free zone company setup UAE, you must look over the horizon. Maybe the UAE’s market will come down in coming years and is not good for further investment.
There are a lot more things to ensure before starting a business like legal factors, cash flowing and sales enablement techniques. According to surveys, there is only a 50% chance of any business success but if you have got a good plan the chances of success rise up to 80%. So if you don’t have a business plan start making it today because it’s never late.
Author Name: Mona
I have been writing for websites, articles and blogs for five years now. I have had a fair share of writing on variety of niches but my main focus is business, sales, finance and social media. Currently, I am working with business consultants in Dubai (Riz & Mona) which offers company formation in uae and business setup services across all states of United Arab Emirates. Our other services are products registration, visa processing, bank account opening, trade license, trade mark, local sponsors and many more.