Launching your own business project
First… the plan
Develop an effective business plan to start your own business
Creating a business plan is the first practical step in your journey of starting a venture. It explains the concrete actions for establishing your business and is considered a detailed blueprint that shows the structure, operation and development of your company. This outline includes comprehensive information on how to transform your idea into a successful startup, which will be required by financiers, licensors, and banking authorities. It is vital to develop a detailed plan for your own project as it increases your chance of achieving success for your business.
Characteristics of an effective business plan to launch your project
Characteristics of an effective business plan to launch your project
Defines your business direction
A good business plan provides a definite direction to get started because it helps you identify the vital areas that you should focus on such as the financial aspect of the business, management, manpower, technology, and your short and long-term goals.
Helps you get the required funding
Investors, financial institutions or supporting entities that provide funding require a comprehensive business plan, and this is an opportunity to present your business model and provide a plan that demonstrates the ability of your product or service to generate profits or revenue.
Defines effective marketing strategies
The business plan supported by your marketing plan helps to identify your target market as well as the strategies for introducing your product or service to your target audience to fuel your business growth.
Attracts a qualified team
A good business plan helps attract qualified and talented people, allows them to understand your goals, and motivates them to contribute their knowledge and skills to the success of your business.
Helps you find business partners
A well-thought-out business plan helps you convince potential business partners by presenting compelling business concepts and strategies and demonstrating the benefits they will receive.
Defines your business growth
The business plan helps you evaluate the growth of your business by comparing the actual results of your operations with the goals set in the theoretical business plan, and enables you to measure whether you have met the target deadlines, standards, and outcomes you have set for your startup.
Determines your budget
A business plan helps you determine the amount of capital you require, allocate your budget and manage cash flow.
Contributes to brand positioning
The business plan helps you determine the brand image that you want to establish in people's minds, which emphasises its distinction and deepens its value and presence in the market.
Helps you understand your target market
Developing a business plan helps you understand the vital factors you must consider about your target market such as current and future trends, risks, threats and opportunities.
Your guide to
writing an effective
business plan for
your project
Your guide to
writing an effective
business plan for
your project
Although there is no single formula for an effective business plan, there are important components that every business plan should include.
اExecutive Summary
This is a short summary that contains an explanation of your product, service, goals and target market, an accurate description of your target audience, business model, sales and marketing strategies, your competitors, your management team, your financial plan, and steps for implementation.
Description of the business
A description of the nature of your project, the purpose of its establishment, its vision, mission, and core values, as well as the organisational structure, number of employees, and other relevant details. It is important to include the unique characteristics of your business and its features that make it superior to its competitors.
Market Analysis
This step aims to present the analysis of your market research which include the target market demographics, market size, current and future market trends that may affect your operations and how your business fulfils the market demand.
Competitor Analysis
The analysis should include an in-depth evaluation of your competitors including their market performance and value proposition, as well as their strengths and weaknesses. It should include the strategies you need to implement in order to get ahead of the competition.
Implementation Plan
The implementation plan includes a detailed description of how you will carry out your business operations to achieve your goals, as well as the organisational structure of your business, key details of your leadership team, and a description of your day-to-day operations. You must include the length of time it will take your business to start its operations and generate revenues.
Sales and Marketing Plan
The sales and marketing plan should include your distribution, pricing and promotion strategies, as well as ways to attract your target audience, including your brand messaging, marketing budget, and timeline for achieving desired outcomes across traditional and digital marketing channels. The sales section of the plan must contain the practical methods to effectively sell your products or services to increase revenue.
Financial Projections
Financial forecasts cover all the finances involved in operating your business, including the financial targets you have set after conducting market research, your sales forecasts, cash flow statement, expenditures, balance sheets, and break-even analysis. If you are seeking to get funding, you should specify the amount of funding you need and where it will be allocated.
Calculate
Startup
Capital
Calculate
Startup
Capital
In order to estimate your initial capital, you should identify the expenditures involved in launching your business such as setup costs and rental fees, the costs of issuing a business license, equipping your office or shop and other costs such as:
Product development expenses
Calculate the costs of developing your product or providing your service, talk to potential suppliers and distributors to get an accurate estimate.
Marketing expenses
Determine your marketing budget based on your marketing plan and discussion with prospective vendors. You may also research how much your competitors spend for marketing.
Human Resources Budget
Determine the number of team members or employees you require for your business to determine your budget for manpower.
Facilities and equipment expenses
Decide on the size and type of space you need to operate your business. You can consult real estate companies to find out the price range of your required space. Do not forget to include the expenses for leasing or purchasing your office equipment.
Overhead expenses
It includes costs related to items used for administrative tasks such as utilities costs, license fees, insurance, etc.
Explore financing options for your business
After determining the amount of capital you need to start and launch your business, you should explore financing options. As a startup, you can search for a partner, government or private entity to support you in terms of funding and developing your product. You can also get financing by collaborating with business partners, joining a startup incubator or accelerator programme, or requesting funding from angel investor associations that financially support startups. You can also participate in local and international pitch competitions, which usually provide the necessary funding for the winning startups.
Launching your
own business project
Launching your
own business project
Building your team
After securing your financial resources and obtaining the required funding, you can start searching for the right team who will support you in advancing your business. Remember that your aim is not only to find qualified people to work in a start-up company but also to get a competent team that can contribute to the establishment of a sustainable business with a long-term vision. It is necessary to make sure that their goals are aligned with their job function and that they understand the company’s vision so that they can share your enthusiasm to bring that vision into a reality.
Brand promotion and marketing
There are different strategies to promote your product or service to the target market and establish your presence through digital and traditional channels. These approaches aim to create brand awareness, increase leads and convert them into actual customers. You can start your strategy by developing your company's website and creating accounts on social media to connect with your target audience, and offer discounts and offers to promote your business.
Growing your business
Launching your business is only the first leg of your journey as an entrepreneur. To continue growing your venture, you must start to expand your network relationships, and provide good customer service to gain their trust and loyalty, in addition to improving your business approach, and constantly finding ways to improve your product or service and business procedures to keep pace with the changing trends. Follow these steps with perseverance, hard work and dedication and you will find abundant opportunities to start your business and take it to the next level.
Launching your own business project
Launching your own business project
Building your team
After securing your financial resources and obtaining the required funding, you can start searching for the right team who will support you in advancing your business. Remember that your aim is not only to find qualified people to work in a start-up company but also to get a competent team that can contribute to the establishment of a sustainable business with a long-term vision. It is necessary to make sure that their goals are aligned with their job function and that they understand the company’s vision so that they can share your enthusiasm to bring that vision into a reality.
Brand promotion and marketing
There are different strategies to promote your product or service to the target market and establish your presence through digital and traditional channels. These approaches aim to create brand awareness, increase leads and convert them into actual customers. You can start your strategy by developing your company's website and creating accounts on social media to connect with your target audience, and offer discounts and offers to promote your business.
Growing your business
Launching your business is only the first leg of your journey as an entrepreneur. To continue growing your venture, you must start to expand your network relationships, and provide good customer service to gain their trust and loyalty, in addition to improving your business approach, and constantly finding ways to improve your product or service and business procedures to keep pace with the changing trends. Follow these steps with perseverance, hard work and dedication and you will find abundant opportunities to start your business and take it to the next level.
