Understand and Applying "Expert" Advice to shape my business plan

http://siteboat.com/what-is-a-business-plan-business-development-series-2/

For the pass four weeks I have been working on my very first business plan and although it’s a lot of work, it took me a lot of time to perfect it. There are still a few more things to add, now that I have reached my very last class here at Full Sail University. However, I have to say that I enjoyed the business plan development course and it has been very beneficial. I will be sure to hold to all the concepts I’ve learned from this course and other experts, and implement them into future business planning. By doing so, this will make the development process much easier. Below I added a list of things that other entrepreneurs, including myself should take into consideration when creating a business plan and starting a business.

1.          Make your product or service innovative and unique

2.          Know your industry/ do your research

3.          Develop, perfect, reconstruct, and modify your business plan

4.          Learn how to utilize, determine, and apply the correct numbers to you financial spreadsheets

5.          Set objectives for future sales and profits

Being unique and innovative tends to make a business more appealing to investors and this will set a business apart from other competitors in that desired industry. It also is very important to be aware of industry trends, competition, and your target market. By being aware and applying these three key components, this will draw investors and clients. The development process is something that you have to stay consistent with on a continuous basis. Investors will take an in depth look on how you convey the information in your business plan. So to avoid mistakes, always remember to review and revise you business plan before presenting it to investors.

Finally, the financial portion is one of the most important parts of a business plan. In order to make a business work, you have to be able to project and determine your financial needs and wants. By setting objectives for sales and profits, this will show that you have made preparations to generate capital. The business plan development course has been a very helpful guide for me; through this business plan development process. This has also been as traffic experience for me and I’m very excited to learn more in my final class. Professor Burheo, I appreciate all the resource and the knowledge you have shared with me on this journey.