Drawing up a business plan

Up with business Plan - The process of setting goals and objectives and then designing strategies for attaining them is essential when starting a new business. What you end up with is called a business plan.

A good business plan applies not only to the start-up phase, but also to a business’s day-to-day operation. It can also be instrumental in helping a small business obtain a bank loan.

Drawing up a business plan
To set specific goals for your new business, ask yourself these questions:
  • Why do you want to start a business?
  • Why do you want to start it online?
  • What would you want to buy online?
  • What would make you buy it?
These questions may seem simple. But many business people never take the time to answer them. And only you can answer these questions for yourself.

Make sure that you have a clear idea of where you're going so that you can commit to making your venture successful over the long haul.

To carry your plan into your daily operations, observe these suggestions:
  • Write a brief description of your company and what you hope to accomplish with it.
  • Draw up a marketing strategy.
  • Keep track of your finances.
If you set aside part of your home for business purposes, you are eligible for tax deductions. Exactly how much you can deduct depends on how much space you use. (For example, I have a nine-room house, and one room serves as my office, so I am able to deduct one-ninth of my utility bills and other housing costs. 

The deduction is based on floor space, but my office takes up about one-ninth of the total square footage in my house.) You can depreciate your computers and other business equipment, too. 

On the other hand, your municipality may require you to obtain a license if you operate a business in a residential area; check with your local authorities to make sure that you’re on the up and up.

Starting Online

Comments

  1. I agree some business man don't do about it and those question really need to answer,if they answer is it mean they are prepared for business and making business plan for them is really easy.

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  2. This is very nice and informative post . I like this post very much

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