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This business plan outlines the critical components necessary for establishing a successful startup. It covers the importance of thorough market research to validate your idea, demonstrating customer interest, and identifying potential improvements if initial feedback is negative. The marketing strategy focuses on defining how your product or service will be advertised and promoting its unique features. Additionally, the production process ensures quality control and reliability, while the financial section details startup costs and funding sources. Each aspect is crucial for persuading investors and preparing for success.
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People Idea Market Research Contents Business Plan Finance Marketing Production
Idea This is obvious but there needs to be a starting point. NEEDS TO BE PRACTICAL
People • Who are they • Experience Persuade people to invest More likely to invest if experience
Market Research • To back up idea need research to show customers interested Show results, to show Customers will use If not interested, New idea needed
Marketing • Decide how product / service marketed Place Location and how reach customer, reasons given Detail of product – ranges, specialise Product Promotion How business advertised, sales promotions Price Prices charged – pricing strategies
Contents Production • How product is made • Quality control • Guarantees offered IMPORTANT New business not Sure on quality Persuade customers to buy
Finance • Cost of setting up the business included • Where finance will come from Labour Premises Advertising Raw materials Bills Equipment Savings Bank