Read the complete guide for a successful startup plan. Chapter 2

PAYSTUBMAKR.COM present the second part of Your complete guide for a successful startup, a business plan.

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Low-Cost Business Ideas

Now we will see how to write our business plan

• Start with an executive summary.

• Your company description and your business model.

• Learn and write your market situation and conditions.

• Write an explanation of your product or service.

• Outline your operation and management tasks list.

• Marketing and sales strategy design.

• It is all about money! Your finance must be carefully organized in funding sources and costs of money and revenue projections.

• All the financial information should be organized in appendix

Using a template for your business plan can be very helpful. Simple Business Plan Template The Balance.

Our list of topic for a business plan

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• Executive summary

• A summary of your business plan that is made to give the readers a clear idea of your company before they take the job of reading all the detailed plan. The best way to write an executive summary is to extract it from the finished business plan.

An executive summary has to be of only one page with one or two paragraphs:

• An overview: A description of your company organization, your location, your product and your market.

• Business profile: Short explanation of your company structure, the owner’s skill and accumulated experience that is going to be invested in the business operation. Mention it if you have in your plan the need to hire executives to add it to your profile.

• Product and service: A brief description of what you are planning to sell.

• The market: Your main finding and conclusions from your market study.

• Financial plan: How you are going to fund the business and what are finance expectations.

Dominican Sancocho

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How to write “Overview” for the Executive Summary

1. Ramona’s soup point is a start-up soup only retail establishment located in New York. Ramona’s soup expects to catch the interest of an Immigrant, ethnic customers that already know them from home it’s broad variety of soups.  The company plans to create a strong market position in the town, due to the partners’ experience and the ethnic public in the area.

Ramona’s soup point plan to offer its soups at a comfortable price to the middle-to higher-income the residents of the area and tourists.

Colombian Sancocho

 2. Company Description:

Tell the story of your company. Summarize what the company doses. Your mission statement and the owners’ information, location, marketplace requirement that you are going to meet. Add some words about how your business is going to achieve meeting the market’s needs.

“Company Summary” section: Ramona’s soup point started operation at this year’s winter. We will offer a variety of soups typical recipes (Sancocho) from the tropical Latin Cuisine our focus are the NY area Latin immigrants market. We will use the produce, meats, and spices from the original countries that the recipes originated. Our price will be 20% above the typical restaurants in our neighborhood. By maintaining our soups flavors as initially known by the targeted public, we expect to be accepted as a unique place and attractive to the potential clientele.

3. Studying and analyzing the market

One thing is what you think you can sell, and another thing may be what the market is. Any business idea should be crossing a study about the market. You will need detailed answers to the questions like Your target markets, the specific reasons why the public will be interested in purchasing your product or service from you? For example, you can mention that there are more than 1 million Dominican immigrants in NY area so you can expect many middle-age Dominicans are missing their Moms food to eat the traditional Dominican Sancocho Soup. Studying the market using surveys and interviews or any method that you can use and get the information you should know about the market response to your offering. Study the competitive strengths and weaknesses and show how you are going to gain a competitive advantage.

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“Market Analysis” summary section example

Ramona’s soup point has identified that middle age immigrants miss the motherland flavors and non-immigrants are adopting a new trend of eating foods from different ethnics or countries. Both groups are looking for high-quality food, not street or market food. We consider that we have a potential of more than one million people that can bring us up to 100,000 dishes sold in a year.

4. Products and services

Here you can go into details about what you are going to sell; you are the best person to explain your idea about your product or service. It is something that you believe in the market s that are going to buy it from you. Start telling why people will look for your offering. You need to write the reason why your product is needed, how important your service is for the potential clients. Make clear how you are going to conquer the markets or your market share. Underline your advantage on the other players in the market. Emphasize your uniqueness. Do not just write stories from your mind, tell your story justifying your allegations. Look for information or make your instigations and studies. Do not hesitate to ask people that have to do with your industry. Give samples if it is possible and get opinions or feedback from the public. 

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• YOU CAN BE THE BEST  BAKER IN TOWN AND LOSE YOUR BUSINESS.

• YOU CAN BE THE BEST SALESPERSON IN TOWN AND YET LOSE YOUR BUSINESS.

• YOU MAY BE THE BEST FINANCIER IN TOWN AND GOT NOT A LOAN FOR YOUR BAKERY.

• YOU NEED TO BE THE BEST BAKER, SALESPERSON, AND FINANCIER, AND YET A BIT OF LUCK TO HAVE A SUCCESSFUL BUSINESS

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