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A forecast will do, thanks. You are to develop a plan for a new business of your choice. It does not have to be for
A forecast will do, thanks.
You are to develop a plan for a new business of your choice. It does not have to be for a technology business. It does have to be a well thought-out plan that could actually work. The kinds of things your plan will need to address will depend on what business you decide to start. Here are some possible characteristics of a good plan. Good value proposition. There's a reason people would want this product or service and your pricing is attractive. You've identified the critical success factors. You've identified the most important things you would have to get right for this business to succeed. Good opportunity. It's an interesting new idea and it's doable. The timing is right. Good business model. It's easy to see how you'd make money. Good competitive analysis. You've thought about other participants in the market, what they offer at what price, etc. Clear competitive advantages. There's something you'll do better. Good match for team. It's clear why you find this attractive and would be good at it. Good marketing plan. You've identified your customers and explained how they're underserved and how you'd reach them with your message and your product or service. Good development strategy. You have a reasonable, well thought-out technical plan for any hardware or software development. You know what you're going to do, how you'll do it and how long it will take. And it's all believable. There's not a lot of hand-waving. Manageable risk. Your plan doesn't depend on risky new technology or solving hard problems on optimistic schedules. Good product sourcing plan. You know where you'd get any parts and raw materials you need. If you're licensing technology or need prototyping services, contract manufacturers, board manufacturers or anything else, you know where you'd get it and what it will cost. You've made some good make versus buy decisions. Good operations and distribution plan. You've explained how this would work, how much space and capital equipment you'd need and where you'd acquire it, what work you'd do in-house or through contract manufacturers and other providers, how many people you'd need and what they'd do, how you'd satisfy any licensing or other regulatory hurdles and so on. Costs have been well-researched. You know what competitors would spend to do this, you know your costs and you're competitive. Good financial plan. You've figured out how much money you'd need to get started, how you'd spend it and what returns you expect. Your estimates for salaries, capital and leasehold improvements, overhead and your revenue and cash flow projections all make sense. It's not just guesses and wishful thinkingStep by Step Solution
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