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Home > The Off Farm Income Podcast > OFI 656: The Essence Of A Great Business Plan And Why You May Need To Write One | Solo Business Concept Episode


	Podcast:		The Off Farm Income Podcast
	Episode:		OFI 656: The Essence Of A Great Business Plan And Why You May Need To Write One \| Solo Business Concept Episode
	Category:		Business
	Duration:		00:45:54
	Publish Date:		2019-08-02 01:30:37
	Description:		Solo Business Concept Episode Well, I haven’t been that kind to business plans over the years. So today we are going to talk about their benefits and how to write a great one. Why Write A Business Plan: It is true, that 80-90% of the guests that I have had on the show never wrote a business plan and were able to build a profitable enterprise. So, why ever write one? Well, there are reasons. It is great to think that deeply about your venture. It is a great exercise in communicating about your business. It makes you be realistic about projections for the future. It might be required for you to get the business going. And, it can never hurt! The Components Of A Successful Business Plan That We Discuss In Today’s Episode: Cover Page Table Of Contents Executive Summary Market Analysis Business Description Management Plan Sales And Marketing Plan Financial Plan Execution Strategy The Do’s And Don’ts: Do Focus On The Problem You Will Solve Don’t Ramble On About The Cool Stuff You Have To Sell Do Discuss Your Personal Experience Don’t Just Repeat What You Read On The Internet Do Define Your Market Carefully Don’t Think You Will Get Rich Off Of 1% Of The Market Place Do Cite The Strengths Of Your Competitors Don’t Ever Claim That There Is No Competition Do Show You Have Chosen Strong Channels For Distribution Don’t Be Vague About How You Will Get Your Product Or Service To Market Do Identify How Your Target Customers Gather Information Don’t Rely Solely On Social Media Do Support Your Assumptions Don’t Make Wild Claims Without Justification There is a lot of good that can come from a business plan. So, if you think you might need one, don’t be intimidated. Just write it. It cannot hurt! Thank you all for tuning in and enjoy the episode! Where Off-Farm Income And Matt Brechwald Can Be Heard: Member Of The National Association Of Farm Broadcasters
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