The Business plan
Upon starting a business, it is essential to have a business plan. It should be a well written summary of the creator’s thinking process and social mission of the business, its concrete content, purpose, the establishment schedule, and indicates the path the business owner wishes to follow. Moreover, it is required and plays an important role in the outcome when applying for a visa as a Business Manager.
Breaking down a business idea
Choosing the industry to start a business in, as well the type of operations to be run, is a very important aspect of sketching a business plan.
When you get a few business ideas, use the following checklist to analyze it and see for yourself if it really could be a profitable business.
<Business Selection checklist>
|1||Is it a business you are passionate and enthusiast about？|
|2||Does the industry have a future？|
|3||Is it something your family and entourage would support？|
|4||Do you have the experience and background needed to run？|
|5||Do you meet all the legal requirements and required qualifications？|
|6||Do you have any connection in the business or in the market？|
|7||Do you have the technology and know-how to win against the competition？|
|8||Have you acquired the necessary knowledge to run the business？|
|9||Could you gather the necessary capital to open up the business？|
|10||Are you confident in your success？|
Sketching a business plan
Here are the few points to be mindful about when writing down your business plan.
1) Have a clear general overview of the concept
- State your motivation, inspiration for this particular concept
- Present the particularity of your idea compared to existing similar businesses (strengths, weaknesses.)
- Explain the social purpose of the business, and its potential future
- Define the policies that will support your business
2) Provide specifics on the type of activities
- Details on the kind of products, goods and services to be provided.
- Specify targeted marked and customers (range), the immediate approach to them, future strategies to secure them, as well as details on marketing plans.
- Financial plan, income and expenditure plan, numerical analysis with data to back them up.
3) Explicit analysis of the feasibility of the business
- Present the specific tools and steps that will ensure the realization of the business
- Think about the potential issues that could arise, and how you will tackle them.
- Investigate potential business partners (individuals or other corporations), and show how you will build up your network
4) Provide a prospect of business profits
- Make a financial plan, a loss and profits statement. For the loss and profits statement, make monthly ones over the course of a year, and 3 to 5 annual ones.
5) Provide a schedule to be followed in establishing the business
- The agenda at the start-up stage
- The business goals half way (3 to 5 years after debut)。
- State the qualitative target of the business activities as well the goal size of your business (sales scale, personnel size, etc.)
<Example of a business plan>