November 9, 2015
Other popular forms of Peer to Peer lending includes:
- Car sharing or rental
- House and apartment sharing
- Caravan and motor home rentals and more.
October 27, 2015
The business plan process was designed in order to answer the questions, “Where are we now?” and “Where do we want to go?” This results in a business plan which becomes a guide for you to run your venture. Detailing the vital tasks that need to be finished as well as the span of time for their completion is what makes your business plan enable the allocation of resources in achieving the business’ goals.
Creating a business plan involves an in-depth process that have stages, wherein some of them overlap one another. So, whether you’re writing the plan from scratch, are following a template or are working with a business consultant, you’ll certainly go through the following:
Research – A comprehensive research into your industry, clients, competition as well as business costs is where the process starts. You can make use of a wide array of resources such as articles, databases and direct interviews with your potential customers and/or other businessmen. It’s recommended that you document your research and carefully organize all the information that has been gathered. Of course, don’t forget to cite all of the sources inside your plan.
Strategizing – The info you’ve gathered from researching should be the basis for your business’ strategy. Revisit what you’ve strategized even before you’ve done your research and go in-depth regarding the decisions you’ve made when it came to hiring, marketing and operations for the first few years of your business. This part usually takes away from the best methods of your industry. However, this only serves to be the foundation on which you can add various activities that can net you that competitive edge.
Calculation – Each one of the activities you pick when it comes to your strategy will require some spending, at least, but will hopefully result in some revenue. Draw out your financial situation by knowing if you could expect your business’ revenues to cover every cost as well as leave some room for a bit of profit in the future. Start inserting financial assumptions plus the start-up costs into a financial model that could produce the first year cash flow statement, providing you with the cash that you’ll need in funding your venture’s early operations.
Drafting – Once your finances are settled and your strategies drawn out, it’s time for you draft through the descriptions of the sections of your business plan. With the background tasks done, the drafting ought to be easy like a Sunday morning. In case you encounter any problems while going through it, it’s time that you seek the help of a consultant since their input could make your plan better from this point onward.
Revising and proofreading – Revisit your whole plan so you can look for ideas or even words that could prove confusing, irrelevant or redundant to the points you’re making inside your plan. Thoroughly proofread the formatting, grammar and spelling. You can even ask help from others so they could see some of the things you may have missed.
One thing that can be said that’s excellent about the business plan process is that it compels you to consider your business in a holistic manner. It also compels you to consider its future and not just its every day operations. An entrepreneur who has spent time in thinking about the seasons when it comes to sales forecast, considering the consequences of ordering and then storing huge amounts for their inventory or the temporary fall in productivity that comes with hiring new employees will less likely be caught unaware by unexpected cash deficits as well as other business adversity.