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Hi, my name is Tyrone Shum from Internet Business Path. Thanks today for visiting and having
a look at this video today. What I wanted to do today is just to share a little bit
more about with you my business plan that I did for this program and this is a 52-page
business plan that I put together. As you can see it's been binded together and there's
actually quite a lot of information that goes into it and I wanted to just give you a brief
summary of what I put in it and also to give you an idea of what's involved.
It took me roughly about three to four weeks or so to put this together but afterwards,
once it's finished it's actually worthwhile to look back at it and go wow, this is actually
a business plan that I put together. If I was given any other tasks and not having to
do this, I don't think I would have been able to put this together myself so I've had all
support and also the systems with it as well. There's actually quite a number of sections
that went into it and there's a total of 9 sections here so I wanted to just go through
and give you an idea of what's involved and what you can potentially put into a business
plan and there's a lot of documentation that goes into it. So let start it off.
Section 1, the first one part that I've put in there was the Executive Summary, Section
2 was the Vision and Purpose. Now there's 2 parts there just in particular, the executive
summary is just a whole summary of your business plan and section 2 was to present a vision
and also your mission statement on what your business does and how it's going to be able
to be successful in your particular target market. Section 3 which is something that
I've put in quite a lot of time which is Research and evaluating the business concept. Now this
is a very crucial part that I think a lot of people overlook and the first thing that
I found was to find out whether or not my business was actually viable and if it's going
to be able to be pursued in this particular market and find a right target market. Let's
just take for example, in my particular business plan, what I did was I was going out in the
market to try and find and see there's a market for small businesses to get their businesses
online. And, there is because the Internet is growing in such a rapid rate and there's
a lot of business currently out there without a website. So what my particular business
does is target those small businesses who have currently existing business but don't
have the Internet website and would like to promote it. Or, potentially if they already
have a website or they want to upgrade it or they want to be able to make it more streamlined
so that they can integrate their current systems into it and I help them with that as well.
So that's part of market and research.
The thing that I found about this is you want to see there's going to be a particular trend
and also if there are intro and extro conditions into the market. So really I'm having a look
to see if there are current competitors and how you compare your business with them. Fourth
part that I did which is section 4 which is Strategic planning. It really goes into a
lot of detail about how you're going to be able to plan your whole business out and usually
when you start out with a business plan, you want to look forward at least minimum of 12
months and this business plan that I did was only really for 12 months and hopefully after
12 months, we can review and see what we've grown and it's really just to layout what
systems are involved and what things you plan to do within the next 12 months.
Section 5 is Management and that covers things such as label, tax, trading name, the things
that really need to help you get through and establish your business just to really start
it up and just to give the substance really and it's just the backend stuff that a lot
of people have to do.
Section 6 which is Finances, this is the part that I found was quite interesting for me
because I'm more of a mass type of person so numbers crunching came quite natural for
me. And, the thing I've got about this is that I've got to analyze my personal and business
expenses and give myself good cost analytics in comparison to what is potentially possible
to do in the business. Also, it gives me an idea to analyze through potentially what is
the breakeven point of this business and how long will it take from say start to say several
point in time before you actually recurr or the capital that you've invested in your business.
And that's some very crucial part to look into to start up a new business as well so
at the end of the day, you want to make sure your business is financiable and viable as
well, too.
The seventh part of Section 7 is Marketing and this is also a very important part and
a lot of people overlook this because they think okay, we can setup the business and
we can hopefully find and get referrals from friends and family and so forth to start up
business but the key and the crucial part of the business is how long you can market
it and how long you can get your product and services out there. And, I really got to see
how I can segment and also focus on a specific niche for my business and that's the thing,
the particular marketing section is that you get to break it down on what's most important
to target and there are really the four things that we went through which is price, product,
place and promotion. So those are the 4 things and I'll probably talk in more detail later
on.
Next thing is Section 8 which is Operations. So it's really just to do with administration
such as day to day tasks like bookkeeping, keeping hold of what you're doing within the
business, basic tracking and so forth.
Now, the last thing that was written in my business plan which is the Section 9 is the
Viability and Sustainability so really it sums up everything that you can do within
the business and it gives you clear indication whether or not your business is viable after
you've analyzed those things. So after really doing the market research and also doing the
competitive anaylsis, it gives you an idea whether or not you're actually starting a
successful business. And, to see if this business is going to be viable in 12 months, 2 years
time anywhere up to 5 years and if after you've done all this business plan and you realized
that there's not really much of a market there then it's clear that you've got to change
direction and change what you've got to do in the business and maybe target something
else.
So overall, this whole business plan that I've put together is 52-page document was
very, very important for me and it's actually the backbone of what I'm doing right now.
And, day to day I do review it and every month I've got to sit down and go through it just
to have a look and to see where I'm at. Hopefully, in 12 months time, I'm going to pull this
back and say yes, I've accomplished everything and I've achieved all the goal I've got in
there.
So what I like to know is I love to hear your feedback and if you put together a business
plan. If you have, just write some comments in my blog and also send me some emails if
you've got some interesting stories about business plans that you've put together. For
now, have a great day and see you on the Internet.