Naman Singh Panwar Shares Important Steps To Put Together An Effective Business Plan

Naman Singh Panwar Is an entrepreneur & digital marketer from Ujjain, Madhya Pradesh India. Who loves technology and read a lot about entrepreneurship, politics & celebrity. He helps startups, celebrities, and public figures to grow online their presence in Online Media and Social media. He Is the Founder of Gleeq. Gleeq Provides social media marketing and digital marketing solutions to clients worldwide.

Naman says “Starting a business from scratch and establishing it on the market can be difficult. With proper planning, however, your journey will become easier.” 

That’s why Naman is going to share 3 basic steps to build an effective business plan. So are you ready for the same? If yes, keep reading the text and see the necessary steps to establish a good business plan!

Step 1: Do market research

The analysis of market data allows us to assess whether the opportunity is a good business option.

You probably already have an idea about what kind of business you want to invest in. So, now is the time to find out if this idea will succeed in the real world. Is there potential profitability for your company? 

“Before actually putting it into practice, you will need to carry out a process to validate your idea. That is, before opening the company, it is important to know if it will have the potential for success or not.” Says Naman Singh.

For a company to be successful, it must solve a consumer problem, satisfy a need, or offer something the market wants. There are several ways to identify this need, including research, focus groups and even trial and error. 

When exploring the market, you will need to answer questions such as:

  • Is there a latent need for my product or service?
  • Who needs it, when and why?
  • Are there other companies that offer the same product or service as me?
  • Who are my competitors?
  • What market share can my business achieve?

SWOT analysis in the initial planning

When it comes to researching the market, it is also worth using the SWOT matrix (Strengths, Weaknesses, Opportunities, Threats). With it, you can discover the strengths and weaknesses (the risks) of the enterprise.

It is still possible to assess the threats and opportunities present in the external environment. Knowing about all of this will give you the power to act in a planned and controlled manner, overcome challenges and achieve success.

To form the perfect business plan, you must have a deep understanding of your company, your product, consumers, your competition and everything that covers the market in which you operate. So spend time daily on research and analysis. Consider, also, your level of experience in the segment. 

It is good to remember that, in this process, you should spend more time researching, evaluating and thinking, than actually writing the plan. In other words, it is your responsibility to know everything you can about your company and the segment you are entering. 

So, try to keep yourself well informed about what happens. It is also worth keeping an open communication channel for direct dialogue with the interested public.

Step 2: Define marketing strategies

A good business plan should always include an aggressive and research-based marketing strategy. The main factors to be considered in the marketing plan are:

  • Introduction of new products and services: launches, increased portfolio, etc .;
  • Expansion of operations: new segments and regions served;
  • Branding: creation and management of the brand with a focus on adding value to it;
  • Sales methods: sales process adopted, as well as the resources and technologies used;
  • Delivery methods: cross-sell, cross-docking and other logistics strategies;
  • Prospecting for new customers: digital marketing, offline advertising and relationship strategies;
  • Adequacy of products and services: management strategies adaptive to the scenario in which the market presents.

Each marketing objective must have a subset of other goals and tools to achieve them. This will require resources such as time and money.

Therefore, we recommend that your marketing plan has a minimum budget available. It can be defined based on your research and will depend on the strategies to be adopted.

Step 3: Assess the location

Just like the products and services offered, the location of the business is decisive for its success.

This is one of the most important tips on how to put together a simple business plan. Choosing a good location for the company is essential. After all, the location will play an important role in the strategy of gaining and maintaining customers. 

You will need to think carefully about the accessibility and security of your users. This is if your business is a home office, a shared office space, commercial room or a store.

For example, a retail store could have greater visibility and security in a shopping centre. An office, on the other hand, would be better located in the commercial room of a building with security and easy access.

Even if your business is just a virtual store (website), you will need a place to work. It may be necessary to serve customers, suppliers, partners, partners, etc. In this case, your planning should also consider the needs for furniture, equipment, decoration, renovations, etc. 

Make sure your location is ideal for the type of business you are going to open. And not just to win customers, but for the activity to remain within the law.