A business plan will be one of the most important documents that you will ever produce for your company. It could be the difference between whether you’ll be able to gather funds for your business or not. So, if you were thinking about registering a business in Singapore, you need to make sure to have a sound business plan in hand so that everything runs smoothly for you. For example, investors and bankers will look at this business plan in order to make their decision whether they want to invest in your company or not. Plus, as a business owner yourself, it would be also helpful to have a business plan in hand as it helps you to make sure that you have a clear idea what your business is and what it’s going to do for YOU. This simple, yet vital piece of information will help you prevent from getting sidetracked.
Here are few important part of an effective business plan:
1. What your business exactly does
The very first part of any business plan is pretty much straightforward – you will include details explaining what is that your company exactly does. Just be detailed so that your potential investors will know what you will be selling to them.
2. The Management team
In addition, you may also want to provide a brief description of the management team who will be running your business. Just make sure you ONLY include their brief backgrounds along with their strengths that they contribute to your business. After this, things will start to get a “little” difficult as you may have to conduct some market research.
3. The Market Research (Who will you sell)
The market research part of your business plan will include details such as the number of “potential” customers there are who wants to buy your product, and who they are. In addition to knowing who your customers will be, you will also need to have a clear plan as to how you will reach them. Likewise, you may also want to be clear about:
- Who your business competitors are
- What is that makes you stand out from others
Basically, what you will be trying to do in this section is to say what makes your product/ services different from others (your competitors) and who will actually buy them.
4. How are you going to sell?
Knowing who (your customers) will buy your products/ services are important while writing down a clear business plan, however, you also need to know “how” you are going to sell them. In this step of your business plan, you are going to have to provide detail information regarding your marketing plan. In other words, you will devise a strategy for your marketing campaign (that will depend on your market research). As you already know who your customers will be and where they are likely to be, this is the time where you clear spell out “how” you will “find them” to be your customers.
5. Financial Projections of Your Business
This final section of your business plan seems the “hardest” part that really trips up most new business owners – the financial projections. The financial projections for your business are going to be based on your market research as well as from some “educated” guesses. This is the best time for you to contact an accountant and get his assistance to work out your financial projections. Do you know that most small business owners like to write their own business plan? Yes, there are tons of books out there that can actually help you do that. Or, you can hire professionals to help you write your business plan too. Contact Paul Hype Page & Co. – an Acra certified business registration company Singapore – who offers services such as:
- Incorporation of company in Singapore
- International Tax Planning
- Advice from professional finance experts, accountants, and law counselor to look at your day-to-day business tasks and improve it.
Reminder: We highly suggest that you never let somebody else do the whole business planning for your company. The future of your business totally depends on your business plan, so you don’t want to leave it to someone else’s hands. Getting help to write your business plan is “Okay,” however, you still need to get involved while creating it.
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Categories: Singapore Incorporation and Company Registration