Starting a Business: The Business Plan (Pt.5)

What can there be left to a business plan you might be wondering. Well this will be the end of the road for my short 5-part post of the business plan.

However, let us do a small recap:
By now, you should have an idea of what your business is going to serve/promote, the name of your business, finding the key amount of roles and positions to offer in your firm/business, and making a sound financial plan for your business to follow.

Now there's a little more left over. This is the time when you're going to have to find a location for your business and build a manufacturing plan depending on the type of business you're opening.

Ever heard the saying, "Location!, Location!, Location!"? Well it's the truth. The location of your business can dramatically change the way your business works and functions. So how can you find out where to locate your business?

I would advise doing a demographic analysis of consumers in the area of where you feel your business should be placed. Once you have done this, you can better decide if that spot will actually make or break your business. You can follow traffic trends and also even take vehicle and pedestrian accounts around the area. It's a lot of work, but if you get the perfect location for your business, it will pay off huge!

Now what about creating a manufacturing plan for your business? Chances are, you'll only have to go this route if you're business has to do with retailing. Of course, as shown in the picture to the right, there are a lot of levels in the manufacturing process. When creating a manufacturing plan you need to keep in mind of a few different things.

1. You'll most likely need a plant. You'll need to decide if you want it close to your business, further away, and even the size of it.

2. You'll need to obtain/purchase the machinery required for the specific business you own. This can be very costly.

3. Also you'll need to be keeping track of a few other things as well. These include quality control of your products, the production capacity, and of course inventory control methods.

These are all things you need to consider if you're going the route of being the boss of a manufacturing business.

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johnlazy said...

Nice blog brother. nice theme and nice content. I would suggest get your own domain name so that you have your own brand name. Take care!

Kerry said...

The whole business plan series was great.. I advise any person who's thinking about starting a business to read this beginners guide to making a business plan. Keep up the great work!