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  • Running Your Business

    In this section we deal with all aspects of running a business.

    In this section
    Business Models
    Your Solution

    Business Strategy
    The Five Generic Competitive Strategies
    Competition
    Target Market


    Business Management
    Budget & Sales Goals
    Financials: Budgeting & Forecasting
    Operations & Management


    Business Models

    A business model is simply how you plan to make money. It is the basis for the plan you choose for your company to make it successful. The business model describes how the company is positioned within its industry's value chain, and how it organises its relations with its suppliers, clients, and partners in order to generate profits. 

    Quote

    If the business plan is a road map that describes how much profit the business intends to make in a given period of time, the business model is the skeleton that explains how that money will be made. 


     

     

    How this section fits into your business plan:

    Your Solution
    A description of your products/services.

    How do you solve your customer’s problem? What products and services are you offering? Describe your product or service and why it’s better than the alternatives.

    Tip
    Have a look at your businesses value chain, this will give you an idea of the various business models available and how you can improve upon it.


    Business Strategy

    About business strategy. More...

    How this section fits into your business plan:

    Competition
    Who else in the market is doing similar things and why your products are better?

    What products and services do your customers choose today instead of yours? How are you different? What makes your business and products better than the alternatives that are out there?

    Target Market
    Who buys your products (or will buy your products)?

    Who is your ideal customer? Describe your ideal customer. Who are they?
    How do you market your products and services to your customers?

    Tip
    Your business strategy (including competition and target market) will have a bearing on your Sales Channels and Advertising, Sales & Marketing.

    Remember, different target markets might need different types of marketing activities to get your product in front of them.


    Business Management

    Budget and sales goals

    Budgeting

    Forecasting
     

    How this section fits into your business plan:

    Financials: Budgeting & Forecasting
    How much does it cost you to produce one of your products? How much do your products cost, how many of them will you sell this year, and how will you make a profit?

    Tip
    Your budgeting, forecasting, resources and people will partly determine your funding needs. Make sure you know the difference between a need and a want.


    Operations: Resources & People

    Resources
    The resources you need to start run and grow your business (Equipment & Materials).

    People
    The People you need to start, run and grow your business (Leader/Team/Partners).

    How this fits into your business plan:

    Operations & Management
    The resources and people you have, need and want to start and run your business.

    Operations
    Key Resources
    Key Activities
    Running costs
    Collaborators

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