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Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year.Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.
So a solid business plan should be a blueprint for a successful business.
It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.
Maybe establishing a storefront for your operation isn't as cost-effective as taking your products directly to customers--not only will your operating costs be lower, but you can charge a premium since you provide additional customer convenience. Successful businesses identify opportunities and challenges and react accordingly.
Creating a business plan lets you spot opportunities and challenges without risk.
After you objectively evaluate your capital needs, products or services, competition, marketing plans, and potential to make a profit, you'll have a much better grasp on your chances for success.
If you need seed money from a bank or friends and relatives, your business plan can help you make a great case. Financial projections describe where you plan to go.Most great businesses can be described in several sentences, not several pages.Then work to accomplish your secondary objective by focusing on your readers.to show prospective employees since you're still in the startup phase.Early on, your business is more of an idea than a reality, so your business plan can help prospective employees understand your goals--and, more important, their place in helping you achieve those goals.4. Joint ventures are like partnerships between two companies.As you develop your Summary you will naturally focus on the issues that contribute most to potential success.If your concept is too fuzzy, too broad, or too complicated, go back and start again.Maybe you think you don't need a step by step guide to writing a great business plan.Maybe you think you don't need a template for writing a business plan.Setting up a joint venture with an established partner could make all the difference in getting your business off the ground. Maybe, after evaluating the competition, you realize your plan to be the low-cost provider isn't feasible since the profit margins will be too low to cover your costs.Or you might realize the fundamental idea for your business is sound, but how you implement that idea should change. They learn from mistakes, and adapt and react to changes: changes in the economy, the marketplace, their customers, their products and services, etc.