Why is planning important?
Before you start any business, you should plan very well…This is very important for the efficacy for any business organization.
There are primarily 3 factors you should study and plan accordingly.
They are:
Business factors
Economic factors and
Personal factors
The business factors include those factors that relate directly to your business such as competition, market size, target segment and other similar factors that affect your business directly.
The Economic factors include monetary and financial terms of business.
Personal factors like time, skills, time management etc are also considered important as they contribute to your business success as well.
There are primarily 3 factors you should study and plan accordingly.
They are:
Business factors
Economic factors and
Personal factors
The business factors include those factors that relate directly to your business such as competition, market size, target segment and other similar factors that affect your business directly.
The Economic factors include monetary and financial terms of business.
Personal factors like time, skills, time management etc are also considered important as they contribute to your business success as well.
Replies to This Discussion
-
Permalink Reply by Kundan on
-
Thats a good point you have brought up...
what are the questions I should be asking myself and what kinds of business factors should I consider before venturing?
-
Permalink Reply by Saikat B on
-
Business factors are those factors that contribute directly to the effective functioning of your business.
Regarding the factors, here they are:
1. Competition
2. market size
3. Your target market size
4. Demand for your product in the market
5. Availability of raw material/skills in your location and even logistics( for physical businesses such as manufacturing)
-
-
What about market reachability and marketing plans? do they come into planning or they can be planned dynamically?
-
-
Well, planning dynamically can be done for smaller things, but when you are looking to something as important as how to reach your target market, you need to plan it beforehand. I think that you can do the choping and changing dynamically when you see that your plan is not working as efficiently as it should. But you must chalk out how you should go about it!
-
-
Can you underline the basic questions I should be asking myself while planning my business venture?
-
-
I'll explain it to you.
When it comes to business factors, you need to find out the following:
How fierce is your competition..are u swimming in a water of sharks?
What is the size of the market you are looking to sell your product/service?
Is the market saturated? Is there any demand for further business in the market you have targetted?
What will be the marketing tactics you will employ in order to reach your market?
How will you convince your target market about the good things in your product or service?
and, does your location of business affect your business?
-
-
Apart from these there are economic as well as social factors ( or personal factors as stated by me previously), but business factors are a very good set of factors you should consider.
Economic factors and social factors are something you can handle fter you have sorted out the business factors.
About
Events
CONTACT VICTORY
Newsletter & Updates:
email me directly: Victory -at- BigLife -dot- ws
MY WEBSITES:
Learn how to bootstrap:
UniversityOfVictory.com
Social Entrepreneurship 2.0:
WorldVisionEntrepreneurs.org
Marketing using Linkedin:
LinkedinBuilder.org
Design your ultimate life:
Find Your Life Coach
Marketing help for coaches
Life Coach Marketing & Promotion
Controversial new movie: sequel to The Secret (sequel)!
**All clients have my toll free number to get their questions answered quickly!
Live Webcam Chat with Members NOW!
WEBCAM CHAT WITH MEMBERS ONLINE NOW
you can still watch other people on their cams, and do text chat.
[ LOGIN NOW ]
Don't have a webcam? My friend is giving away 777 of them at www.BIGLIFE.ws
you can still watch other people on their cams, and do text chat.
[ LOGIN NOW ]
Don't have a webcam? My friend is giving away 777 of them at www.BIGLIFE.ws
Start YOUR OWN web 2.0 Ning site
Would you like to start your own Ning site just like this one?
It's free and easy and can even be used to run a small web business
(see www.LinkedinBuilder.org as an example).
If you know the value of strong SEO, you will be amazed at the GOOGLE PAGE-1 results we have accomplished with this site.
Anything you can do on a static html website can be done here, plus much more!
Do you already know the power of testimonials for marketing? ...my custom Ning sites will take that to a new level.
If you want to employ sticky widgets and member generated content, my custom Ning sites are on the leading edge of Web 2.0 and viral marketing.
get more information here!
~V.
It's free and easy and can even be used to run a small web business
(see www.LinkedinBuilder.org as an example).
If you know the value of strong SEO, you will be amazed at the GOOGLE PAGE-1 results we have accomplished with this site.
Anything you can do on a static html website can be done here, plus much more!
Do you already know the power of testimonials for marketing? ...my custom Ning sites will take that to a new level.
If you want to employ sticky widgets and member generated content, my custom Ning sites are on the leading edge of Web 2.0 and viral marketing.
get more information here!
~V.
Become an INSTANT Authority!
BECOME AN INSTANT EXPERT, AUTHORITY, GURU or MAVEN
Success Coaches, business and marketing consultants, speakers, authors, online educators, teleseminar and webinar hosts, mc's, entrepreneurs can make 3x to 10x their current income simply by having an industry recognized name.
Complete service for personal branding and name/face/logo/slogan/usp recognition/exposure including professional online/offline press release, social network profiles and automated lead generation system for Linkedin, Facebook, Ning, Xing, Ryze, Myspace etc.
Did you know that the experts featured in THE SECRET all paid to be there? (PAID, not "were paid")
They each paid $25,000 - $50,000! Was it worth it? One now well known speaker used to earn $2k a gig, now earns $20,000 per engagement! Many others experienced 5x to 10x earnings increase! We can provide many case studies if you find this hard to believe. Our services range from FREE to $7,000.
Check out the group "Promotion & Marketing for Success Coaches" for more info.
Victory Darwin and Associates
Success Coaches, business and marketing consultants, speakers, authors, online educators, teleseminar and webinar hosts, mc's, entrepreneurs can make 3x to 10x their current income simply by having an industry recognized name.
Complete service for personal branding and name/face/logo/slogan/usp recognition/exposure including professional online/offline press release, social network profiles and automated lead generation system for Linkedin, Facebook, Ning, Xing, Ryze, Myspace etc.
Did you know that the experts featured in THE SECRET all paid to be there? (PAID, not "were paid")
They each paid $25,000 - $50,000! Was it worth it? One now well known speaker used to earn $2k a gig, now earns $20,000 per engagement! Many others experienced 5x to 10x earnings increase! We can provide many case studies if you find this hard to believe. Our services range from FREE to $7,000.
Check out the group "Promotion & Marketing for Success Coaches" for more info.
Victory Darwin and Associates
© 2009 Created by Linkedin-Entrepreneurs.com Victory Darwin on Ning. Create Your Own Social Network
