Deciding to start up a company is an exciting time, and starts with a great vision. Successful companies start with a comprehensive business plan, including:
- Market analysis – What products or services the company will offer and what are the likely sales, turnover and competition within the market (market share).
- Cost analysis – How much will it cost to produce your goods or services
- Advertising & Target Markets – What are the most effective advertising mediums for companies in your industry. What is your advertising budget and who is most likely to purchase your goods and services.
- Company Structure – How will the company be structure, what types of employees will you hire and what management style is the company looking to create.
- Financial Planning & Goal Setting – What are the companies short, medium and long term goals for financial performance, market share, business size and how will these be funded.
There are a lot of different elements to consider when setting up a company, so a detailed plan is essential for the success of your business.