Gokulraj, Business Consultant

Author Archives: Gokulraj, Business Consultant

How to Write Business Plan?

Hand drawing Business Plan flowchart

Every million dollar business starts with a little seed of an idea. So the is foremost important but an idea is not enough. From a lot of ideas, only a few are unique and it’s very rare that the idea is converted into a plan. So, how to write business plan? And what are the components of a good plan? A good business plan should seem like it’s a projection into the future which includes all the conflict elements of the initial idea. You should not be too optimistic about your idea. It needs to include all of the needed things, not just the best case scenario but also the real.

A good business plan comprises four main elements:-
The People:
This is the most important part of the business plan. Describe the team and other people who are all involved in the business. What do they know about the product or service? What are their connections and how well there are connected?
The opportunity:
Explain the market and your opportunity in the market. It is usually better to enter into a growing market rather than enter the saturated market and struggle with the competition.
Context:
It is like the regulations of local, state and union government bodies, current economic trends and interest rates, etc. Trade and industrial organizations rules and restrictions related to your field of interest.
Risk and reward:
Never underestimate the risks involved in the business. Any business has always some risks involved. It a big mistake to believe that there is no risk. Many successful businesses are the results of lessons from many failed businesses those neglected the risks involved.

Before writing your business plan check the following things
Prepare the framework for the business plan which contains all major sections like an executive summary, business overview, market analysis, etc. Define your goals and objectives Determine your audience of the business plan so that you can decide the tone of the plan accordingly. Make an outline of financial requirements Develop a questionnaire regarding the requirements that have to be met by the business plan Identify professional and experts to seek advice in areas where you are not aware Make a complete research on market; collect required data and analyze your opportunities, competitors list and their strengths and weaknesses. Clarify issues on products or services if any. Form the management team required Collect tools and software required to prepare the plan Decide about your marketing strategies. Make a checklist of tasks before, during and after the writing business plan. Gather any specific needs of the plan

Writing the plan: Once you finished pre-requirements you can start writing the business plan
Start from the table of contents Estimate the page length for each section Arrange all the sections in a logical manner Start writing the content which needed information from the owner of the business Fill out the sections with major issues and challenges in the each section Compile financial projections, income statements, sales forecasts, etc and provide explanations wherever required. Check the draft completed so far fill out the gaps Take an overview of the completed draft Attach the needed documents in the appendix Get an adviser to verify and critique the business plan. Check spellings and mistakes. Fine-tune the document. Write the executive summary and conclusion

Once you finished writing go through the plan thoroughly and ask yourself for the questions,
Are presentation and plans length appropriate?
Have all the requirements are met?
Is the plan looks interesting from the eyes of the audience?
What are all the doubts and queries expected?

For more details about Fhyzics’ Business Plan and Format, please visit our website.

Online Business Opportunities

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Internet nowadays is not only a tank of information and entertainment for people; it also provides better business opportunities to gain money. By learning better tips and tricks, one can run an online business successfully. Learn computer knowledge and create a website for free, a lot of service providers are available for web building. There is a lot of risks involved in traditional business like establishing an inventory, hiring people, finding location. Whereas in online business you don’t need inventory, it doesn’t require many employees and location. Even though it is easy to start, it has plenty of competition in the digital world. If you want to stand out from the crowd, match your skill sets, interest and you should find your niche market and be a center of it. Utilise networking sites to reach out your customer. Diversify your business in order to survive in long-term.

SEO Consultant

If you have skills in Search engine optimization, you can help many small and medium organizations on improving their website which has more impact in the business.

Data entry

Many companies outsource their plenty of data to individuals. You can do this from your home and even create your own group of employees to gain an advantage.

Social media consultant

By managing social media websites like facebook, twitter, etc for bigger companies you can get paid from home. As a consultant, you are directing company’s strategies and schedules to the target customer in the right way

E-Commerce

Buy and sell products online with a margin of your choice, you can get paid without investment.

Web design

Learn HTML and use your creativity to improve poorly designed websites into attractive and user-friendly and sell them to business owners.

E – Book Author

Publishing your book is easier on online. With proper marketing, you can successfully publish any book of your interest.

Online tutoring

If you are expert or having sufficient knowledge in any field, you can conduct online lectures and webinars.

Freelance service

A lot of freelancing job websites are available you can make use of it to earn a few bucks in by programming, writings or whatever your skills fit into.

Blog writing

Are you passionate about writing? Write your views and opinions in any area that you feel you are well aware of and get paid for it. Business people are paying for blog and article writers to write on their websites so that it gets better traffic.

Virtual Assistant

Every small business wants help to manage their everyday tasks. With the help of phone, email or skype one can work as a virtual assistant from home and earn good money.

Affiliate Marketing

If you enjoy giving customer reviews of products or services, you can get paid for it from companies. Many businesses are willing to spend their fund for this kind of promotions.

Application building

Creating Apps for smart phones is a lucrative way to earn money because the cost of developing apps almost nothing and can create thousands in revenue.

For more details about Business Idea and Opportunities, please visit our website.

Business Ideas for Women in India

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With an increased awareness and opportunities, women in India are no longer just homemakers; they are almost taken all the professions into their career. Almost all the countries in the world are witnessing an upsurge in women entrepreneurs over the last decade. With the arrival of media and internet, the modern women are becoming job creators from job aspirants. The major constraints for women entrepreneurs in India are the social and cultural hindrance, lack of self-confidence, lack of financial and moral support, etc. So any women, who want to start a business, which is meaningful for them, should consider these difficulties and be prepared to face them. If you are working professional and thinking of starting your own business, it is better if you save 20 to 40 percent of your earnings for safety. And of course, you should be passionate about the business which you are going to start. There are plenty of self-motivated women in India who want to make money and support their family. Some business ideas for women entrepreneurs which can be started with a small investment and can be operated from home are mentioned below.

Wedding Planner or Bridal Consultant
This is one of the fast-growing businesses for people with better networking skills.

Beauty Parlour
With a small investment and training, women can easily start the business and run successfully.

Soap Making
An average size of a soap bar costs around 1 to 2 rupees and can be sold up to 5 to 10 rupees. There is growing market for natural soaps. By adding special herbs and fragrance, you can easily distinguish your product and shine in the market.

Boutique
There are plenty of boutique shops in every major city but considering the growing demand, this is one important business for women that cannot be ignored.

Gardening Business
Farming herbs likes medicinal herbs, tea, and culinary herb is a fast growing business. Once you become an expert in gardening, you can become a gardening teacher and conduct seminars, and make money out of it.

Fitness Gym
If you are provided with a bit more investment, start a fitness gym which is now becoming more popular and also essential in our country (almost everybody is health conscious). You can provide yoga training or aerobics with the gym as added service.

Consulting business
If you are an expert in any field, it is a good choice to make money. You can even gather knowledge of any field to expand your business.

Internet Business
There are plenty of options available for business online. Use your skills to write blogs, articles and feeds for websites. You can even start an internet café with some computers and internet connection.

Restaurant/Cafe
If you are passionate about cooking, this business will be best for you.

Sewing Business
If you are good at sewing and embroidering, you can make a good profit out of it by making customised dresses. If you have an interest in interior design, you can provide multiple services and charge a great deal.

For more details about Business Idea and Opportunities, please visit our website.

Ten Things to Consider While Exploring Business Opportunities

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There are some qualities that have to be checked before starting any business. The first step for any successful business is to find the better opportunities. Some qualities of better business opportunities are listed below. There may be more, but these ten qualities should not be missed out.

1. Customer base
The business must have enough of the customer base. A market where the demand is high and supply is less will give you a better scope of success. If the market has already enough of supply and you are entering the in that saturated market means, you are in critical position. You have to thrive better than competitors so that you can succeed. So unless you have an innovative method to capture the market, it better not to explore that opportunity.

2. Creativity
Without creativity, the business will run out of track very soon. Make sure you can apply your creative style in the long run.

3. Passion
Your interest is the most important thing in the business. Many people enter the business by looking on the bright side but only a few survive. You need true passion about the business in order to succeed in spite of the challenges.

4. Predictability
The nature of the business that you are going to enter should be as much as predictable. So that you can take required calculated risks in needed situations.

5. Continuance
Whether the business requires 24/7 and 365 days control from the owner or it can run continuously even in the absence of the owner is to be predetermined earlier.

6. Return on Investment
The capital invested should be returned in minimum time from you started the business. To achieve this break-even point, either your initial investment should be less or profit margin should be high or you should have high sales. Think of the business that you are going to enter if any of these options can be feasible.

7. Resources
Make sure you can gather all the supporting resources required to start and run the business successfully. If the supplier base is large, you will have a better bargaining power.

8. Experience and skill
A good amount of experience and skills set relevant to the field will give you a better chance of success in the business. There are cases of business failures due to inadequate knowledge of business owners.

9. Expandability
The business opportunity should be able to expand further in future, in terms of market and product lines/service lines.

10. Customer preservation
How long you can retain the customer irrespective of the new entrants in the market is one important factor to be considered.

For more details about Business Idea and Opportunities, please visit our website.

Benefits of Small Businesses

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Until the late 1990s, it was commonly believed that economic benefits like jobs and growth always came from bigger companies. It was later realised that it was small firms which were responsible for much of the economic growth and were the prime source of the employment creation. These small businesses created a bulk of new jobs mostly in service sectors where work is mostly labour intensive than in the manufacturing sector. According to Micro, Small & Medium Enterprises Development (MSMED) Act, 2006, a business is said to be a small business if its investment doesn’t exceed Rs.5 crores in case of the manufacturing sector and Rs.2 crores in case of the service sector. In manufacturing sector alone the small scale industries contribute a share of 40% in the industrial production and 35% of the total manufactured exports of the country and generated approximately 18 million jobs. For policy makers, it became the focus of interest and they were seen as a fundamental component to increase employment. So, there is a recognition and desire to more of them largely for the employment, nowadays. These small businesses, not only help in growth and employment generation but also provide other benefits like increased rate of innovation.

Also, there are other benefits of small businesses that have been identified,

Many people are antipathetic and are not suited for a large organization but they have much to contribute to the vitality of the economy. Small businesses provide the pathway for their excellence.

In some industries the optimum size of the production units or sales is small, so the most efficient form of organization for this kind is a small business. For this reason, many industries consist only small industries.

Many firms act as specialist suppliers for large companies to supply their parts and sub-assemblies.

Smaller firms provide competition for larger firms and some check on monopoly, thus decreases the chances of inefficiency bread by monopoly. This way the small business contributes to the efficient working of the economic system.

The small business, while being a competition for big players, provides a wide range of choices for the consumers, especially for small group consumers’ sizes as larger firms ignore them.

The Small business allows the entry for entrepreneurial talents. They act as a seedbed from which new large companies will grow to challenge and stimulate the established leaders in the industry.

It was believed that large firms dominate in the field of innovation, until recently. However, various studies revealed that small businesses can keep up with larger firms in the process of innovation. Small firms, even with the small investment in the research and development, become a source of innovation in products, techniques, and services.

The sector is also perceived to be contributing to economic and social stability through its job creating capacity and by offering social and community cohesion.

Now, small business believers started gaining more public attention and policy initiatives to help their cause.

For more details about Business Idea and Opportunities, please visit our website.

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