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Startups

How Do I Write A Business Plan?

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A proper business plan will detail everything you need to know about the idea in your head. It will tell you your startup ideas, all of your goals and aims, contingency plans, etc.

Many people think you can draft up a business plan in no time at all, but this isn’t the case. Writing one will take some time, as you have to conduct loads of research beforehand. But, all the effort is worth it as you’ll finish with a complete plan that helps keep you focused and give you a sense of direction in which to proceed in. Plus, there’s every chance that different people will request to see your business plan if you hope to get help from them. For example, if you need a loan from a bank, they’ll need to see your plan, and it needs to impress them, or you aren’t getting any funding.

Bearing all this in mind, how do you write a proper business plan? The easiest way to do it is to split the plan up into different sections.
Below, you’ll see each section along with a breakdown of what should be included in it:

Summary

First and foremost, you need to write a summary of your business idea and what you hope to achieve with it. This section needn’t be too long, as it’s just there to give people an overview of everything. Keep it brief, describe your business, talk about your goals and clearly state what you want.

Company Description

After your summary, you need to write a section that describes your company in much more detail. This won’t be as brief as the summary and is more focused on what your business is and how you differ from other similar businesses.

This section is important as it’s used to convince readers that your company is special and that they’re not wasting their time reading your business plan. Be sure to also include information on your industry as it shows you’re aware of the field you’re venturing into. Plus, it also gives readers a background on the industry so they can see that your business will stand a chance against other companies.
Market Analysis

After you’ve spoken about your company, it’s time to present your market analysis. What is this? It’s a section where you essentially show the reader what your target market is. You present your analysis of the market and include all the relevant information such as their age group, gender, lifestyle, interests, etc.

Amongst this analysis, you should provide a strategy as to how your business will appeal and approach your target market. What are you going to do to ensure you tap into the market and promote your business as best as possible? This is very important as it helps formulate the structure of your future marketing plan.

Service Or Product Line

In your service/product line section you will be talking about the main part of your business; what you’re selling. This part is all about telling a story of your products/services and how they will benefit others. What you’re aiming to do is convince readers that your target market needs your products/services.

In this section, you should also include details on how the products will be created and sold, as well as how the services will be offered.

Organization And Management

Next, you need to dive deeper into the structure of your business and compose a section on organization and management. The idea with this section is to inform readers how your business is going to be run, who will be in charge of it, the number of employees you hope to hire, and many other things along the same lines.

You will describe how your company aims to function on a day-to-day basis and talk about the roles that all of your employees will take. Who will be in charge of what, and what will they do every day? It’s also a good idea to talk about how much the organization & management of your business is going to cost.

Funding Request

This is an essential section as it will be used to inform readers of how much funding you’re hoping to receive. As a result, you must conduct a plethora of research before writing this part. Firstly, you should analyze your business idea and consider how much money you’ll need to get things started. Take into account the cost of organization and management, the cost of procurement, the cost of any premises you hope to rent; the list goes on and on. Essentially, if you need to buy anything, make a note of how much it will cost.

Total up all of your predicted expenditure, and it will give you a rough idea of how much startup money you need. It’s a good idea to overestimate just in case your predictions are wrong, and things are more expensive. Plus, by asking for more than you think you need, it means you have a little bit of extra money as a backup in case things go wrong during the startup process.

Financial Projections

Your financial projections will be used as a backup for your funding request. This is the part where you make some calculations based on your product/service line and how much money you think you’ll make.

Think about how much it costs to supply your service/product, and how much you’ll make from each sale. Then, set a target for how many sales you want to make each month, and you can calculate your projected earnings. Make sure you play around with figures until you’ve reached a point where you’re definitely making a profit with every sale. You’re far more likely to secure funding if the reader can see your idea is a money maker.

Appendix

Finally, you have the option of adding an appendix to your business plan. This isn’t essential but is a good place to include additional information such as your resume, permits, and leases.

Follow this structure, and you will soon have a proper business plan written and completed. Make sure you check it through multiple times for any errors as it needs to be perfect.

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Startups

Top 10 Retail Business Ideas For 2020

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With so many businesses ideas popping up, it has become very hard to choose one from. You obviously want to have a business that is not profitable but also well established in the long term.

You may find new retail business ideas which are really getting popularity among the audiences. But before going for that kind of business, take some time and think about it. Where this business will stand in the upcoming future.

The failure rate of the new business is more than 80%. These 80% business does not live long enough to see through the first year of their life. This is all due to the fact that people don’t plan for the future while setting a start-up.

In this article, I have talked about many business ideas that will not only let you earn money but also it will be a long-term business.

1. Food truck business

If you are passionate about cooking and want to discover new tastes. Opening up you own food house can be the prime choice.

But only a few are very lucky that their idea gets the approval for loans or funds. Not everyone is lucky to be able to open a restaurant.

Don’t be disheartened, if you don’t have enough money to open a big restaurant, open a food truck. It is the best choice if you have a low budget for investment.

You just need to have enough money to buy a food truck and you are all set to go. This way you can also know that is your food are to the likings of the audiences.

And if you are successful in the food truck business, you can think of opening your restaurant in the upcoming future.

2. Bakery

Opening a bakery business is the best home-based business choice. If you are good at baking stuff and you are confident enough on your baking skills of making delicious cookies and cake which not only tasty but also visually appealing.

You can either start this business from your home or you can tie-up with the nearest retail shop for sales.

You may consider this as a home-based business plan but don’t forget to have a proper plan model strategy before going with it.

3.  Coffee shop

A coffee shop is can be the best choice if you are a coffeeholic person. Since the past few years, the coffee shop has seen rapid growth. Earlier people use to hang out with families but it has become a place where the important meeting takes place. People come to coffee shops to discuss important matters.

If you are serious with the coffee shop you need to keep in mind that you have visually enticed your audience with attractive coffee mugs and menu.

4.  Ice cream stand

If you are looking for part-time business ideas then opening an ice cream shop can be the perfect option for you. This retail business can bring you huge profits because its targeted audiences are all the age groups.

You can either have a fixed shop or a mobile shop. Anything will do. Ice-cream is something that is visually appealing and is the most sold product during summer.

5. Cooking classes

Do you love cooking? And are you confident in your cooking skills? If yes then you can sell your skill to others or teach them to be a proper cook.

With an increase in restaurants, it is more convenient to eat at any restaurant than to cook for yourself. This habit of people has robbed them of their cooking skills.

You can fill that gap in their life by teaching them the right cooking skills.

It is a low budget start-up. Once you start rising in popularity you can start your own food training centre.

6. Home food delivery

People nowadays want to get everything with just one click. They want everything to be delivered at the home. One of such services are the home delivery services. You can provide these services for any food product.

You can tie-up with the restaurants with your services and can give them the home food delivery services. You can even start your own home-based restaurant with a home delivery service only. And if things go well you can take it to a large scale in the future.

7.   Website design

The website is the face of every business in this digital world. Every business wants to have its own website which can represent their business and the brand on the online platform.

If you have a talent for creativity and you are interested in investing that talent into making good visually appealing website. Then this can be the best retail business idea you can look for.

It is a home-based idea with a minimum requirement of a laptop and internet connection.

8. Logo maker

Logos are the symbol of your brand. People can recognize you even without your name. A good logo maker is in demand in the industry,

If you think your self-competent enough with your designing capabilities and creative ideas. You can go for a logo maker as a career option.

It is also a home-based retail business idea that can bring you fortunes.

9. Event planning

If you are a person who is extremely organized and like to keep things in an organized way. Then event planning can be the best profession for you.

People are too busy to organize their events properly, so they hire experts who are proficient with their jobs.

If you want you can specialize in one kind of event planning or go all in. The best part of this retail business is that you can have the same customer number of times. And if you have a great relationship is good with them you can get more referral customers.

10. Photography

Capturing the best moments has evolved from being a hobby to business. Everybody wants to have their best moments to be captured. Capturing images and photos and then reliving it. It has become an emotion for the people.

This photo has a huge market. In 2015, digital photography was estimated at around 77 billion; it is expected to touch the 111 billion mark by the year 2021.

Conclusion

With so many businesses ideas popping up, it has become very hard to choose one from. You obviously want to have a business that is not profitable but also well established in the long term.

You may find new retail business ideas which are really getting popularity among the audiences. But before going for that kind of business, take some time and think about it. Where this business will stand in the upcoming future.

In this article, I have talked about many business ideas that will not only let you earn money but also it will be a long-term business.

Author bio

I am Ariana, a freewheeling Freelance Blogger who likes to explore the digital and technological world of Search Engines and Social Media.  Ariana is the co-founder of smart business daily.

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Startups

Essential Guide To Start A Detergent Powder Making Business

detergent

If you’re thinking of starting a business, one of the most promising industries today is the laundry washing powder or the detergent powder. Plus, anyone can start a detergent making business. You don’t need significant capital investment to make it work.

Are you considering it?

If you are, here’s an essential guide to starting a detergent powder making business.

About Detergent Powders

Washing and detergent powders are surfactants. These are the most crucial ingredient in washing and cleaning purposes.

In general, there are two types of manufacturing technologies today. There’s the mixing of raw materials, and the other is spray dried. However, you have to keep in mind that the first option is your perfect choice for large-scale operations. It even demands a huge capital investment for you. The second one is the easier option, which is the mixing formula. Here, you can easily start your manufacturing process with a small amount of money.

Detergent Manufacturing Business

Market Potential

In recent years, demand for detergents has increased as with the growth of population. In general, the detergent powder segment only caters to three different categories, which are the lower, middle, and higher-end markets. As one of the necessities of people today, the demand for detergents is slowly increasing.

Because of rapid urbanization, there’s more and more demand for detergent powders in sachets and small pack sizes. Aside from that, there’s also the increasing per capita income, which helps in boosting the population’s purchase capacity. Furthermore, a very wide range of options in hunger for good living, health awareness, and choice are just some of the main reasons why detergent powders are growing in demand.

Also, rural areas are replacing detergent cake with washing powders! Aside from domestic consumption, these products also have different usages in several industrial sectors. In the small and medium sector, you can find a good investment opportunity in the detergent industry. Thus, washing powder manufacturing is quite a lucrative opportunity for those who want to start a business.

Plant Setup and Machinery

Initiating a small-scale detergent powder manufacturing in only around 1000 sq ft area is possible. But the final area required will depend mostly on your desired quantity output.

Plus, you still need to secure your factory location with careful planning. It must have transportation, electricity, and water nearby.

Machines

These are some of the types of equipment that you will need in manufacturing detergent powder:

  • Reactors
  • Pulveriser
  • Weighing Scale
  • Blender
  • Neutraliser
  • fine screen
  • Machinery
  • Separator
  • product quality
  • mixer

You can find most of these on Unifite.

Formula

Each company has its detergent powder making the formula. Depending on your target market demographic, you have to craft a unique formula. You can source the needed manufacturing technology from several researchers and schools.

To help you, we’ve put together this reference for your basic formula and ingredients percentage.

IngredientsPremium grade (Wt, %)Popular grade (Wt, %)
85% active LAB acid slurry1815
Sodium carbonate (soda ash)3532
Sodium metasilicate2No
Alkaline sodium silicateNo7
Sodium bicarbonate1010
Sodium Sulphate (anhydrous)2025
Sodium tripolyphosphate107
Sodium carboxymethyl cellulose1.51
Phthalocyanine blue color or oil-soluble yellow color0.10.1
Optical whitener0.30.2
Perfume0.10.1
Water32.6

Manufacturing Process

Here’s how detergent power is manufactured.

  • Using soda ash, neutralize the acid slurry.
  • Then, so that the reaction is completed, keep the mixture for about an hour.
  • Mix all the other ingredients like Colours, Glauber’s salt, CMC, STEP, Perfume, TSP, and many others.
  • Once done, continuously mix everything so that your ingredients blend to the neutralized acid slurry.
  • Afterward, dry the mixture.
  • Lastly, pack your finished product. Make sure to use proper packing.

Packing Your Detergent Powder

Aside from the raw materials above, you have to look for suitable packing for your detergent powder. In general, these come in a poly pack. Then, pack them into quantities of 250 grams, 500 grams, 1 kilogram or 5 kilograms.

Make sure to think of the packaging thoroughly since these have important aspects of marketing. You have to design them with the customer in mind. Also, every one of your basic details should be put in the packets. These include the MRP, quantity, manufacturing date, customer care number, company address, and many more. Don’t forget to arrange the outer cartoons for transportation and bulk packaging.

If possible, make sure to choose eco-friendly materials for all of these. Don’t contribute to global warming.

Conclusion

All in all, if you want to make a commercial detergent powder, you’ll have to read a lot. Get to know some basic knowledge. Get a book. This is one of the best guides for you. We’d recommend the “Soaps, Detergents And Disinfectants Technology Handbook.”

Detergents refer to dish detergents or laundry detergent in comparison to hand soaps or other cleaning agent types. You can find in the book some technology fundamentals of washing saponified soap or soap making. Plus, you can see here  total soap making operation, earth bleaching oils, construction materials for plants that can be used for soap making, chemical bleaching, framed soaps manufacturing, fatty acids, floating soap bars, soap mixing, chips and flakes manufacturing, Mazzoni process, manufacturing of milled bars, chemicals from detergents and soaps, antiseptics and disinfectants, dry cleaning agents and many more.

Furthermore, you’ll find in the book some formulae, processes of different types of disinfectants, soaps, and detergents. These products all have a good demand in the domestic and international market. For entrepreneurs venturing in this field, this one’s a very food scope. You will find the book invaluable if you want to diversify into this field.

Plus, you can even produce liquid detergents and detergent cakes from your detergent powder manufacturing unit. How awesome is that!

If you’re still thinking of starting your own business, it’s best to start now. If you keep doubting, you won’t reach anywhere. If you fail, it’s okay. You learn from your mistakes. If you succeed, then well and good. Don’t stop learning.

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Startups

10 Things To Do Before Starting A Business

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Entrepreneurs are good at commercialising ideas and turning new products and services into must-haves. Before long their business has structure, systems and staff as well as a sustainable revenue stream, and they make everything they do look easy. However, behind that calm exterior lies a hard-working creator who has made sure their new business is well prepared for the long journey ahead.

One day you’ll feel invincible as everything in the business is going smoothly, sales are coming in, and bills are being paid. However, the next day, something unforeseen will challenge your very reasoning for starting a business in the first place. It takes many years to say you have a mature company.

Preparation

Evidence of poor preparation is in the statistics that most businesses fail within the first five years.

A lack of preparation and knowledge of how to run a business is the key cause of business failure. Stop worrying that a delay in opening your doors will give a competitor the chance to beat you to it. Take the time to understand what makes a business successful. Once you’re satisfied you can tick the box of these important issues then it’s time to start operating.

Find Your Target Market

Your first step has to be thinking about your target market. Where are the prospective customers? No product is universal and finding the right target market is going to increase your chances of reducing pre-sales and marketing costs to secure sales and a profit. Your target market is going to impact everything about your business model from how you promote your company to where you choose to promote it, from PPP advertising to SEO initiatives.

Name And Logo

Next, consider the name and logo for your business. The name and logo need to be memorable and dynamic. It should stand out amongst the sea of competition that you’ll face online. You may want to pay more attention to the logo rather than the name. Research shows that consumers are more likely to remember images rather than words. Consider hiring a professional to create your logo too. That way, you can avoid it looking as though it came out of a cookie-cutter. Once you have decided on a name and logo, trademarking is vital. You must make sure other businesses aren’t able to piggyback off your potential success. Also have a look at Branding Considerations For Your New Business.

Build Your Site

Where are you going to display the name and logo of your business? A key area of your campaign would be your website. Again, you should hire a professional to design and website and make sure you host it yourself. By hosting it, you can increase your potential ranking online, thus attracting more traffic to your site. You need to think about what your site is going to be used for. It could be a place purely for marketing purposes, or you may want to set it up for purchases. If the latter is true, you must invest in secure sales software to protect customers data.

Set Up Social Media

No company will survive in the modern market without a social media presence. You need to set up profiles on everything from Facebook to Instagram and Snapchat. This will give you a wide range of options when choosing how to interact with potential customers online. More importantly, it will enable users online to find your business, updates, and information easily. These profiles can have a specific tone and consistent. You can also republish any content that you produce across all your profiles. This will ensure that you get the largest reach online.

Get In The Green

Starting a business is always going to be expensive, and it will damage your credit score at the beginning. You will need to borrow a lot of money for everything from inventory to employees. Increasing your credit score before you open your company will ensure you can borrow money with low-interest rates making it more manageable. At the start, most business owners pay for expenses out of their savings and quickly run out of money. At this point, you will have no choice but to borrow. It is crucial that lenders trust you to pay the money back or interest rates will quickly push your company into unmanageable levels of debt.

Pick Your Business Model

There are lots of business models to choose from when you decide how to run your company. For instance, it is possible to set up a company and run it from home, online or tap into an established brand via a franchise model. You might also consider using freelancers or outsourcing agents rather than hiring permanent employees on contracts. It all depends on the type of business that you want to run and the cost-cutting schemes that you want to use. Another good post to read is What Is The Best Legal Structure For My Business?.

Hire A Legal Advisor

A legal advisor is always going to be a beneficial hire for your business. It should be one of the first individuals you think about recruiting. They can help you with everything from paying the right amount in tax to forming contracts with business owners for suppliers and stock. They will ensure that you are up to date with important regulations and laws that will affect how you run your business. Also read Why Its Important To Engage A Lawyer ASAP When Starting A Business.

Form Contacts In The Industry

No business owner is an island, and it’s important that you have people in the industry who you can contact for help and support. A mentor to help guide you and provide skilled opinion is also highly recommended. You also want to make sure that you have clients set up, interested in your service before you open your doors. Early guaranteed customers will be crucial for keeping your company profitable in the first few months. You might already have contacts from a previous position in a similar business. Also consider tradeshows and exhibitions to give you a natural way to rub shoulders with investors, suppliers, and buyers.

Consult With An Expert

You won’t be an expert in all the areas of running a business. But you can hire someone who is. There are consultants for every sector of a company who can aid you in marketing, accounting or employee management. With someone by your side who has experience in these areas, you can avoid some of the common early pitfalls new owners endure.

Prepare Your Escape Plan

Finally, make sure you have an escape plan or an early exist plan should things not go your way. If your business struggles to sell enough to be profitable have a plan to quickly sell your inventory and make any money you spent back as quickly as possible. Selling down assets and stock will prevent you debt spiralling out of control and your business becoming insolvent.

Additional Reading

Where To Find Help And Training For Starting A Business?
How To Check Business Name Availability?
How Do I Write A Business Plan?
How Do I Price My Products/Services?
Ideas For Keeping Business Costs Down
How Do I Manage Business Cashflow?
How Much Money Will I Need For My First Year Of Business?
How Do I Check My Businesses Compliance Requirements?
What Do I Need To Prepare Before Hiring Staff?
Five Basic (And Cheap!) Tasks That Will Dramatically Improve IT Security For Small Businesses
What Insurance Do I Need For My New Business?
Do I Need To Be PCI Compliant?

Suggested Next Read: How to Start a Business For Under $5,000

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