Ask any entrepreneur about a business plan and most will already have some practical experience, those that didn’t bother writing a plan definitely realised the error of their ways once the venture launched.
What exactly is a business plan?
If you were the head of a large army, for example, and you wish to invade the neighboring lands, would you just order everyone to arm themselves and set off for the frontier? Absolutely not; it takes a lot of logistics and resources to keep an army on the move and setting up a business is much the same when it comes to resource management. A business plan is a document that outlines the concept of the business and would have sections for:
- Sales & marketing
- Startup costs
- Running costs
- Asset management
- Organisation flowchart
- Cash flow forecasts (1-5 years)
There should be an overview/introduction at the front of the document to familiarise the reader with your concept; how many pages should a business plan consist of? The minimum would be 15 pages, while some are as many as 30, depending on the sector and the nature of the venture.
Setting up a business in a foreign country
If Southeast Asia is appealing, there are Malaysia corporate solutions by Acclime, an international law firm that facilitates foreign business registration and they have offices in Thailand, Malaysia, Vietnam, Hong Kong, Indonesia, and China. It makes total sense to enlist the services of a local law firm, where a team of English-speaking law specialists can explain the pros and cons of the different types of businesses and can advise you accordingly.
Free online resources
Google can take you to a site that offers free templates you can download on which to write your plan, plus there are many articles that detail each section of a business plan. If you are struggling with this, talk to a business coach who can help you identify the various elements and build the plan to completion. Click here for 5 essential aspects of a business startup.
Why write a business plan?
Aside from giving you a workable plan, the document can be given to potential investors and it should address every aspect of the enterprise. Having a plan eliminates the chance of overlooking something important, which is why you should review the plan regularly, as you prepare for launch.
Whether you are planning to set up a business in Malaysia, Thailand or Vietnam, search online for a leading international law firm and they can help you prepare the essential documents required for company registration. Make sure that you have adequate capital assigned for the project, which should be listed in the business plan.
When you think your business plan is complete, ask an expert to take a look and if he or she gives the thumbs-up, you are ready to implement your plan and take the first steps to a successful commercial venture.