ArticlesBlog

My IBP Business Plan – How I Structured Internet Business Path Blog

My IBP Business Plan – How I Structured Internet Business Path Blog


Hi, my name is Tyrone Shum from Internet Business
Path. Thanks today for visiting and having a look at this video today. What I wanted
to do today is just to share a little bit more about with you my business plan that
I did for this program and this is a 52-page business plan that I put together. As you
can see it’s been binded together and there’s actually quite a lot of information that goes
into it and I wanted to just give you a brief summary of what I put in it and also to give
you an idea of what’s involved. It took me roughly about three to four weeks
or so to put this together but afterwards, once it’s finished it’s actually worthwhile
to look back at it and go wow, this is actually a business plan that I put together. If I
was given any other tasks and not having to do this, I don’t think I would have been able
to put this together myself so I’ve had all support and also the systems with it as well.
There’s actually quite a number of sections that went into it and there’s a total of 9
sections here so I wanted to just go through and give you an idea of what’s involved and
what you can potentially put into a business plan and there’s a lot of documentation that
goes into it. So let start it off. Section 1, the first one part that I’ve put
in there was the Executive Summary, Section 2 was the Vision and Purpose. Now there’s
2 parts there just in particular, the executive summary is just a whole summary of your business
plan and section 2 was to present a vision and also your mission statement on what your
business does and how it’s going to be able to be successful in your particular target
market. Section 3 which is something that I’ve put in quite a lot of time which is Research
and evaluating the business concept. Now this is a very crucial part that I think a lot
of people overlook and the first thing that I found was to find out whether or not my
business was actually viable and if it’s going to be able to be pursued in this particular
market and find a right target market. Let’s just take for example, in my particular business
plan, what I did was I was going out in the market to try and find and see there’s a market
for small businesses to get their businesses online. And, there is because the Internet
is growing in such a rapid rate and there’s a lot of business currently out there without
a website. So what my particular business does is target those small businesses who
have currently existing business but don’t have the Internet website and would like to
promote it. Or, potentially if they already have a website or they want to upgrade it
or they want to be able to make it more streamlined so that they can integrate their current systems
into it and I help them with that as well. So that’s part of market and research. The thing that I found about this is you want
to see there’s going to be a particular trend and also if there are intro and extro conditions
into the market. So really I’m having a look to see if there are current competitors and
how you compare your business with them. Fourth part that I did which is section 4 which is
Strategic planning. It really goes into a lot of detail about how you’re going to be
able to plan your whole business out and usually when you start out with a business plan, you
want to look forward at least minimum of 12 months and this business plan that I did was
only really for 12 months and hopefully after 12 months, we can review and see what we’ve
grown and it’s really just to layout what systems are involved and what things you plan
to do within the next 12 months. Section 5 is Management and that covers things
such as label, tax, trading name, the things that really need to help you get through and
establish your business just to really start it up and just to give the substance really
and it’s just the backend stuff that a lot of people have to do. Section 6 which is Finances, this is the part
that I found was quite interesting for me because I’m more of a mass type of person
so numbers crunching came quite natural for me. And, the thing I’ve got about this is
that I’ve got to analyze my personal and business expenses and give myself good cost analytics
in comparison to what is potentially possible to do in the business. Also, it gives me an
idea to analyze through potentially what is the breakeven point of this business and how
long will it take from say start to say several point in time before you actually recurr or
the capital that you’ve invested in your business. And that’s some very crucial part to look
into to start up a new business as well so at the end of the day, you want to make sure
your business is financiable and viable as well, too. The seventh part of Section 7 is Marketing
and this is also a very important part and a lot of people overlook this because they
think okay, we can setup the business and we can hopefully find and get referrals from
friends and family and so forth to start up business but the key and the crucial part
of the business is how long you can market it and how long you can get your product and
services out there. And, I really got to see how I can segment and also focus on a specific
niche for my business and that’s the thing, the particular marketing section is that you
get to break it down on what’s most important to target and there are really the four things
that we went through which is price, product, place and promotion. So those are the 4 things
and I’ll probably talk in more detail later on. Next thing is Section 8 which is Operations.
So it’s really just to do with administration such as day to day tasks like bookkeeping,
keeping hold of what you’re doing within the business, basic tracking and so forth. Now, the last thing that was written in my
business plan which is the Section 9 is the Viability and Sustainability so really it
sums up everything that you can do within the business and it gives you clear indication
whether or not your business is viable after you’ve analyzed those things. So after really
doing the market research and also doing the competitive anaylsis, it gives you an idea
whether or not you’re actually starting a successful business. And, to see if this business
is going to be viable in 12 months, 2 years time anywhere up to 5 years and if after you’ve
done all this business plan and you realized that there’s not really much of a market there
then it’s clear that you’ve got to change direction and change what you’ve got to do
in the business and maybe target something else. So overall, this whole business plan that
I’ve put together is 52-page document was very, very important for me and it’s actually
the backbone of what I’m doing right now. And, day to day I do review it and every month
I’ve got to sit down and go through it just to have a look and to see where I’m at. Hopefully,
in 12 months time, I’m going to pull this back and say yes, I’ve accomplished everything
and I’ve achieved all the goal I’ve got in there. So what I like to know is I love to hear your
feedback and if you put together a business plan. If you have, just write some comments
in my blog and also send me some emails if you’ve got some interesting stories about
business plans that you’ve put together. For now, have a great day and see you on the Internet.

Comment here