Watch this video to determine Why do You Need Business Plan? Also, learn how to write a business plan for starting your own business in 2019. Watch full course of business planning for beginners in 2019 - https://www.youtube.com/watch?v=4dJcmBMIHH0&list=PL1O57nCUQ-e-4z5xWGjtbeEcnREML_tEE&index=1

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Many times we often ask ourself; why do i need business plan? why it is that much important?

why not i just start my business and market it with different marketing strategies?

A business plan is a very important strategic tool for entrepreneurs.

A good business plan will help you to focus on the specific steps necessary to run your business & help you to achieve your short term and long term goals.

Before writing a business plan, first you have to understand and define your business. Also, know all about your competitors.

You've to find the market size and on which location you are going to run your business.

Also, you've to find the amount of competitors around your business location.

Now, think about the value of your business which occupy its space in your market.

You need to make sure that your product has quality and how much your product will help your customers among those competitors. Even, why your customers should be interested in it?

Once you define your product; you are now need to take a next step about how to market your product in your location.

Now, after taking your product to market, it is right time to understand how you will operate your business & think about operating plan to support your business better.

What is an operations plan? In short, it lays out the who, what, when, and how of your daily operations over the course of the next year.

You'll also need to define your business administrative responsibilities.

Your business administrative responsibilities may varies according to type of your business. So, make sure that you will fulfill all the duties of your business administration.

Once you are done with these all important steps, you are now need to project your financial requirements and all about your investments.

Also, you've to create a clear financial plan to make sure you won't get any financial trouble in future.

After writing these things into your business plan; you need to write all the challenges and major pitfalls that you could face as you launch your business.

Understanding these all terms and including it into your business plan will determine the success of your business.

Writing an effective business plan and its major components; you need to know the type of your business and on which location you are running it.

Facing risks makes people fearful. Often, you can reduce the fear and feel better; if you you write down and put it right in your business plan.

In this video you learned about why you need Business Plan & its importance.

In next part we are going to determine more important terms for writing a business plan for your success.

So, see you in the next video and don’t forget to like, share and subscribe this channel to get future videos of this business planning for beginners course.

Thanks for watching this video.