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How to Plan Your Business This is the first step that anyone should do in setting up a business: Without a business plan, the business would be like sailing without charts and destination. A business plan is your direction to keep you on track and to identify your goals and objectives. Having no business plan and poor planning are among the top reasons why new businesses fail.
Here is a guide how to make a business plan: Some of the factors given for consideration will help you come up with a great idea for a product — what specific field are you interested in?
Can you apply your skills or background work experience to this field? Product Industries - You may choose to manufacture your own product, either for the mass market or for specialized or individual demands. Canned goods, wooden or plastic toys, and ready-to-wear garments are examples of goods produced for the mass market, while precision instruments for industrial use of made-to-order furniture are examples of specialized products.
Process Industries - You may decide to perform only one or two operations in the total manufacturing process. The activities you perform can be initial operations on raw materials milling, corrugating, sawing, or cuttingfinal operations fishing, assembly, packing, or bindingor skilled or precision operations embroidery, testing, woodcarving.
Subcontracting Industries - If you choose to be a subcontractor, you will undertake subcontracting work for other industries, usually bigger ones. Bigger industries sometimes subcontract the manufacture of components, supplies, or other specialized operations to smaller shops because the quality required is not viable for their high-capacity operations.
Many big companies also find subcontracting a more low-cost and faster way of manufacturing products.
Also, you are assured of a market for your products. You can also avail of technical and financial assistance from the big companies. One drawback of subcontracting, though, is that you rely on only one firm or two for your survival.
Service Industries - You could choose to sell services. Service enterprises include repair and maintenance shops, printing and machine shops, and food catering establishments.
Beauty parlors, dress and tailoring shops, recreation establishments bowling alleys and billiard hallsand entertainment enterprises theaters, discos, and pub houses are also considered service businesses. Although falling under the broad classification of a service enterprise, you may consider the trading business a fifth option.
The most common type of trading enterprise is retailing. Types of Business According to Ownership Would you want to run the business on your own, with a partner, or with more people? Single Proprietorship one party Advantages: Decision-making left entirely to owner Disadvantages: Demanding on owner's personal time Growth limited by owner's financial means 2.
Partnership at least two parties Advantages: Relatively easy to set up Check and balance maintained with two parties around Disadvantages: Any personal rifts between partners may dissolve partnership Equal profit sharing despite unequal attention and time given by partners to business.
Corporation at least five parties Advantages: Limited liability of individual shareholders Greater room for professionalism in management Is least likely to dissolve Disadvantages: Individual stockholders may have limited influence on management Tendency to institutionalize a bureaucracy Writing a Business Plan After you have made the preliminary decisions, you can proceed to formulate a business plan.
There is no such thing as an all-purpose business plan. You should write your business plan according to the unique factors and conditions of your enterprise. However, you will find it useful to write and use a business plan along the broad guidelines suggested below: This section comes first in a business plan.
You tell your reader who you are, what your business goals are, and when you expect these goals to be accomplished.
If you are submitting your plan to a bank, you may indicate how much you want to borrow and what you plan to do with the funds.Jun 01, · How to Make Ice Candy - buko, melon, avocado, mango, milo, fruit salad, cookies&cream, mungo flavor - Duration: Negosyo Recipes , views.
Everybody loves to eat Ice Cream especially children. Almost any one, of all ages enjoy this desert’s cold, soft and rich flavor which just melts in the mouth as soon as the tongue touches it.
Ice cream fills a useful place in homes throughout the country. Major road closures are coming to uptown today that will last for months. The work being done and what you need to know to get around the mess, on Eyewitness News. Since joining the ASEAN Business Advisory Council as chairman of the Philippines two years ago, I’ve come to realize that being part of an international community demands building good relationships and fostering stronger trust.
Business News Philippines was launched in October as a portal for readers to learn more about operating a business in the Philippines. This is the first step that anyone should do in setting up a business: make a business plan. Without a business plan, the business would be like sailing without charts and destination.
A business plan is your direction to keep you on track and to identify your goals and objectives.