The concept behind a business plan
So, you have decided to open up a new computer repair business, but really are not sure how to proceed. If that is the case, below we are going to tell you everything that you need to do in order to not only make an educated business decision. But also, the steps you need to take to create a comprehensive business plans that will at the very least, provide you an excellent road map for your new venture.
There are many different kinds of formats used to create a business plan. In this example, we are going to assume that you will not need an outside financing source and that your computer repair business will only be a local operation, at least initially.
The concept behind a business plan is relatively simple to understand and execute. Essentially, you want to make sure that what you are thinking about opening is financially viable, and if so, then write down everything that you need to accomplish in order to turn your idea into a profitable endeavor. Below we are going to layout a traditional business plan and let you know precisely how to complete each section.
# 1 – Executive Summary – You really do not have to work on this section of the business plan if you do not planning on showing it to anybody, or you are not looking for investors or an outside financing source. That being said, if you are really serious about turning your new enterprise into a profitable going concern that has the ability to not only grow, but is also sustainable, you should sit down and spend a few hours writing out the executive summary.
The executive summary which is also sometimes called the management summary, goes at the very beginning of the report, but should only be written AFTER you have completed the entire business plan. Its intended purpose is to capture the reader’s attention, get them interested in the business, and briefly explain the concept and everything else that is contain in the report.
# 2 – Business Description – This is where the real work starts when you decide it is time to get serious, and begin writing out your business plan. What you want to try and do is to get all of you ideas down on paper so that you can refer back them in the future if you need to.
Please do not be concerned with you writing style at this point, but only the information. Later, after you are sure you have included everything that you want or need, you can go back and clean up the material. Below are some of the things that need to be discussed in this section.
A) Why you believe this is a good business to start.
B) What do you know about this type of business.
C) What skills are you bringing to the table.
D) What skills do you need to acquire.
E) Who is your market.
F) Why is there a need for the service or product you plan on supplying?
G) Why you believe that your business will be able to serve your market better than any of your competitors.
H) What will make your business standout from the competition.
Okay, you get the idea. Please do not limit yourself to the things we discussed above, but also include anything and everything else that you think could be important.
# 3 – Market Analysis – This might be the most important consideration for anybody that is thinking about opening up a new computer repair business. After all, if there are already 14 other similar companies competing in your neighborhood, it would probably be a good idea to think about doing something else.
In all seriousness, you really have to understand your competition at the highest level, know what their fees are, be familiar with the services they provide, and figure out a way to improve on everything that they do. If you are confident you can meet or exceed the stipulations mentioned above, then your new business just might have a chance of succeeding. Below you will find some of the areas you need to research and be familiar with.
A) Write down each and every store or standalone operation that you will be competing against.
B) Note each and every service that they provide.
C) Figure out exactly what they charge for each job.
D) Here is the tough one, ask yourself, now that I know everything about my competition, how am I going to everything they do, better and cheaper?
If you are able to answer that last question, and you are happy with the way you answered it, you just might have a real chance of making it.
# 4 – Organization and Management – More than likely when you first start your computer repair business, you are not going to have any employees. But, there are going to be certain jobs, like setting up a computer network for a large company that could require a little extra manpower. If so, have you thought about who you know that you can bring in at a moment’s notice that would be willing to work part-time.
Next, people that enjoy working on computers are usually very organized and hopefully you happen to be one of them. If not, it is really going to be very hard for you to run a company that is in an industry that is time sensitive. After all, when you tell somebody that you are going to arrive at their home or business at 4 pm, and you show up three hours later, do you really think that they are going to call you the next time they have a computer problem?
Another thing that you need to take into consideration in this section, is as your company grows and you acquire more and more customers, when do you hire another computer technician and who do you hire? Do your hire somebody that already has a great deal of experience and will demand a very high salary? Or, do you hire a novice that you can train that will be less expensive? Below are some of the things you are going to need to ask yourself in order to complete this section of the business plan.
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