Making A Proper Business Plan – Young Entrepreneurs
Author: Colin Palfrey
An important part of any business is having a good business plan. And this is just as true for
teenage young entrepreneurs as it is for fully fledged companies. Being able to plan what your going to do and when, stick to schedules and make sure you are moving forward with your business is vital. The first thing you should do is analyse your potential market. Will there in fact be customers, and how much are they willing to pay. You'll need to do some basic research to discover how large your proposed business could potentially grow to, and find out the best method of reaching that market. The next thing you need to work out for your business plan is whether or not your potential customers can afford to service/product you are hoping to provide. It's no good being able to provide a product or service which is needed but unaffordable. The next thing the young entrepreneur has to look at is the start-up costs involved in setting up the proposed business. Whether it be buying lemons from lemonade stall or launching an international corporation, the same basic formula applies. Your market needs to be big enough, and have enough money to be able to afford your product, so as to justify the start up money needed. If your initial expenditure is minimal as is the case with an Internet business, then you will not need such a strong market to make back your investment. However if you are planning a physical product producing business, you will need to be sure there is enough potential customers to justify the expense involved. Great way to the
young entrepreneur to know whether the market is big enough to them to make money with their proposed scheme, is by doing some market research. What this usually involves is asking people who are interested in similar products whether they would also be interested in your proposed service/product, and see what they say. Remember the more people you ask, the more likely it is that you will get a true picture of the need for your product. Make sure that you don't continue with a plan if you have proved that it is going to final. One of the largest problem is the
young entrepreneurs is often not knowing when to quit. Obviously success in any business takes time, however it is vital to know that if you have done correct market research and it has proved a product/service and viable, then it is. By far the best business plan for a young entrepreneur in my opinion, is to use the Internet. Not only will it provide you over time with a very useful income, it also teaches you skills that you may be able to use later in life to generate a very nice income. The Internet business model is not a hard one for a young entrepreneur to break into. Provided they do their research first there are many ways to break into the world of Internet business, though it should be noted that you'll do require learning new skills.About the Author:
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