How do u develop a sound business plan?

Answer 1

You will want to establish that there is a need for your business. To do that you will have to do some research and set up some statistics to justify your hypothesis. Next you need to outline how the business will be set up...what kind of space you will use, how many employees you will use, if you are selling a product what your basic inventory will be...you need to project what your overhead costs will be and how you plan to fund those costs until your income exceeds your expenditures. You need to have your business set up in such a manner that your customer base will be able to readily access the business and that it is affordable to the general customer base you are seeking. Expecting a profit within the first six months will depend on the nature of the business; the old rule of thumb was that if you could survive the first five years then you could count on a going concern. Nowadays with the throw away culture that has developed if you can survive the first year then you can generally count on at least two or more. You basically have to detail every aspect of the business right down and especially including the advertising of your business. All expenses and projected costs need to be realistic and not just best guess. If you take six months to do your projections you can count on a cost increase at the end of the six months. There has been no stagnation in the cost of living and it goes up at an exponential rate continuously.

Answer 2

There are whole books on this subject available.

Your plan needs to explain how and why you will be successful. Especially why customers will buy your product.