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Creating and implementing a business plan is an essential part of managing any business. It is even more important when it comes to starting a new business in another country. Having a business plan is essential if you plan on borrowing money to finance your venture, or if you are hoping to get other people to invest in the entity.
A business plan:
- Helps give everyone a mutual focus if you’re going into business with other people
- Ensures everyone agrees/understands the business’ aims and procedures
- Minimises time and money wasting.
- Puts you on a stable path to success.
When you have determined whether or not the business is feasible, you can start writing up the business plan. The structure of your business will ultimately determine the layout of your business plan, though in general terms it is comprised of the following sections:
- Executive summary: a succinct outline of key findings and recommendations that is produced after your business plan has been comprised.
- Intro: includes the reason for starting the business and its aims.
- Market analysis: examines the industry you are entering, including internal and external strength, weaknesses, opportunities and threats.
- Marketing plan: outlines your marketing objectives and strategies
- Operations plan: how the business will be structured, i.e. location, regulations, distribution etc.
- Management plan: how your business is to be run.
- Financial plan: how the business is going to be financed, etc.
If you need assistance creating and implementing a business plan, it is best to contact an experienced professional for help.
Here at The Quinn Group, our years of experience in taxation, law and accounting will ensure that you get tailored advice on how to start your business in Australia. If you would like to speak to a member of our team about starting up a business in Australia please contact us on +61 2 9223 9166 or submit an online enquiry.
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The Quinn Group operates Quinn Consultants, Quinn Lawyers, Quinn Financial Planning and Quinn Financial Solutions. The Quinn Group provides related information in regard to legal, accounting and financial planning issues. Liability limited by a scheme approved under Professional Standards Legislation* *other than for the acts or omissions of financial services licensees.