Introduction to Business Concept Plan
Business concept plan is referred as a short and summarized overview of new business venture that has been started-up by a single person or group of individuals. An effective business concept plan could easily be used by an entrepreneur to expand his/ her initial business idea. Moreover, this plan could also consider as a documentation of commitment to diligent planning effort by documenting the analyzed intentions of all business founders on individual basis. To know different business concepts, read https://simplicable.com/new/business-concept.
The founder of business or business entrepreneur is accountable to verify that the specified concept plan is associated with a brief summary related with each and every business resource and the approach regarding business execution. Documentation of business plan is completely different from writing college notes and just filling the pages because an effective business plan must contain some knowledgeable content related with business set-up and growth plan including the approach with which the business resources would better manage by the entrepreneurs.
A business founder or entrepreneur is responsible to develop a business concept plan to clearly define the business start-up idea among the audience and governing bodies to order to get approval from them to start a new business. Also, it has been seen that different business models are used by different business entrepreneurs as per specified business theme such as a construction business, finance related business, and e-commerce business etc.
Business concept plan
First thing to be included in Business Concept plan
A successful and impressive business concept plan consists of several key aspects those are necessary to be discussed by the entrepreneurs to better initiate an innovative business plan. The first thing that need to be discussed in business concept plan includes a realistic assessment of market scope and size that could clearly define the market environment. Industry related and economic factors are also discussed in business concept plan that could further influence the customer demand together with demographic as well as behavioral features of intended consumers of the specified organization. In the business concept plan, it is more than sufficient to identify the relevant areas of market e-research in order to report over the preliminary results.
Second thing to be included in Business Concept plan
The next thing to be included in the impressive business concept plan is profit sharing details if new venture has been started up on partnership basis. The profit timings and magnitude offer better assistance in determining the highly required funding resources of the enterprise. It is necessary for the entrepreneur to mention such details in business concept plan that he has to document and submit it to the governing bodies.
Third thing to be included in Business Concept plan
The business entrepreneur should also mention the primary business activities and key actins respectively in the business concept plan to alert all those involved in critical milestones. The important actions might include formation of corporation, timing of opening day and funding resources and on the other hand, actions might include different operational activities of the enterprise such as- establishment of distribution system, and controlling production.
Fourth thing to be included in Business Concept plan
The last but not the least thing to be included in business concept plan is total capital needs of the enterprise or newly established venture together with planned sources those need to be established successfully. Furthermore, these requirements address initial capital, required capital and working capital to better sustain the growth rate beyond the first year of establishment of new venture.
There are different business models those are followed by the entrepreneurs to successfully manage their business operations and unfluctuating the success rate of newly established venture. Selection of business model completely depends upon the type of business operations of the organization deals and examples of various business models are- business to business model, customer to customer model, business to customer and customer to business model. Most of the enterprises prefers to use business to customer model to directly handle customer requirements and understand their specified product related key requirements and their purchasing behavior as well.
At last, it can be summarized that the business concept plan is an important document that need to be prepared by the entrepreneur who established a new venture so that the business idea could be clearer to nearby partners. Moreover, business models are also discussed in above article and from the discussion it gets to know that type of business model that an enterprise could follow completely depends upon the business theme i.e. whether it is finance related, construction related, and retail business etc.