[tweetmeme source=”LessonsInBiz” only_single=false] The unemployment rate continues to rise everywhere in the world. The next best option that most people have is to put up their own business. However, it is a bit harder than it looks and most entrepreneurs sadly fail on their venture. This is what’s constant in business – risk. Only those entrepreneurs with a resilient spirit can overcome a lull in sales and financial problems which is seemingly never-ending for start-ups.

We often hear that a business plan is vital to help ensure that your business is going the right path. And this is true. Once a particular issue or problem has been resolved, you would go to the next one. But what should be part of a successful business plan?

Like a book, you’d need to start on the basics, you’d need to start on the introductions. The first part of your business plan should consist of the background of your business. This should include the name of your business, your mission/vision statement, where you are located, the physical size of your business or more ideally, the number of employees you have, the type of business ownership and finally your goals and objectives.

The next integral part of a business plan is your marketing plan or marketing strategy. You need to do both a SWOT and market analysis so that you would know whether your product or service would appeal to your target market. It also would not hurt to have a competition analysis so that you are well aware of what your competitors offer. Once you know this, you would be able to study your products and services and you can tailor-fit it to your customer base which in turn would make you more competitive in the market, generating more sales in the process.

I will be explaining the next few parts of a business plan on my next blog so just stay tuned.