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Create a Business Plan
A business plan is not required for incorporation in Hong
Kong. But you need a business plan - although you will have an
idea of how you are going to run your business, a well written
business plan is required for fund raising or other purposes.
The following is a general outline of a general business plan:
- Research
- List the type of information needed for your business
concept - buying patterns of your target market; how big
is your market; industry trends/standards affecting your
business; competitive environment of your industry; how
healthy is your industry growing
- Determine where to get the information - library;
business or trade publications; interviewing knowledgeable
people in your industry; researching Malaysia government
resources and publications; internet
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- Evaluating Your Business Concept
- Determine if your product/service is viable -
timeframe to develop your product/service; costs of
development; interest in the market for your
product/service
- Determine if your market is clearly identifiable
- List your competitors.
- Describe the economic health of your industry.
- Explain any financial problems you anticipate.
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- Components of Your Business Plan
- Executive Summary - although it is the first
section of your business plan, it is suggested to write
the summary until you are done with the whole plan. Be
positive, upbeat and confident. Limit your summary to
about one or two page. Your summary must show that you
have:
- A sound business concept;
- A carefully planned business venture;
- Capable management;
- A readily identifiable market;
- Significant competitive advantages;
- Realistic financial projections;
- A excellent chance for investors to get their money
back.
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- Company Description
- Your company's mission statement and objectives;
- Indicate whether your firm is sole proprietor,
partnerships or company;
- Provide the name of chairman, president or chief
executive officer;
- List other key management personnel;
- Indicate how many people serve on your board of
directors or advisory committee;
- State when your company was or will be founded;
- Describe your immediate development goals;
- Indicate which phase of development your company is
in;
- Describe the financial status of your company.
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- Industry Analysis
- List the industries in which your company operates;
- Determine the size and growth rate of your industry;
- Research the effects of economic conditions and
cycles on your industry and business;
- Describe how seasonal factors affect your industry;
- Describe how technological changes have affected
your industry in the past five years.
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- Target Market
- Analyze and define your potential target market;
- Examine the buying patterns of your potential
customers;
- Determine the buying sensitivities of your market;
- Assess the size and trends of your target market.
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- Competitive Analysis
- Your major competitors;
- How you compare to your competition;
- Potential future competitors;
- Barriers to entry for new competitors;
- Examine your competitive position in terms of
customer preference and internal operational strengths.
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- Marketing Plan
- Define the message you want to send to your
customers;
- Describe the ways you can get that message to your
target market;
- Identify the sales force and procedures you will
use;
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- Operations
- Describe and evaluate the facilities in which your
business will operate;
- Evaluate and assess your production plan;
- Examine how you organize your workforce;
- Explain how you utilize new technology;
- Determine how you will fill orders.
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- Management and Organization
- Evaluate your management team - key employees, board
of directors, advisory committee, consultants,
specialists, and key personnel to be added;
- Determine what compensation and incentives ou will
offer your key employees - salary only, bonuses, profit
sharing, equity, stock options, etc;
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- Long Term Development and Exit Plan
- Determine your business' ultimate destination;
- Describe what you want your business to look like in
three or five years;
- Decide on a strategy that will take your business
towards your long term goals - create a list of
priorities and assess the risks your business will face;
- Develop and clearly define your exit plan.
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- Financials
- Indicate which type of accounting system is
appropriate - cash basis or accrual basis;
- Provide financial projections for three to five
years in the future;
- Prepare the following in your plan - income
statement, cash flow analysis, sources and uses of
funds, and assumption sheet;
- Present your financial projections honestly and
conservatively;
- Use standard formats and financial terms;
- Follow the financial practices used in your
industry.
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- Appendix
- Decide if you will need an appendix;
- Keep the appendix short;
- Include the following items as appropriate - letters
of intent or key contracts, endorsements, photos of your
product, and technical information.
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- Preparing for Distribution
- Create a cover sheet;
- Number the pages by section;
- Provide a table of contents;
- Include the nondisclosure agreement;
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Nazra @ +6019-614-5528, Administration @ +603-3325-7501
No.45A, Lorong Sentosa 4A, Bayu Tinggi, 41200 Klang, Selangor, Malaysia
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