Business Plan for Online Clothing Store

Abstract

According to Galai (2016), a business plan is a crucial document to have when examining a start up business or making strategic decisions. A successful business plan should be a short document with a page count of 20 to 50. Rather of being static, it is a dynamic document and it important to establish who will develop business plan before getting started. According to Galai (2016), leaving writing to entrepreneur or manager is a mistake. He suggests enlisting help of several corporate divisions or hiring an outside specialist. When second option is selected, it is important to send some draft copies of important information about a start-up being planned to be launched. A main reason behind this is because while expert is skilled at producing business plans, he may lack sufficient expertise of your industry. He is emphasizing importance of a succinct and focused business plan as well. Galai (2016) is attempting to convey that every company strategy is made for a specific reason, such as developing an original product, attracting partners, or achieving a technical breakthrough. When it is a technology product, for example, it should be emphasized that it will be superior to other items; or when it is a new product, proof of concept should be emphasized, and so on. Finally, company strategy should be concise and well-organized. This may appear to be a small matter, but when reviewers are examining business plan, small flaws such as an empty page may give impression that your organization is not serious or wastes money on purpose. Galai (2016) does not advocate a certain structural format for a business plan, but does stress significance of prioritizing certain areas based on plan's objectives. When business strategy is for a new company, he believes first chapter should focus on problem, solution that product provides, and validation of that answer.