Money drives many decisions that we make daily. Setting goals on our finance aspect can help us take control and feel more relaxed about those decisions. This is why you should understand financial goals meaning, examples for students and business owners, and types of financial goals.
Ready to get started? First, this article would teach you what financial goals are and why they’re important. Money without proper management is set to vanish without a reasonable and proper account of it. This proper management of money is the financial goals set on how money comes and goes off your hand. This article will help you understand better how to set good financial goals for your income. Also types of financial goals you should set to achieve. Let’s quickly go into knowing the meaning of financial goals as we go further in this article.
Financial Goals Meaning
Financial goals are the personal targets you set for yourself on your savings and expenditure. They can be short or long term goals you want to achieve over a set period of time. Your state in life determines the type of goals you would want to achieve. Either way, achieving a goal is often easier when you picture it in advance. But, you should learn how to make your ideas work to enable you to set important goals. Below, we talk further on types of financial goals you should know either as a student or business owner.
Types of Financial Goals
Each type of financial goal comes with a lot of benefits if properly planned. Before you set your financial goals, first, you have to identify the things most important to you. Though it’s normal to have many goals, and for them to change over time but it starts from being financially accountable. The following are types of Financial Goals:
#1. Paying off debt:
Paying off debt especially credit card debt consumes much of cash flow in which can be used for other objectives. Is very important to set a goal on this to enable you to manage your money to meet other goals. Basically, it will be of best interest for you to know these 5 quick bad debt recovery strategies. These strategies may be of good help to you now or in time to come.
#2. Make a budget and stick to it:
This is one of the types of financial goals that need discipline. Budgets are made based on debts and expenses, and no one gets rich focusing on debts said, Ric Edelman. More money flows in focusing on assets and income, which most experts agree that budgets are important. So, creating a budget is the best way to know your financial limits. In the home, creating a family budget helps to avoid unnecessary expenditures and save enough for other family needs.
#3. Save for retirement:
Setting cash every month from your income to grow your retirement portfolio is the best you can do for yourself. It gives you the capacity to reach your long-term dreams. People just need to see it that way to save enough for their retirement.
#4. Build an emergency fund
In a fragile job market, emergency funds are essential, as they are used to settle unforeseen expenditures. Pay for a hospital stay, the mortgage, fix of car repair, etc, are part of unforeseen issues likely to occur. This type of financial goal is considered one of the most important goals everyone should set.
#5. Live below your means
In a small meeting of 200 participants, 19% agree that one of the types of financial goals they achieved the previous year was learning how to live below their means. You have to spend less than your income if you want to have more savings for other goals. If you spend more than your income it simply means debts. Don’t try to maintain a lifestyle you can’t afford, it will only lead you to more debts than savings.
#6. Saving to buy a home:
For most people, buying a home is their most significant purchase and investment. So, having a down payment for this bring freedom and flexibility to the life of the loan provided. A 20% down payment is the standard for a good mortgage. Note, having a mortgage is a far more savvy investment than paying rent.
#7. Saving for a vacation:
Often, you may want to travel on a vacation maybe during winter or summer. So, saving some cash down for this in advance will guarantee you a great vacation experience.
#8. Starting a business:
Starting a business ultimately a fulfilling endeavor, though tough. Everyone wants to be a boss and self-employed. Business is meant to make money and not another way around. So, before you start a business you should have a good business plan, seed money, and monthly budget within your means. Consider these 4 tests you must pass before starting a business, it will give you more insight on this topic.
#9. Feeling financially secure:
Everyone can and should do more to plan for their financial future, by making a plan and following that plan. Having financial goals can help shape your future by influencing the actions you take today. That’s why financial goals matter a lot to both individuals, be a student, business owners, and co-operate bodies.
#10. Paying off your student loans:
Consider refinancing at a better interest rate as a way to pay off your student loans faster.
#11. Improve your credit score:
It’s always needful to qualify for a low-interest rate in order to get done transactions that require a loan. In simple terms, an improved credit score saves you money by qualifying you for lower interest rates.
How To Set Financial Goals
Here are basic six steps in setting financial goals;
- Know the things more important to you.
- Find out what’s within reach, that may take time, to be considered as a long-term strategy.
- Consider applying a SMART- goal strategy.
- Create a budget that is realistic, by taking a stronghold on what comes in and what goes out.
- Your tough, realistic, water-tight budget must show at least a handful of leftover cash.
- Keep track of your progress. Make sure you hit often certain benchmarks. If not, take some time to check what went wrong.
How Can You Achieve Your Financial Goals?
Setting a goal involves, what goal you intend to achieve, the amount of cash needed and other resources required. Also planning time duration it may take to achieve each of your goals. So, the great way to reach your financial goals is by making a plan that prioritizes your goals. Your goals can be separated into three categories of time, which are;
- Short-term financial goals – This normally takes under one year to achieve, for example: taking a vacation, paying off specific debts, etc.
- Mild-term financial goals – This may not be achieved right away but it shouldn’t take too many years to accomplish. Examples may include: buying a car, completing a degree or certification, or paying off your debts.
- Long-term financial goals – It may take several years to accomplish a long-term goal, therefore it requires long commitment and more money. This is likely to be achieved in 5 years or more. Examples include; buying a home, saving for a child’s college education, a comfortable retirement, etc.
Read more on: Finance; Definition, Types and Importance
Financial Goals Examples for Students
In this part, financial goals examples for students, I break it down in detail all you need. Setting smart financial goals as a student is so important to your financial well-being. Even with an unpredictable income and study loan as a college student, setting goals isn’t hard as it may sound. With steps let me show how you can achieve a lot with your little student income.
As a student, below are seven steps to help you create a smart financial goals for now and in the future:
#1. Set Some Financial Goals
Learn to set smart financial goals as a student by taking these simple steps below;
- Write your goals down
- Calculate your budget
- Figure out how much you can work
- Find ways to earn the most money
- Create a 12-month financial plan
#2. Look for Part-Time Work
Often this, not the easiest thing to accomplish, but it’s still an important part of every individual’s personal finance planning. As a student, working full time is out of option. But even a few hours a week will help you earn some extra cash. Ask if your school offers work-study programs since they may offer the most flexible schedules.
#3. Keep Track of Your Spending
Keeping a smart track of your spending will help you see how you are really using your money. This will guarantee how much you spend on certain things and how you can re-adjust your spending.
#4. Create a Budget
A budget is a document that measures your tracking with regards to achieving your financial goals. Firstly, find out what your income and expenses will be for the semester. Then use the information to set up a budget that best suits you.
#5. Stick to your Budget
One thing is to create a budget, the other is to follow it. Your budget can be beneficial to you if you stick to it, by gradually making it your lifestyle. With time your budget will become a habit to you if you follow and stick to it.
#6. Stay Out of Credit Card Debts and Personal Loans
Having a credit card or personal loan payment can lead to financial stress. This will as well as inhibit your ability to accomplish your other financial goals. So, always pay your bills on time. Consistent late and missed payments will have a significant negative impact on your credit rating and budgeting. You should consider paying off your credit cards or personal loans if already have any as soon as possible. This will really help you to avoid high finance charges as well as extended payoffs.
#7. Build an Emergency Fund
Examples of situations you will need an emergency fund are;
- Getting sick and not able to pay your bills for a month.
- Smashing your or someone else’s car or phone.
- Your laptop dies.
- Household appliances break down.
- Flights home for a family emergency.
- An opportunity you need extra money for in school.
Financial Goals For a Business
As we have learned much about financial goals for students, is also important to know that of a business. Below are a few essential financial goals for any business;
- Increased Revenue
- Financial Knowledge
- Decrease Costs
- Good Financial Knowledge
- Improve Margins
- Good Financial Perspective
- Good Debt Service Management
- Well Planned Cash Flow
It is very important for every business owner to know how to set good goals as business financial goals and run with it. Individuals who also have an interest in owning a business are no exception to this knowledge. This will help you have good financial management by not spending more than what you make. Help you also avoid unnecessary spending that may bring your business down. Good financial knowledge will help you know how best to run your business and grow it over time. Therefore, setting good financial goals for your business is the best you can do for yourself to grow in business.
Financial Goals for 2021
Your financial goals for 2021 shouldn’t be different from recent financial goals as we have discussed earlier. But, planning for 2021 (how far you want to go and how fast you want to grow) ahead, now is the best time. If the current financial goals you are running with aren’t working well for you, is time to readjust. You can start now to plan for your financial goals for 2021, now is better than later.
With some good planning and some hope, you can make 2021 your best financial year yet. Here are the 10 best ways to do that.
#1. Invest in yourself
Investing in yourself is like investing financially. The best time to start was yesterday, you couldn’t meet up, but the second-best time to start is now. Investing in yourself doesn’t have to cost money, it only costs a little bit of your time. So, take every chance to invest fully in yourself first, before other goals. Do you know? – Yourself is the only bridge between you and your success, said poet Chiemerie Ozurumba. Therefore, seek to impact yourself.
#2. Start a new budget
You have run with the old budget, probably not favorable, is time to start a new budget. Finance is like a tree with roots and branches, and budgeting is the root system. The Root Budgeting System focuses mainly on helping you build a budget that is right for you. Creating a budget base on people’s suggestions will ruin your plans. Therefore is important you create your own budget and follow it.
Here are five simple steps you can follow to help you start a new budget:
- Start with the basics: Put together your earnings and expenditures to see how much cash flow you have at hand. With the basics, you can start planning for your 2021 financial goals and freedom.
- Master the three pillars: There are three pillars in starting a new budget you need to know. These three pillars will help you set out your financial goals for 2021. This includes: Automation, Keeping track of expenditure, and Building an emergency fund. After these steps, start making your own budget right away.
- Identify your values: Find what you value and include those values in your budget. Your financial goals for 2021 should base on your personal values.
- Choose budgeting principles that best suit you: Make sure you always use budgeting principles that make sense to you. Don’t try to imitate or bring external perspectives into your budgeting, be yourself.
- Build a frequency budgeting attitude: Break down your budget into smaller, paycheck-size. This can help you know exactly where the money for your bills will come from.
More of Financial Goals For 2021
#3. Invest your money
The best way to invest is to focus on the long-term goals, invest a specific amount always. Also, try investing in very low-cost index funds. Don’t just jump into a business you have less or no idea about. Channel your money to the right places and invest wisely.
#4. Observe your taxation
Pay good attention to your tax situation, and settle your taxes on time.
#5. Set a goal
Ask yourself what do you intend to achieve in your finance next coming year. Do you want more cash flow in? or what to learn how you can make a good business budget?. Do you have a business idea you want to work on?. Then one of the best things is to set a specific goal and get ready to stick to it.
#6. Set milestones on your way to that goal
Think of milestones as a smaller goal to help you reach your larger goals. Like setting a goal to know how much extra money you have will help you in your debt payoff.
#7. End connection with things that don’t work in your life
You know the things that value most to you, include them in your budget. Cut things out that don’t work for you. With this, you can set good financial goals and enjoy financial freedom come 2021. Excited! right?, I bet you should, everybody desire financial freedom.
#8. Look forward to increasing your income
Always have the right thought about your finance or business. Also, create the mind of a succeeding entrepreneur. Hope for things that will help you increase your income. Things like having a promotion at work, get a raise at work in your current position. Searching for a new job and also expanding your business are also ways you can increase your income. If your income increases, then your financial goals for 2021 can be set and achieve easily.
#9. Find your reason and focus on it
Knowing why you want to accomplish a goal will help you put more effort into it. Your reason is your driving van in accomplishing your goals. Therefore, find and focus on your why.
Automate everything in your personal finance, your bill-paying, your income, your investments, and your savings. This ensures you don’t skip or miss any payment again. Learn this to help you in achieving your financial goals for 2021.
Looking for a business to start with little cash? Read: Best business to start with little money right now.
Financial Goals by 30
Have you set your financial goals? Being in your 20s is an exciting time. Moreover, you finally have the freedom to set your own rules, and you understand the value of independence. In this section, let me show you a few realistic goals you can set now to achieve before age 30.
Here are ten realistic goals to complete by age 30 in order to make your next life stage less stressful.
- Build your human capital
- Manage your debt
- Start saving for retirement
- Get a credit card
- Get comfortable with investing
- Stop impulse spending
- Create a monthly budget plan
- Get rid of one luxury
- Set career based on financial goals
- Save for a home
As we have learned in this article, setting smart financial goals is as important as money. Without it, you won’t have a specific record of your income and expenditure. As it helps you as a student and a business owner to keep track of your progress in your finance. In setting a good financial goal time management strategies and concepts of business management should also be put into consideration.
SME loans: The Updated 2021 List (+Detailed Application Guide)
What is an SME loan?
An SME (Small and Medium Enterprises) loan is elementary funding of small and medium-sized business enterprises. The SME loan assures a thin gap of credit for attaining the borrowing needs of small and medium scale enterprises. It can be used as working capital as well as for long term requirements.
Purpose of SME loans.
As a matter of fact, an SME loan serves as working capital for a long time, he loan ensures that the borrowing needs of SME’s are met right away, and again, it is confirmed after checking the business nature, cash flow, the trend, and climax requirements.
To be eligible for this loan, one should meet up with the specified profits under the MSMED Act of 2006 for SME and also the microwave enterprise.
Securities (collaterals) are needed to access some SME loans while requires no collateral. Some demand collateral depending on the amount you request but mostly when you come from a registered organization no collateral is needed.
Features of SME loans.
#1. It is easy to access.
#2. Interest rates are attractive and also affordable, depending on your business strength.
#3. The documentation is not rigid.
#4. However, this entails easy repayment.
#5. Creditors can offer you up to 2 years before you pay back.
Some SME loans in Nigeria.
In Nigeria, SME loans are also accessible and once you meet up the requirements, you will get them. In reality, some banks offering SME loans in Nigeria includes the UBA, GT BANK, the Central Bank of Nigeria, and other governmental banks like Bank of Agriculture, Bank of Industry, and the Development Bank of Nigeria.
SME Loans without Collateral in Nigeria.
In Nigeria, some platforms/banks issue loans without collateral and they include;
#1. United Bank of Africa (UBA):
Firstly, UBA has a program “NO WAHALA LOAN” and this is without collateral and might borrow loans for SME or to fix your car, pay bills, and for other emergencies.
#2. GT Bank:
Secondly, the GT Bank “quick credit” is super-fast and can be gotten in just two hours of official sanctions and this loan does not require paperwork. ou get it by dialing a shortcode and it’s a maximum of 5 million naira.
#3. First Bank of Nigeria (FBN):
Thirdly, the FBN operates the “first edu” loan and this is available for private educational sectors that are registered with the Corporate Affairs Commission (CAC). The loan obtainable is up to 10 million naira.
4) First City Monument Bank Limited (FCMB):
FCMB provides the following loans without collateral:
#1. Auto Loan: This loan enables customers to own a car and pay over time.
#2. Salary Top-up: This loan grants you access and grants you payment before payment.
#3. Fast Cash loan: This grants instant cash to customers, up to 100,000.
#4. Premium Salary loan: This grant is up to a minimum of 2 million naira.
To access these loans, just dial *329# USSD code.
On the other hand, banks like WEMA Bank, Access Bank, Stanbic Bank, and Fidelity Bank have loan programs without collateral. But for online purposes, you can search for the following platforms to get a quick loan without collateral in Nigeria.
They are as follows: GROFIN, SMEDAN, LYDIA.CO, AELLA-CREDIT, ZEDVANCE, PAYLATER, KIAKIA.CO, ONE-FI, SPECTA, and QUICK CHECK.
Federal Government SME loans.
Basically, the Federal Government has released new details on the Micro Small and Medium Enterprises (MSMEs) support scheme being rolled out under the National Economic Sustainability Programme.
Accordingly, estimate provides sum of N50 billion will be used to provide payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers
Correspondingly, the government disclosed in a tweet on the official handle of the government, the support scheme will include a Guaranteed Off-take Scheme for priority products, and an MSMEs Survival Fund.
The Bank of Industry is there to provide transformation of Nigerian industrial/manufacturing sector.
As a result, there are several intervention funds under the Bank of Industry. Examples include:
#1. N235 BILLION CBN INTERVENTION FUND FOR MANUFACTURING RE-FINANCING AND RESTRUCTURING FACILITIES OF BANKS’ LOANS.
#2. N300 BILLION CBN POWER AND AIRLINE INTERVENTION FUND (PAIF)
#3. FGN SPECIAL INTERVENTION FUND FOR MSMEs (National Enterprise Development Program)
Read More: Federal Government Grants
Development Bank of Nigeria Loans (DBN).
This is another of the Government SME Intervention funds that so many SME owners in Nigeria don’t know about. However, the DBN exists for one purpose, o alleviate the financing constraints that micro, small, and medium scale enterprises face in Nigeria.
To qualify for a DBN loan, you must meet these criteria:
#1. Be involved in productive enterprises.
#2. Must be a customer of a certified financial institution.
Agric Small Medium Enterprise Investment Scheme (AGSMEIS).
The AGSMEIS initiative is specifically one of the many Federal Government Intervention efforts to promote agri-businesses in the country. It also provides support to other SMEs to facilitate employment generation and sustainable economic development.
Furthermore, MSMEs can apply for up to N10 million at a return rate of 5% per annum. Some of the objectives of this scheme include:
#1. Provide finance to Nigerian SMEs.
#2. Generate employment opportunities for Nigerian youth.
#3. Equally, facilitate sustainable agricultural practices and develop an efficient agricultural value chain.
#4. Boost managerial capacity in SMEs and Agri-businesses so that they can grow to become huge organizations.
Some sectors of the AGSMEIS caters for the following:
- Creative Industry
- Production and Manufacturing
- Services (restaurants, hospitality)
World Bank SME loan:
Comparatively, World Bank data, financing, and know-how have helped millions of SMEs to gain access to financial services to manage risks, survive temporary cash-flow constraints, and grow; thus creating jobs and raising incomes. The World Bank helps more than 60 countries provide an enabling environment for MSMEs, with an active portfolio of US$3.2 billion for MSME support through 38 active lending projects, with many more MSMEs benefiting through WB-supported financial institutions.
How to apply for SME Loan.
#1. Submit Application:
Simply enter your personal, business and also financial information to receive an MSME/ SME loan.
#2. Upload Your Documents:
If you applied online then upload your digital data for verification but if offline submit your documents to the nearest branch.
#3. Get Approved:
Before accessing this loans just make sure you get approved legitimately to avoid any complications.
BUSINESS PLAN: Examples and Template for Startup
The secret of every successful business lies in the business plan; it enables you to easily identify potential problems and opportunities your business might face, create a strategy to avoid or achieve it.
To understand the importance of a business plan, you have to first, know why it’s useful and how to create one.
What is a Business Plan?
A business plan is a written document that details how a company – usually a startup – defines its goals and how it should achieve its goals. It contains a written roadmap for the company from a marketing, financial, and operational perspective.
Business plans are important documents that are used to attract investment before a company has a proven track record. They are also a great way for companies to stay focused on their goals in the future.
While they are especially useful for new businesses, every business should have a business plan. Ideally, the plan will be regularly reviewed and updated to see if the objectives have been met or changed and evolved.
Components of a business plan
The length of the business plan varies greatly from company to company. All information should fit in a 15-20 page document. If there are key elements of the business plan that take up a lot of space – like patent applications – they should be listed in the master plan and included in the appendices.
As mentioned above, no two business plans are alike. But they all have the same elements. Here are some of the general and important parts of a business plan.
This section describes the company and contains the mission statement as well as all information on management, employees, operations, and location of the company.
Products and services
Here the company can describe the products and services offered and also include prices, product life, and consumer benefits. Other factors that may be included in this section are the production and manufacturing processes, any patents owned by the company, and proprietary technologies. Information on research and development (R&D) may also be included here.
A company needs a good understanding of the industry and its target market. It describes who the competition is and how it takes into account the industry and its strengths and weaknesses. It also describes the expected consumer demand for what companies are selling and how easy or difficult it can be to gain market share from incumbents.
This section describes how the company attracts and keeps its customers and how it aims to reach the consumer. This means that a clear sales channel must be defined. It also lists the advertising and marketing campaign plans and the type of media through which these campaigns exist.
To attract the party reading the business plan, the company needs to factor in its financial planning and future projections. Financial statements, balance sheets, and other financial information can be included for established companies. Rather, new businesses will contain targets and estimates for the early years of business and potential investors.
Every good company should have a budget. This includes personnel, development, manufacturing, marketing, and other costs related to the business.
Types of Business Plans
Types of business plans include, but are not limited to start-up, timely internal feasibility, business plans, and growth.
Start-Up Business Plans
Detailing a new business to start is step by step towards designing a new business start-up. This document includes sections generally dealing with the business, product, or service of a business that you do not provide with market assessments and projected management teams.
The financial analysis should outline the spreadsheets in the places between potential investors and also ask for financial projections, but not limited to, income, profit, and cash flow.
Internal business plans
The target audience for internal business plans is the specific task, for example, the team that will need to evaluate the proposed project. This document will describe the current state of the business, including operational costs and profitability, then calculate and, if necessary, run the business anyway towards the project.
Internal plans that provide information on the project, hiring, and technical costs. Illuminating target demographics also typically include market analysis, market size, and a positive effect of the market on company revenue.
Strategic Business Plans
Strategic Business Plans provides high-quality fashion and sets policy for the entire company. The structure of the strategic plan from the company to another company mainly includes five elements: the corporate vision, a mission that the definition of business strategies essential to success for some, the implementation schedule.
A business plan brings all levels of the strategic image into the big things, the successful outcome of it, and has been given to the business objectives are to work together to create it.
Growth business plans
Suggestions or descriptions of higher growth in proposed expansion plans due to internal and external growth and written proposals. If growth requires an investment company, and attach all descriptions of the growth plan to the company, its management, and officers.
In any question of advice, the individual should be seen as a company that satisfies potential investors. If you don’t need a growth plan, the authors may seem obvious, but don’t include descriptions of financial sales companies and expense forecasts.
Feasibility business plans
A Feasibility business plan answers the first two questions regarding the feasibility of the proposed business venture which, if any, when you buy a product or service to sell the business to make a profit if they can get a boom.
The business plan has been discussed and includes but is not limited to, sections describing the need for a product or service, target demographics, and required capital. Final vehicles specialize in progress.
IT business plans
What was it when the situation because of the interior councils of the council election? The arrival of the thing and the delays in the implementation of the marketing campaign, you do not think copycat. The business plan outlines a set of employee services.
Business plan Template for Startup
Choosing the path of entrepreneurship can be very challenging. It requires building a business from the ground and getting it up and running is serious work, however, there are ways to ease the stress. First is getting a business mentorship; every successful entrepreneur you see today has who they look up to.
Before you can run any business successfully, you must get a business plan; this will help you discover any weaknesses in your business idea so you can address them before you open up a business.
You don’t have to get overwhelmed trying to draft a business plan for your business, with the business yield generator, you can get the best business structure that suits any business type.
Business Yield Idea generator
What makes this the best anyone can find online is that this generator is purely done by humans not a set of algorithms or Artificial intelligence.
Humans gather data and do quick but detailed research
based on the information you provide. It’s simple, answer a set of quick and easy questions and your business ideas will be on your email in less than 24hrs.
24hrs because this is the most feasible idea generator as it takes into consideration, your budget, intended startup locations, talents and skills, the available time you can give the business, etc.
Based on these data with an extensive feasibility study and just a little token, you would have a list of ideas sent to your email with links to give you access to instant business plans, Business model canvas, and up to 3 years of financial analysis to help you get started for the business.
Click on Business yield idea generator to access top business plans that will benefit you.
Simple Business Plan Example [500+ With Free Guide]
Most simple business plan examples you see online are a cumbersome bunch. Either you cannot undertand them or the information contained is too vague for comfort.
The simplified examples have been sampled in the post. Most importantly, a resource center with over 500 business plans you can download for your business.
Read through to find the free busines plans at positions you least expected.
Simple business plan example Free Guide
A simple business plan is summarized in six elements – who, what, when, where, why and how.
Best and simple business plan example would answer the questions posed by the six elements listed above.
Well, let me show you!
#1. Who. Simply put – who do you want to serve?
One of the mistakes small business owners make is thinking everyone is their client. Invariably, they are conducting their operations in a manner to serve everyone. That is very wrong.
Actually, you shouldn’t. You have to focus on one type of client and build upon it, expansion will come later.
Who is that ideal customer that needs your service? Determine that. Are they individuals or small business owners? If they are a small business owner, what is their income? Which industry are they in?
#2. What. What values will you provide to your clients?
It explains what the business’s mission is. The mission shows the exact service you will provide. What makes your company different from others providing the same service? That is to say, what is your competitive advantage?
#3. When. When will the business start?
It determines the time of launching your business plan. This step aids in establishing time management measures especially if you are starting up on a part-time basis. How long will it take for your business to kick-off?
#4. Where. Where is the business located?
You have probably heard the saying that location is very important. lt is more essential when you are operating a store-front business. It is pertinent that where you are setting up your shop is an ideal location for your business.
Asides physical location, you also set your goals for the future. Where will your business be one year from now? What giant strides do you want to achieve?
#5. Why. What is your why?
This is the most important question anyone in business should answer – What is your why?
Your why is the purpose in your life, your business, the reason your business is created. What is your purpose for creating this business? Why should your business succeed? This will fuel your passion and keep you going.
#6. How. Ways to achieve your goals
Here, you set plans on how you will accomplish the other five steps. Without this step, your dream will remain a dream.
Lastly, how will you set your business in motion? How will you finance your business? How will you get clients?
Use these six everyday questions, and apply them to your business idea. Feel free to re-arrange the questions in any order to flow more easily for you, just be sure you answer them all. In addition, you can also add any other questions.
These questions are what you answer in your business plan.
Moving on, we will bring you some simple business plan examples.
Here are Simple Business plan examples; DOWNLOAD THE FULL DOCUMENT HERE
The more-detailed business plan examples are here for you to download.
Business plans are the lifeblood of any feasible business. Dowlaod a simple plan and kickstart that business today.
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