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What is included in Business Planning & Idea Validation?
Deciding the business activity by considering important aspects such as name & place, type of entity & business activity, necessary training & experience, target audience, support members, mission statement, etc.
Analyzing the current and the potential competition, studying the strengths and weaknesses of the similar products/services. Also studying competitors on various parameters such as market trends, pricing structure, etc.
Deciding or identifying the product/service in line with the business activity, writing its full description and highlighting its benefits and needs along with its pricing structure.
Capital Expenditure and day to day Expenses
Capital expenditure is an amount used to acquire assets required to set up a business, for example; machinery, equipment, furniture, start-up cost. It also includes ongoing expenses like electricity, repair and maintenance, office expenses, etc.
Assessing the sales of each product/service will help estimating the annual sales. Sales can be estimated considering factors such as seasonal trends, bulk orders, change in demands of products/services, festive sales, etc.
Need and Sources of Funds
Businesses need funds to start, run and grow. Once the funding requirements are finalized, the entrepreneur may seek funding through different sources, such as banks (nationalized, private, co-operative),NBFCs,Government Schemes,Subsidies etc.