business

How to Make a Successful Business Plan?

Published

6 months ago

September 19, 2022

james vines

Table of Contents

Do you know how to make a successful business plan?

If you are thinking of creating your own business or already have one, you have probably heard about business plans. This document is fundamental to know how a business works and what its viability is.

At No Commissions we take it very seriously that you achieve business success as effectively as possible.

At the beginning you will be overwhelmed with the amount of information you need to make your own business plan, but do not be discouraged, if you do it step by step and following some of the recommendations that we will give you below you will see how easy and fast it is.

The most important thing is that you know and have very clear what you want to undertake. With this information, the rest will be just a matter of knowing how to expose your ideas. Business plans are a document that cannot be missing in any company, so it is important that you devote the necessary time and do your best.

What is a Business Plan?

A business plan is a document that details your business and is created after a thorough analysis of what you are proposing. You can see some of the best examples of business plan shared on the Niche Beasts Blog. The idea is that it includes all kinds of information, such as what you are going to sell, where you are going to do it and who your target audience is.

It should also have details about the financing you require and how you plan to invest it, financial projections and other issues such as licenses you need from the government or real estate rentals.

What is a Business Plan for?

The reality is that a business plan seeks to make visible, both to yourself and to others, whether an idea is viable or not. It also allows you to see the risks and opportunities of your venture, knowing then what you will have to face.

It is very useful for entrepreneurs who are looking for sources of financing, since with it they can expose how the business idea would work. If you do it in the right way it is a fundamental tool to take the right direction and have greater opportunities for success.

If you do it on a company that is already in operation serves to detect failures in the process or create action plans to improve results. It seeks to make decision making easier and to detect irregularities.

How to Make a Business Plan Step by Step

As we said before, the business plan is a document that results from the analysis you make of your business idea or company and how you plan to develop it. For this document to be effective it must have some basic elements.

If you take into account the following points you will be able to make your business plan step by step. The order of the items is how it should be presented, but not necessarily how you should develop it, even the first point can be left to the end.

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Executive Summary

The executive summary is a short text in which it is expressed in a general and simple way what the business idea is about. It should be very explanatory and easy to read, since it should be designed so that anyone can understand what your objectives are.

You can do it after having the complete content of the business plan, so you will have more clarity when writing it and you will be able to extract the fundamental ideas of each one of the items. Remember that it should be a maximum of one page and should contain certain key points.

This will be the first approach they will have with your business, so it should explain in a simple way everything the plan includes. It is a synopsis of everything that will be found inside the document and that is why it is important that it is engaging and very clear.

Summary: in no more than two paragraphs you must explain what the company is about, where it is located, what it sells and which are its customers.

Profile: within this text you must make a small profile of the company. This should include the structure of the business, the owners and each of the skills it will provide and also what would be the profiles of the first employees.

Products or Services: in a very brief way you must make clear what you are going to offer, that is to say, which products and services you will launch to the market and why they are better than others that already exist.

Market: Before starting any business, it is essential to have a clear idea of who it is aimed at. In this space you must detail it in a clear and summarized way.

Finance: Every business needs financing, so it is important that your executive summary includes where you plan to get the resources to start and what your future projections are.

Company Description

Your business plans should have a detailed description of the company. Here you can expand all the information in the executive summary without being too extensive. You must include the whole structure of the business, how, when and why are questions that you will have to answer in a simple way.

Keep in mind that within this section it is important to make a description of the market needs you plan to meet with your business. Remember that it is always better to use simple language but express clearly everything that has to do with your business idea.

Market Analysis

The executive summary should have a basic description of your market analysis, but here you will have to go into detail. Answer the basic questions such as who is your product or service aimed at and why that segment of the population was chosen.

You must be as detailed as possible with the target audience, so that you have a specific niche that you can later expand. You must analyze very well what profile would be interested in your product or service and why would you choose it over what already exists.

Making a buyer a person is always an option. Create profiles of your potential customers, use names, ages, professions and family life, so you can understand what they are looking for and why they would choose you to meet their needs.

Products or Services

Here you will have your opportunity to show why your product or service is important and will be welcomed in the market. Take the time to analyze it, see all its advantages and disadvantages, so you can make the description as accurate as possible.

Focus on what its added value is over others that already exist. In this space it is recommended that you be very descriptive, but also that you can argue, so you can use studies of other similar products or services and their development in the market.

If you have several lines of your product or service you should be very specific. For example, if you are going to launch a clothing brand, make a description of the men’s section and another of the women’s section. If there are sports, formal and informal categories, you should describe each one with its advantages and disadvantages described by Wall Street Prep guide.

Operations and Management

This part is very important, because here you will have to say very clearly how you plan to make your business work. Everything must be explained and summarized. Keep in mind that you can modify this later if you think it is necessary, but you must try to be as real and coherent as possible.

It’s all about how it will work, that is, who will be in charge of what tasks, how many people you need on your team, and what the roles and responsibilities of each member will be.

It is good that you make biographies of your work team, that you include knowledge, training and experience by which the responsibilities or tasks are assigned. Everything you can argue will serve to give more value to your business plan.

Marketing Plan

This is one of the most important points. You must say how you plan to promote and sell your service or product. What channels will you use to reach your target audience and why. If you are going to use digital marketing you will have to take into account different types of ads and social networks.

You should specify whether you will be doing ordinary advertising or using online marketing. If you have a physical point of sale, for example, you should include the visuals, logo and ads with which you plan to reach your customers.

Everything you think will help you sell your product should be in this part of your business plan. Take the time to do it the right way, so you will have a great advance in the moment of starting your business.

Financial Plan

Forecasting Basically, as with pretty much anything else business-related, a robust plan will help you no end. With a cash flow forecast, you can plan what you expect your business’ finances to look like. A cash flow forecast is essential to any successful business plan. Granted, this plan will only be an estimate. But you will have based it on how you expect your business to perform. So if the forecast doesn’t match the actual figures you get, comparing the two may provide valuable insight into business costs and expenditure. Let’s say your utility bills are a lot higher than those budgeted for in the cash flow forecast. Maybe it’s time to switch electricity provider to ensure you’re getting the best deal. Or perhaps you could work on making the office a more energy-efficient space?

This point includes everything that has to do with money. From the amount you need to get started to what you expect to pay back over a period of months or even years. What do you plan to invest the money in and why.

Always include salaries and hours invested, both yours and your partners and team’s. Everything must be detailed. If you think about credits you must take into account how and when you are going to pay it, if you have to pay rent for premises or offices it must be in the budget.

Don’t leave anything out. If you need to move around in a car, consider the gasoline and the wear and tear of the vehicle, the internet and the equipment you use. Also, you must consider if you have to pay taxes or not and how to do it.

Examples of Business Plans

Business plans are not only for ventures, they can also be used in already established companies to make an evaluation of their evolution or to determine a plan of action that seeks to address a particular situation.

Depending on how you use your business plan, you can focus it on one of its aspects. Below we will give you some examples of business plans and what their objective would be:

For new Businesses: This business plan is made, generally to analyze the viability of a business idea. It is also used to apply for financing. Its information is always subject to change, although the author should take into account situations that may alter what has been foreseen.

For Operating Companies: it must take into account how the company is currently and whether the objectives set have been achieved. It is regularly used to create action plans to achieve better results.

For Managers: it is more focused on what has been done in the company so far and what the next steps should be. It includes a work guide and is used to make specific decisions.

For Investors: if you are looking for an investor for your company, you should highlight certain points in your business plan, such as financial projections. Everything you expect in a given time and how you are going to use the money you need.

Simple Business Plan: it is a document that is aimed at any type of person and therefore its preparation is simple and should be very easy to understand.

Standard: it is the one used in any type of business. It must have the description of all the important points of your company.

One Page: it is more of an executive summary but a little more detailed. The objective is to make sure that in one page the most important points of your business are known and understood.

Feasibility: it seeks to determine if the business idea is viable and if it will be successful in the market. You must specify the product or service, the need you want to cover and the difference with other similar ones.

Expansion: with this document you want to project if an expansion of your business is viable or not. Here you must make a description of the projections and the current situation to know if it is, or not, convenient to invest in growth.

business

How to Spot the Biggest CVV Shop: A Comprehensive Guide

Published

2 days ago

March 24, 2023

abdullah hussain tanoli

With the widespread use of credit cards, credit card fraud has become a major concern for individuals and businesses alike. Fraudsters use various tactics to obtain credit card information, which they use to make unauthorized transactions. In this article, we will discuss how to identify credit card fraud and spot the biggest CVV shop.

Understanding Credit Card Fraud

Credit card fraud occurs when someone uses another person’s credit card information without their permission. Fraudsters may obtain credit card information through various means, including phishing scams, skimming devices, or hacking into databases containing credit card information.

Types of Credit Card Fraud

There are different types of credit card fraud, including:

Counterfeit Fraud

Counterfeit fraud occurs when a fraudster creates a fake credit card using stolen credit card information. They may use the fake credit card to make purchases or withdraw cash from ATMs.

Lost or Stolen Card Fraud

Lost or stolen card fraud occurs when a fraudster uses a lost or stolen credit card to make purchases or withdraw cash from ATMs.

Card Not Present Fraud

Card not present fraud occurs when a fraudster uses stolen credit card information to make online purchases or transactions over the phone.

Signs of Credit Card Fraud

There are various signs that can indicate credit card fraud, including:

Unauthorized transactions on your credit card statement.
Unexpected declined transactions.
Receiving a new credit card in the mail that you did not request.
Unfamiliar charges or inquiries on your credit report.
Receiving calls from debt collectors for debts you do not owe.

How to Spot the Biggest CVV Shop

A CVV shop is a website or online marketplace that sells stolen credit card information. CVV stands for Card Verification Value, which is a three-digit number found on the back of credit cards. Fraudsters use CVV shops to sell stolen credit card information to other criminals who use it for fraudulent transactions.

Signs of a CVV Shop

There are various signs that can indicate a CVV shop, including:

Dark Web Listings

CVV shops are often found on the dark web, which is an anonymous network of websites that are not indexed by search engines. These websites require specific software and credentials to access.

Pricing

CVV shops often sell credit card information for a fraction of the card’s actual value. If a website is offering credit card information at unusually low prices, it may be a CVV shop.

Payment Methods

CVV shops may offer payment methods that are difficult to trace, such as Bitcoin or other cryptocurrencies. This makes it harder for authorities to track down the fraudsters.

How to Protect Yourself from Credit Card Fraud

There are various ways to protect yourself from credit card fraud, including:

Keeping your credit card information secure and not sharing it with others.
Monitoring your credit card statements regularly for unauthorized transactions.
Using strong and unique passwords for your online accounts.
Being cautious of phishing scams and not clicking on suspicious links or emails.
Contacting your bank immediately if you suspect credit card fraud.

Conclusion

Credit card fraud is a serious issue that can have significant financial consequences. Understanding the different types of credit card fraud and signs to look out for can help you identify potential fraud early. By being aware of the signs of a CVV shop and taking steps to protect your credit card information, you can reduce the risk of becoming a victim of credit card fraud.

business

Towards a Sustainable Future: The Importance of Biobased and Eco-Friendly Packaging

Published

2 days ago

March 24, 2023

abdullah hussain tanoli

Table of Contents

The importance of sustainable packaging has been increasingly recognized in recent years, as businesses and consumers alike seek to reduce their environmental impact. One approach to achieving this goal is through the use of biobased packaging, which is a type of eco-friendly packaging made from renewable resources.

Biobased packaging

Biobased packaging refers to packaging materials that are derived from biomass, which includes a wide range of organic matter such as plants, trees, and agricultural waste. This is in contrast to traditional packaging materials such as plastic, which are made from non-renewable resources such as oil and gas. Biobased packaging can be made from a variety of materials, including bioplastics, paper, and cardboard.

One of the benefits of biobased packaging is that it is biodegradable, meaning that it can break down naturally in the environment. This is in contrast to traditional packaging materials, which can take hundreds of years to decompose and can contribute to pollution and litter. Biobased packaging also often requires less energy to produce than traditional packaging, as it is made from renewable resources that require less processing.

In addition to being biodegradable, biobased packaging can also be compostable, meaning that it can break down into organic matter that can be used as fertilizer. This can help to reduce waste and support sustainable agriculture. Some biobased packaging materials are also recyclable, meaning that they can be reused to create new products.

One example of biobased packaging material is a bioplastic, which is a type of plastic made from renewable resources such as cornstarch or sugarcane. Bioplastics can be used to make a wide range of products, including food packaging, bags, and utensils. They are biodegradable and compostable, making them a more sustainable alternative to traditional plastic.

Another example of biobased packaging is paper-based packaging, which is made from renewable resources such as trees. Paper-based packaging can be recycled and is biodegradable, making it a more eco-friendly option than plastic. In addition, paper-based packaging can often be produced using less energy than plastic packaging, as it requires less processing.

Eco-friendly packaging

Eco-friendly packaging is another term that is often used to describe sustainable packaging. Eco-friendly packaging can refer to a range of packaging materials and practices that are designed to have a minimal impact on the environment. This can include biobased packaging, but can also include other sustainable packaging practices such as using recycled materials or reducing packaging waste.

One example of eco-friendly packaging is minimal packaging, which involves reducing the amount of packaging used for a product. This can help to reduce waste and minimize the environmental impact of the packaging. Another example is reusable packaging, which involves designing packaging that can be used multiple times, reducing the need for single-use packaging.

While biobased packaging and eco-friendly packaging have many benefits, there are also some challenges associated with their use. One challenge is the cost of producing these types of packaging, which can be higher than traditional packaging materials. However, as demand for sustainable packaging increases and production processes become more efficient, the cost of biobased packaging is likely to decrease.

Another challenge is the availability of biobased packaging materials. While there are a growing number of companies producing biobased packaging, the availability of these materials can still be limited. This can make it difficult for businesses to switch to sustainable packaging options.

Despite these challenges, the use of sustainable packaging is an important step towards reducing our environmental impact and creating a more sustainable future.
By choosing biobased packaging and eco-friendly packaging options, businesses and consumers can help to support sustainable practices and reduce waste.

Conclusion

In conclusion, sustainable packaging is becoming increasingly important as we seek to reduce our environmental impact. Biobased packaging is one type of sustainable packaging that is made from renewable resources and can be biodegradable, compostable, and recyclable. Bioplastics and paper-based packaging are examples of biobased packaging materials, while minimal packaging and reusable packaging are examples of eco-friendly packaging practices.

As we move towards a more sustainable future, it is important for businesses and consumers to consider the environmental impact of the products they use and the packaging they choose. By choosing biobased and eco-friendly packaging options, we can help to reduce our impact on the environment and support sustainable practices. While there are challenges associated with the use of these types of packaging, the benefits are clear and the demand for sustainable packaging is only likely to increase in the years to come.

In addition to choosing sustainable packaging, there are many other steps that businesses and consumers can take to reduce their environmental impact. These can include reducing energy consumption, using renewable energy sources, and minimizing waste. By working together and taking these steps, we can create a more sustainable future for ourselves and future generations.

business

Which Types of Software Does Your Company Need?

Published

3 days ago

March 22, 2023

abdullah hussain tanoli

Table of Contents

Workspace digitalization will undoubtedly continue to grow. Business opportunities are unlimited since the internet connects the right applicants with the right employers all over the world.

However, any good idea needs a solid implementation strategy. Specifically, the need to communicate effectively and to share knowledge seamlessly grows.

Thankfully, the market is ever-expanding. When there is a global need, solutions always emerge. Digitalization is rapidly expanding to affect all fields, including communication, task scheduling and administration, file sharing, and so on.

While this is good news, it also poses a conundrum: which tools to pick and which ones to avoid?

With so many options available, it is essential to decide the exact tools your business needs.

Here are our top picks.

Call Center Automation

Call center automation is definitely a good idea, as it can be deployed for various processes, including:

Automation
Empowering employees
Connecting with customers
Driving continual improvement

The finest of call center automation tools come with conversational AI capabilities and deliver unified RPA. Both factors are critical, as they help businesses optimize processes and streamline procedures with ease.

A pro tip would be to use speech analytics for your call center. Speech analytics is the process of decoding audio recordings and using that information for advanced business intelligence. It has multiple uses and is certain to improve your business’ contact center performance.

For streamlining manual tasks, consider VoIP protocols, IVR systems and ACD systems.

VoIP protocols (Voice over Internet Protocol) is a method for the delivery of voice communications and multimedia sessions over IP networks. It has been around for a while and pretty much all businesses have used it at some point.

IVR (Interactive Voice Response) systems allow customers to interact with a computer-operated phone system through the use of voice and DTMF tones input via a keypad.

ACD (Automated Call Distribution) systems are telephony devices that answer and distribute incoming calls to a specific group of terminals or agents. Typically, ACDs deploy a voice menu to direct callers based on the caller’s selection.

Dispatch Software

Using dispatch software is always a good idea as it enhances logistics operations dramatically. It is a type of field service management software and its main purpose is to assist businesses in managing and automating their dispatch operations.

Dispatch software combines multiple functionalities such as client information, scheduling, dispatching, employee productivity, and automated billing and invoicing, to name a few.

Performance Management Software

Performance management is the process entailing communication and feedback between managers and employees. Its main goal is to uphold the company’s strategic goals.

There are five steps in the performance management cycle, as follows:

Planning — communicating goals
Monitoring — monitoring employee performance
Developing — using insights obtained during the monitoring phase to improve employee performance
Rating — performance appraisal
Rewarding — rewarding good performance

Updated performance management software can streamline these otherwise complex steps, so it’s important to choose wisely. Also, keep in mind that new tech can only help if you have a strategic vision — automating random processes won’t do much to improve your performance management procedures.

eLearning and Gamification

Learning is one of the most desired benefits for new recruits. If you focus on adopting an innovative strategy in this area, you may lead by example.

Gamification and other eLearning options are rather popular these days, so you should definitely consider them.

What is gamification?

As the term portends, it is the application of game elements in other contexts. In the context of eLearning, gamification focuses on certain game elements that can boost training. The three main standards of the approach are meaningfulness, conditioning, and communication. Gamification specifically targets the extrinsic motivation of the learner (in plain words: external rewards).

Typical elements of gamification are points, badges and leaderboards. Points identify progress, nadges display achievements, and leaderboards are used for ranking.

Additional elements (optional) include progress bars, incentives, rewards for the milestones achieved, a narrative, feedback and interactive elements.

Beyond gamification, you may want to consider augmented reality (AR) learning. Once reserved for musings of science fiction writers, AR has gone a long way to reach its present status. Even when we can’t see it, AR technology is all around us.

Augmented reality is a synthesis of the real world and computer-generated environments. AR apps interact with users, offering a rewarding user experience.

As AR apps overlap with other technologies, it’s not unusual for students to be able to use social media to send messages while learning.

Knowledge Management System

Knowledge management systems are yet to earn their rightful place and there’s no doubt that will happen eventually. The current state of knowledge management and sharing is far from optimal but it’s still better than not doing anything. Conventional methods can document only ca. 20% of organizational knowledge.

It’s no rocket science that offering learning opportunities is simpler than managing knowledge, specifically in the case of large organizations.

Modern knowledge management systems bring together technology, organizational processes, and learners. Information is stored in a central location, meaning it’s easily accessible anywhere, anytime.

Project Management Tools

When it comes to project management tools, options are close to endless.

There are so many apps that it’s impossible to compare them all. Thankfully, clients usually go for popular choices, so you may start there until you learn the ropes and come across a better solution.

Typically, businesses need to combine project management tools with communication tools and file management tools, for obvious reasons.

Pick the apps that integrate with others and focus on the following points: file sharing, task conversion, visualization, and unified inbox.

Keeping Track of New Tech

Considered here are some of the must-have apps, which we’re hoping you’ll find helpful. Additional ideas may come to mind but stick to simplicity.

Alas, it’s too easy to get lost in the variety, and not all software solutions are necessarily good solutions.

Since workplace digitalization is a trend that doesn’t seem to be going anywhere, it’s perfectly valid to turn to other businesses for advice.

New tools keep popping up all the time and they make a point of including new trends. Keep an eye on the offer and adjust away.

business

All You Need to Know About the Crypto Tax Calculator

Published

4 days ago

March 21, 2023

abdullah hussain tanoli

Table of Contents

Introduction

Cryptocurrency taxes can confuse many people, especially those new to crypto. With so many cryptocurrencies available and the value constantly fluctuating, it can take time to calculate the exact amount of taxes owed. This is where the crypto tax calculator comes into play. In this blog post, we will explore what a crypto tax calculator is, how it works, and why it is essential for cryptocurrency investors.

What is a Crypto Tax Calculator?

A crypto tax calculator is designed to help cryptocurrency investors accurately calculate their tax liabilities. It analyzes the transactions on various cryptocurrency exchanges and summarizes the taxes owed. These calculators typically utilize an Application Programming Interface (API) to retrieve transaction data from cryptocurrency exchanges, including the date of purchase, the amount spent, the price of the cryptocurrency at the time of purchase, and the date of sale. Once this data is collected, the calculator calculates the tax liability.

How Does a Crypto Tax Calculator Work?

Crypto tax calculators work by taking all of the data collected from the API and processing it through a complex algorithm. The algorithm considers various factors, such as each cryptocurrency’s purchase price, sale price, and holding period. The tax calculator then uses this data to calculate each transaction’s capital gains or losses.

Capital gains are the profit made when selling a cryptocurrency for more than it was purchased for, while capital losses occur when selling a cryptocurrency for less than it was purchased for. Once the calculator has calculated the capital gains or losses for each transaction, it then calculates the total tax liability for the investor based on their tax bracket and the tax laws in their country.

Why is a Crypto Tax Calculator Essential?

Crypto tax calculators are essential for several reasons:

Accuracy

Calculating cryptocurrency taxes can be highly complicated, especially for those who have made numerous trades. A crypto tax calculator eliminates the possibility of human error, ensuring that the tax liability is calculated accurately.

Time-Saving

Calculating taxes manually can be a time-consuming process. A crypto tax calculator simplifies the process and saves investors time by automatically generating a tax report.

Cost-Effective

Hiring a tax professional to calculate your crypto taxes can be costly. A crypto tax calculator eliminates the need for a tax professional, saving investors money.

Compliance

Using a crypto tax calculator, investors can ensure that they comply with tax laws in their country. Failure to comply with tax laws can result in penalties and fines.

How to Choose the Right Crypto Tax Calculator

Choosing the right crypto tax calculator can be overwhelming, given the many options available. Here are some factors to consider when selecting a crypto tax calculator:

Accuracy

Accuracy is the most crucial factor when choosing a crypto tax calculator. Ensure that your calculator is accurate and current with the latest tax laws.

User-Friendly

A user-friendly interface is essential when choosing a crypto tax calculator. The software should be easy to navigate, and the instructions should be clear and concise.

Integration

Ensure that the crypto tax calculator you choose can integrate with the cryptocurrency exchanges you use. The more exchanges the calculator supports, the better.

Customer Support

Choose a crypto tax calculator that offers excellent customer support. The support team should be easily accessible and able to answer any questions you have.

Conclusion

A crypto tax calculator is an essential tool for cryptocurrency investors. It simplifies calculating taxes and helps investors comply with tax laws. Using a crypto tax calculator, investors can take control of their tax liabilities and make informed decisions about their cryptocurrency investments.