Please answer the following question in there entirety. Also respond to the discussion post after the questions.
- Identify a type of business you would like to own. You determine that you do not need external financing for your business. Discuss why you should write a business plan and select one element in the plan that you think will be the most difficult for you. Next, identify three techniques you can use to overcome the challenges. Justify your selection of these techniques.
- Discussion post to respond to:
- Hello everyone! The type of business I would like to own would be a virtual assistant business. I think it’s important to write a business plan for this type of business. A business plan can help me create an effective strategy for growth. Even though I may not need investors at the start of the business, if I decide to expand my business in the future, I’ll need a business plan to help determine my financial needs for expansion. I think the most difficult part of the business plan for me would be to analyze the competition. Virtual Assisting is a unique business, so there may not be a lot of competition. A challenge with analyzing competition would be what to look for. Aside from figuring out what they do well and how different they are from my business, I would have a hard time talking with them directly to get a better idea of what they do. Some competitors don’t like to speak with their competition because they fear the competition will begin to copy what they do. Some techniques I can use to overcome this challenge would be to ask someone else to use my competitor’s service and allow me to explore what they offer. This could allow me to analyze their prices and services, and how they market to their customers. I could also follow the competition on social media. This would be a great way to figure out what their doing without having to use their service.
