It was once unheard-of to be a businessman in China. Nowadays, though, it's quite common to become your own boss. Let's say you have an idea. Maybe you want to open an English school or sell Japanese comics. First, you need a business plan. It sets out what you'll sell and how much everything will cost. Most businesses that fail didn't have this. If you need to borrow money at the start, banks will ask for a detailed plan.
The best starting place for a business plan is the 4Ps: product, place, price and promotion. All these must be strong to be successful.
•Product
Your product must have something unique. What makes it special compared to other similar products? If you want to start a noodle shop that has nothing new, don't expect people to show much interest. You can research your product. For food, let people try it for free. For toys, let a few children play with them to see if they like them.
•Place
There's no point having a product that people want to buy if your shop is in an empty mall. Think about which type of person is going to buy what you sell. Where do they usually go shopping? When looking at possible places, spend the day there. See how many people pass by. Also, are there other shops nearby selling similar products?If so, how can you be better than them?
•Price
Work out how much it costs to make or provide your product. As a general rule, your price will be double the cost. After all, you're also paying for rent, staff and you need to eat too!
•Promotion
How can you attract people to your shop? Advertising in newspapers and on TV is expensive. Perhaps you can get free advertising by getting a newspaper to write about your business.
