Based on the answers provided, you can now start to define a SMART business plan.
Topic 2 Preparation & Development of your business
- In order to start your business as a foreigner, you must obtain the approval of the Romanian Centre for the Promotion of Trade and Foreign Investments.
- For your business to be approved, you need to create a SMART business plan. The plan must be realistic both for you (and your team) and the targeted/potential investors.
- The SMART goals of a business plan can help you to ensure an organized, clear, efficient and successful future project.
Specific, Measurable, Attainable, Relevant, Time-based.
Source: https://www.tide.co/blog/business-tips/how-to-create-a-business-plan/
Main questions before designing your business plan:
1. What would you like do?
2. Do you think your business idea fits the needs of future clients?
- Which are the most successful businesses in your community?
- What element(s) of novelty do you bring?
Observe the market, do your research! If possible, test your idea before starting (i.e. short questionnaires submitted to specific social media groups)
3. Do you have the specific skills and competencies to run this business?
Learn about the specificities of your future business, attend trainings and obtain the most important qualifications needed
4. What are the pros & cons of starting your own business?
5. What would be the main challenges/obstacles you think you will face?
6. How would you respond to these challenges?
7. Do you have a plan B?
- Name and field of activity of your business.
- Mission / main goal
- General objectives
- Business objectives
- Development and sustainability strategy
- Targeted clients
- Marketing plan
- Operational and management plan
- Budget plan and analysis
- Risk assessment
- Exit strategy