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How To Make A Successful Business Plan

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Estimated Manufacturing Cost: The ideal situation is to contact manufacturers to get a price quote of how much it would cost to build your invention. But this can be difficult if you don't have exact specifications. The other suggested general rule is to divide your Suggested Retail Price by a factor of 4. For example, if your suggested retail price is $80, then your Estimated Manufacturing Cost is $20.

A business plan can be used as a vehicle for accurate communication among principals, managers, staff, and outside sources of capital. It will also help to identify, isolate, and solve problems in your structure, operations, and/or finances. Along with these advantages, a business plan captures a view of the big picture, which makes a company better prepared to take advantage of opportunities for improvement and/or handle crises.

The analysis goes on to say, "Those diminished expectations - plus the pain of the current downturn - are fueling retrenchments in consumer behavior that could fundamentally reshape the economy."

Executive Summary: The first step involved in writing a business plan is the executive summary. Here, include everything that you would cover in a five minute interview.

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