Business plan become one fundamental basic to starting a business. In developing business plan, we just need to answer the 5W-1H question. That is the basic formula starting a business plan. What is 5w-1H? It stand for what, where, why, when, who, and also how. While starting a business plan, the whole plan should answer those five questions.
From the first is what, what’s business plan that we want to make. It should describe the products or services that we’ll sell in market.
Next question is where, where will we open this business. It should cover all questions about the location, such as the strategic of the location, mapping of the location, and what is the best thing from that location.
Why is the third question that is the reason why we choose that products or business. To answer this question, we should have a big strong reason in analyzing this question. We should consider the choice with a business environment such as the economic condition of the country, the industry condition, and also the global condition. These three things should be considerate while choosing what business that we will start.
Next is about the time, when. Timing of starting a business should be though with the other possibility such as inflation, the economic growth. There are several consideration in choosing the timing of open new business. For the example, the demand of the motorcycle is stronger when the economy is strong then many people or customers have a big income, but the things will be different while there are crisis then we decided to starting a motorcycle business, there might be less people with high income.
Next question is who, it answer the question of the market. Is that having a good market or little market, and who are they.
The last is how, how we maintain and manage this business, who will be the manager, and how the techniques.