The 10 things every Employee who has a Business Idea needs to know

1. 75% of corporate employees are thinking of starting their own business within 2 years.

2. 80% of current employees have at least one business idea. Over 85% of those who have a business idea haven’t tried to make anything of it.

3. More than 30% of those who took a step to start their business will start making profits within 6 months of starting.

4. 60% out of new business will survive at least 2 years, 40% at least 5 years, 25% at least 10 years. About 15% stay in business 15 years or more.

5. A One Million Naira Business that survives for 5 years will be worth about 8-10 Million; and about 20-50 million in 10 years. Doubling the startup capital multiplies the factors by 10 times.

6. Sectors preferred most by former employees to start new businesses are: Restaurants, Agriculture (Mostly Poultry), Foodstuff sales, Fashion, Beauty services, Real Estate.

7. A new business with a professional business plan can make up to 60% more profit, and is 70% more likely to survive than a competitor without a plan.

8. 6 in 10 business failures are simply as a result of not having a business plan in place.

9. 60% of business owners admitting that running a company was harder than expected in the first month of operating, and agreed that a business plan is a necessity for any business

10. A professional business plan writer can help a business owner identify cost reductions by over 60% and profit opportunities by over 50%.

Summary: A professional business plan is your first step to the success of your business idea. Paying for a professional business plan is a serious commitment. It tells you and people that matter that you are serious about your business.

Source: www.edetbusinessplans.com

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