A blueprint of any business idea is a plan. Planning actuality means preparation for an action. Eldoret business people know very well the importance of doing this.
You cannot just think of building a house and jump to do it without doing proper planning. You need to plan on the exact structure layout, building materials, mason individual to name but a few.
We spoke to some of the businesspeople in Eldoret who revealed reasons they do planning for their business.
Maximize the chances of success
To minimize uncertainties and maximize chances of success, Eldoret business individuals plan. Through planning, you can be able to identify market competition, market forces, estimate customers population among others.
Secure loans
Established lenders like banks need a proper plan to accept business loan request. Eldoret business people do planning to acquire this loan.
The fact remains, to start a business, you need a startup capital to keep it running for example to buy new types of equipment and cater for down breaks of business.
"After I made a plan to start my mini supermarket, I went to a bank and I was given Sh50,000 loan," Patrick, a mini supermarket owner in Eldoret town revealed.
Want to discuss business plans with other readers like you? Click here
To attract investors
Investors require a business plan and Eldoret business people knows very well about this. Investors will take a business plan and evaluate it well before accepting to invest.
These are some of the main reasons Eldoret business people do business planning. It helps them a great deal.
#hivisasaoriginal