Business plan plays a vital role especially when you are planning to start a lottery. I would like to share my thoughts on why and how important is the business plan.
Business plan allows you to set up goals in a planned and organized way. When you have a business plan ready, you know the next objective to be achieved. You are aware of the situations and ready for the next move, it also helps you to keep track of progress made during each phase of the lottery.
On the contrary, when you do not have a business plan, one might have to take impulsive decisions. Such decisions can put the lottery under an immense risk. Business plan helps bridge a gap from the start of your lottery to the success of your lottery. It helps you meet the desired goals.
Business plan is the first step towards the “State of Readiness” before you start a lottery. Effective planning could help you determine capital requirement, cash flow projection and calculate break-even point as well seek funding.
Here are few information that business plan helps in starting the lottery.
Direction – It gives you a blueprint of your lottery project. It helps you to set up objectives right from obtaining license to marketing, which allows you to take the lottery forward and in the right direction.
Financial projections - It enables you to plan the budget of your lottery based on the revenue stream and diverse expenses. It also helps make your case strong to prospective investors.
Vision - It gives you an overview of ROI, P&L, Cash-flow, Balance Sheet, etc. to achieve your eventual objectives.
Win-lose ratio - Nine out of ten lotteries fail due to unrealistic or no business plan. Such lotteries have no backup plan to handle adversities.
A good business plan can take out a lot of hurdles from the operations of lottery and has a capability of turning your lottery into a success story.
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