If you feel ready to start a new business, then you need to start making a business plan.
This will help you form a strategy and identify possible roadblocks. It will give you options on how to manage the business, as well as evaluate the viability of your idea before you even start the business.
This is a very common mistake among aspiring entrepreneurs. Some of them think it is enough to simply have the thought of building the business, and they don’t actually need to put things into writing.
A business plan may be regarded as a to-do list. The only difference is that it could actually cover your entire wall because of how much you need to think about. The marketing part would take you a lot of time – from taking photos, crafting clever ad campaigns, and of course, creating various social media accounts.
You will need to do a lot of research about the business, and come up with ideas that would be widely accepted by the market. Strategic moves need to be carefully thought about.
What is a business plan?
A business plan is basically a document wherein you describe the business that you are about to start. You write down the products and services you wish to provide, how you will earn from them, how and where to find the right staffing, your financial resources—just to name a few.
Having a business plan is extremely important because it acts as your guide on how to make your business grow. It helps you have a clearer perspective regarding the amount of time, money, and other resources which you will need.
Example, you have various ideas in mind, you can jot them down and state each ones’ pros and cons and also determine which among these ideas have higher chances of success.
Thus, when writing your business plan, you will need a lot of time to do research about how the business stands in the market. You need to identify the right target market to ensure that your business will work and prosper, eventually.
How To Write Your Business Plan
Here are just a few important things which you need to keep in mind when writing your business plan:
• Know your target market. Make sure that you have a specific audience in mind. Remember that certain products may appeal to a certain type of people.
• Have a clear vision of your goal. Write down all the details that you would need in starting your business. So, if you think that you have a great business in mind, but you lack the financial resources, think of how you can get the extra help that you need.
• Don’t be in a hurry to start. Invest more time doing research. Doing your homework is essential. Never think that it is as simple as having enough money and a location for your shop. You need to know how everything works. Take time thinking about the products and services that you will provide- how they can reach your audience, how your products and services can be different and yet still be preferred by your target audience over similar businesses.
• Keep it as concise as possible. Twenty pages is enough. Although you may be the only one who will read this, think of it as something that others will also have to read. Keep it as interesting as possible and keep a tone that makes the reader think that it was done by a single person. This way, in case you need investors, it would be easier for them to understand the business that you have in mind.
There may come a time that you feel that your business is ready to expand, however, you lack the financial resources. Presenting your business plan to investors will help them have a clear vision of your goal. Therefore, ensure that your business plan contains the following:
- Company overview (business concept, goals, and vision)
- The Team.
- Product description and how is it different from others.
- Audience/Target Market.
- Marketing Plan (consider the 4 P’s in marketing – price, product, promotion, place)
- Current Financial State.
- Financial Projection.
- The amount of funding needed.
Creating a business plan could save you a lot of your time and money. It allows you to see gaps before you stumble and fall.
As there is no such thing as a 100 percent fail-proof business plan, consider having a Plan B to make your dream of having a successful business possible.
For more information, you may contact Armando "Butz" Bartolome
by email: [email protected]
His website is https://www.gmbmsglobal.com