November 24, 2015
A Business Plan does not have to be boring or really lengthy. The aim of a business plan is to put all your ideas, goals, estimates and structure down on paper. You don’t need 15 pages, but before you get serious about your business, you need to structure your ideas.
We are going to give you some tips for your business plan that keeps you focused without wasting your time.
Before you begin writing a plan, you have to evaluate your business and answer a couple questions to really dig deep and focus on where you want to go.
Why are you starting a business? Don’t give an easy answer like “to help people” or “to make money”. We’re getting deep here. Why did you start THIS business?
- The Overview
- Your mission statement
- Your “Why”
- 6 months
- 1 year
- 5 years
- Ideal Customer
- How you’ll find them
- How you’ll convince them
- List your products and their price
- List the materials or tools needed
- List where you’ll sell it
- Explain your business process, what are the steps you take to make your product/service
- Marketing and Sales
- What 3-4 social media channels will you focus on?
- How will you build your email list?
- What advertising methods will you use?
- How will you fund your business
- What are your financial goals for your business
- How much will it cost to start up
KEEP IT FRESH
Every year and day you and your business will change. Updating your business plan will keep you on track to meet your goals and help you track how your business changes.
Set an event or reminder on your calendar so you remember to review your plan and update it regularly. And NEVER delete old plans. Looking back at what has changed (even if it was a negative change) will help you learn and evaluate what works.
RESEARCH AND UNDERSTANDING YOUR COMPETITION
You should undertake ample market research and ensure that the plan includes reference to the market size, its predicted growth path and how you will gain access to this market. An integral component to understanding any business environment is understanding the competition, both its nature and the bases for competition within the industry. Is it a particularly competitive environment, or one that lacks competition?
If you would like us to review or help write your business plans, please do get in contact.