If you feel ready to start a new business, you need to start making a business plan. This is an excellent way to help you with this kind of strategy. To identify possible roadblocks so that you may be able to have options on how to manage the business and evaluate the viability of your idea before you even start the business. You see, this is a widespread mistake among aspiring entrepreneurs. Some of them think that because one entrepreneur was able to sustain his business. It is not enough to simply have the thought of building the business without actually putting everything 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 know how the virtual world has become any business’ best friend these days.
It is instead of having a long homework when you start creating your business plan. You will need to do a lot of research about the business and conjure ideas that would be widely accepted by the market. Therefore, 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 proper staffing, your financial resources, just to name a few.
Having a business plan is extremely important because it acts as our guide to making your business grow. It helps you have a clearer perspective regarding the amount of time, money, and other resources you will need.
On how your business stands in the market and to look into the right target market to ensure that you create a company that will work and prosper eventually. Thus, writing your business plan, you need a lot of time to do research. For example, you have various ideas in mind. You can jot them down and state each ones’ pros and cons and determine which ideas have higher chances of success.
How To Write Your Business Plan
Here are just a few essential things that 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 capture a particular type of people.
- Have a clear vision of your goal. Write down all the details that you would need to start your business. So, if you think that you have a great company in mind but may lack the financial resources, think of how you can get the extra help you need.
- Never be in a hurry to start. Invest more time doing research. Doing your homework is essential. Never think that it is as easy as just having enough money and a location for your shop. You need to know how everything works. Take time thinking about the products and services you will provide. How your products and services can be an easy target by your audience. Your products and services can be different and yet should be the choice of your chosen audience over an existing similar business.
- Keep it as concise as possible. Wring not more than 20 pages is just enough. Although you may be the only one who will read this, think of it as something others would also have to read. Keep it as attractive as possible and keep a tone that makes the reader believe it is done only by a single person. That is why it is necessary to take your time in doing this so that you will not forget important points. This way, should you need to seek help from investors, it would be easier for them to understand what you want to tell them about 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 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 idea)
- The Team.
- Product description and how it is 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 even stumble and fall.
There may be no such thing as a 100% fail-proof business plan, but never only rely on your Plan A alone. Consider always having a Plan B to make your dream of having a successful business possible.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
