Recipe for a successful business plan
Have you ever thought of opening your own store or manage a business? There are many key elements needed to start your own business like deciding on what your business should be, but I believe the most important element is your business plan.
There are many different reasons for writing a business plan and many different factors you must consider. Writing a business plan allows a reference point for you to always make sure what you are doing on a day to day basis is taking you towards your goals for the business. It also allows you to clearly set out how you are going to attempt to win customers, what opportunities you are going to go after first and how much revenue needs to be generated to at least cover costs. These key elements must be considered to get the best results.
First you should know your audience. Who are you writing the business plan for? Is it for a potential investor, your management team, yourself, the bank who you are trying to get a loan from or someone else? Try to put yourself in their shoes and ask the question, “ if I was in their position what would I want to know about your business?” This should help you fully know what you are trying to sell and where you should locate your business. This is key to making sure that starting a business is the right thing for you to do.
Remember when writing a business plan that it is not a sales document. Try not to oversell your product/service. While I am sure you are truly passionate about your business and are excited about the opportunities, be fair and balance out how you layout the opportunity. Give equal attention to the potential downfalls and risks that you may face along the way. You will earn a lot more respect when you can demonstrate a clear understanding of your business’ weaknesses and threats and have well-articulated strategies for dealing with them.
Now that you understand your audience, you need to understand your market. If you don’t...