Write a Business Plan
After developing your idea, you need to ask yourself a few important questions: What are your company’s goals? Who are you selling to? What’s your ultimate goal? How will you finance your start-up costs? These questions can be answered in a well-written business plan.
Many mistakes are made by new businesses who rush without considering these aspects of the business. You need to find your target customer base. Who will buy your product or service? If you can’t find any evidence that there’s a demand for your idea, what’s the point?
Doing thorough market research in your area and the demographics of your potential customers is an important part of creating a business plan. This includes conducting surveys, conducting focus groups, and researching SEO and public data. It’s also a good idea to think about an exit strategy when creating your business plan. If you have an idea of how you will eventually get out of the business, you need to look to the future.
“Too often new entrepreneurs are so passionate about their business and so sure that everyone everywhere will become a customer that they need little time to develop an exit plan,” said Josh Tolley, CEO of Tribal Holdings and Kavanagh. “What’s the first thing you show when you get on a plane? How to get away from it. If you’re going to the movies, what do you watch before the movie starts? Where’s the exit? In the first week of kindergarten, they line up all the kids and teach them fire drills to get out of the building. Too often, I see business leaders who don’t have three or four predetermined exit routes. It depreciates companies and even destroys family relationships.”
A business plan will help you understand where your business is going, how it will overcome potential difficulties, and what you need to survive. A complete guide to writing your plan is available here. When you’re ready to put pen to paper, this free template can help.
We recommend that you include the following in your business plan.
Home page. Start with your company name, which is harder than it sounds. This article can help you avoid common typos.
Summary. This is a general summary of the plan. This often involves a description of the company, the problems the company solves, the solutions and why. (Here’s what to include on your resume and how to make it attractive to investors.)
Business description. Which company would you like to start with? What’s your industry like? How will it look in the future?
Market strategy. What is your target market and how do you best sell in that market?
Competitive analysis. What are your competitors’ strengths and weaknesses? How will you beat them?
Design and development plan. What is your product or service and how is it developing? Then create a budget for that product or service.
Operations and Management Plan. How does the company work day to day?
Financial Factors. where does the money come from If? How? What kind of forecast should you make and what should you pay attention to?
You can allocate between one and three pages for each question. Remember that a business plan is a living document and you will update it over time and your business grows.
BUSINESS PLAN TEMPLATE
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You need to download This app to open the template.
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