Not only is your business plan is a Must if you’re looking for investers, it’s also your business planning for success. Without one it’s going to be like walking in the dark, you think you know what’s ahead, and you have the what you’re aiming for in your head, but odds are, before you know it, your bumping into things not sure where you took a wrong turn and your business ends up like all the others that started off without a solid plan…Bankrupt!
- Do you know who your customer is?
- Do you know how old they are?
- Do you know where they live?
- Do you know the average wage of the people in the area your business is located in?
- How much do they currently spend on your type of product?
- How often does that change?
- What’s your USP? (Unique Selling Point)
- How will you market your product?
Developing Your Business Plan
Developing a strong business plan requires time and patience and will normally include an executive summary, mission statement, details about your products or services, market analysis, strategy and implementation techniques, management team and financial projections. Business plans should be reviewed at least every three months and updated on a regular basis so take the time now to do it right.
It may sound scary but it’s just the jargon for most of the stuff you already know, it’s your dream, your business after all so I’m sure you’ve already done most of the homework right? So you’re half way there and with some extra help and guidance your plan will come together.
Refer to if often!
There’s no point creating a plan if you don’t refer to it and determine where you are, and what you need to do to stay on track. If you’re marketing strategies aren’t producing the results you expected and you’re not attracting your projected sales, then somethings wrong somewhere with your business plan. To improve your performance you’ll needed to amend your plan.
Common Business Plan Mistakes
- Competition – Some businesses fail to consider that they also have indirect competitors -vendors whose products or services are not the same, but that could satisfy the same customer need- have an edge over your competition by thinking about ways to meet the needs of your customers and how you can improve. Identify what makes you unique from your rivals.
- Target Market – Some entrepreneurs fail to clearly identify their target market before launching their business. Be sure to segment your target market into primary and secondary targets and don’t assume that your product is for everyone. You should assess the specific needs of your target market before you develop your products.
- Business Viability – Avoid making false assumptions and do your research, conduct feasibility studies and surveys to assess the viability of your products or services, then experiment and test to evaluate the profitability and demand.
- Marketing Plan – Always test and analyse, then you can identify the strategies that are working for you, reviewing your campaigns against your objectives and improving your marketing strategies, will help you with future planning.
Creating your business plan is much easier than you think, and there are plenty of resources you can use to steer you in the right direction;
- Business Plan Software, you can find some for free, but many will charge a fee.
- Video Tutorials, check out sites like YouTube and Vimeo for free videos or sites like Udemy for reasonably priced training videos.
- Business plan templates, Microsoft Office has free templates that you can download and customise to suit your needs, or a google search for “free business plan templates” will bring up lots of results for you to check out.
- Blog posts, like this one, and many more that you’ll find with a quick google search, that will offer you help, advice and resources.
- eBooks, a great resource for guiding you confidently through the process. Amazon have plenty to choose from for a small cost or free if you’re a Kindle subscriber or take a look around the internet for free downloads from top bloggers or Industry leaders.
Get Started Now
If you got this far you’re geared up and ready to go, click the link below and check out the free eBook download I’ve tracked down for you, it’s a quick-start guide that will help you through the process of creating your Business Plan.
Let me know what you think in the comments below 🙂 tracyQ