5 Things To Do Before you Start Writing your Business Plan
It is nearly impossible to be successful in business without a solid business plan. Before you set out to write your own plan, here are some steps you should take.
Find Your Purpose
While your plan is to ultimately make a profit with your small business, you will need more than that for your business plan. A good business plan will not only help you secure a small business loan when you need it, it will also help keep you on track while things get really stressful. You should be able to outline your reasons for going into business, not just to yourself but to your employees and business partners.
Have a Clear Vision
Once you know what your business’s purpose will be, it’s time to find out how you will achieve your goals. Come up with three to five key strategies that will help you achieve your vision and include them in your business plan. If you don’t know where to begin, start with a clear mission statement and transition to your key strategies and a “value proposition.” This will help explain how you plan to manage your business in a way that sets you apart from your competition.
Have a Clear Business Model
After you’ve clearly stated your vision for your business, the next step will be to develop a clear business model. You should be able to explain how you will do business on a day-to-day basis, including how you will be using your capital and how you intend to grow. Don’t keep this set in stone, either; it should evolve over time.
Find Your Target Market
If you’re going to sell a product or service to the masses, you need to know who is most likely to become your most loyal customers. Decide who will be most likely to want what you have to offer, and adjust your marketing efforts to target them. This isn’t all that difficult, but it is a very crucial step; targeting the wrong market could force you to go out of business all too quickly.
Test Your Business Plan
Before you finalize your business plan, test it out with your colleagues and potential clients. Ask for honest feedback and criticism, and be ready to make changes whenever you feel you need to.
Writing a solid business plan will not guarantee success, but it is an important first step for any entrepreneur. For more advice about writing business plans and otherwise getting your startup off the ground, visit TriHawk Capital online today.
