Many of us have great ideas on how to make money but sadly few of us have enough momentum to take it from the fairytale in our minds to something tangible such as a business plan. In this day and age business plans are essential, especially if you’re looking to find investors and want to run a credible business that people take seriously. Don’t misunderstand me, many people have started and run relatively successful businesses without a business plan especially in the incipient stages of their business. However, if you have long term goals of expanding, it is a great idea to write it down as a road map so to speak, of where you want your rocket to shoot off to and how. The internet can be very confusing as well as overwhelming sometimes so I have decided to narrow your search by giving you a few tips on how to write a business plan.
Tip # 1- Do Your Research
This is the part where most of us become uncomfortable and begin to yawn. This is one of the most important aspects of your business plan, it is safe to say your research is your plan! Having an idea is great but there are so many things you need beyond an idea. Research will educate you about things such as whether your idea already exists, who your competition is, if your idea is something useful to people, and what it will take to get your business off the ground. It is important that you carry out both primary and secondary research. Ask people who are doing something similar to what you want to do but also read a lot! You can find almost all of the information you need on Google! Here are a few things you should be trying to find out;
Your potential market
The size of your potential market
Your competition
Your initial start up needs
How to produce product samples
Potential locations if a base is needed
Start-up costs
Potential investors if needed
Tip #2- Structure your business
Structuring your business will require compiling all of the research you have gathered and putting it in order. Your information should create a clear and concise picture of what your business will be like. Consider it to be like the sketching stage of painting. Your research will need to cover aspects such as;
Defining your business
Identifying your competitive advantage
Drafting a strategy
Designing your company (the people you need and skills they need)
Considering practical issues
Designing a marketing plan
Developing your personal sales strategy
Financial forecasts
Tip#3- Find a template
Once you’ve gotten all of the ground work out of the way, you need a template to put all of your meat in. A template will help you chronologically structure all of your information and tell a story about how you will run your business from start to finish. They usually tend to have headings in which you can just insert your information under. There are probably so many business templates on the internet that it makes your head spin. Do not be dismayed! Take your time and pick one firstly that you understand, and secondly that fits the nature of the business you plan on starting. Here are a couple of websites I found that provide professional templates as well as help on writing your plan.
Tip # 4- Give it to an experienced person to look at
Ensure it is cohesive, well edited, and realistic. After this it is a good idea to give it to an expert or professional to look at. Put yourself in the shoes of an investor. Would you invest based on your business plan? If not it is time to redraft.
