A business plan is exactly that; the purpose, strategy and objectives of your new business. Every start-up entrepreneur has a goal in mind for their new business. The who, why, where, when and how to achieve that goal is detailed in your business plan. So where do you start? Let’s think about the importance of a plan and the reasons why it is your road-map to success.
Take your time
It is exciting to launch a new venture and the temptation will always be there to run headfirst into launching your business. However, a failure to correctly plan and map out what you want to achieve and how you’re going to achieve it could lead to disaster. The business will consume much of your energy, time and finances, so make sure that your plans both meet your ambitions and are realistic.
Make it fit for purpose
Your business plan could be just a few bullet points of inspiration on the back of a napkin; you know what you’re doing and what you want to achieve. You don’t need to include background on you or the business history as nobody knows this better than you already do. However, if you need to apply for investment or share your strategy with new people, it is good practice to ensure a more professional, detailed and structured plan is available with extensive information to leave the reader with relatively few questions to clarify.
What topics should you cover?
Whether you are launching a web design business, an at-home bakery or have an inventive product to take to market, it is good practice to include information on the product or services offered; what you hope to achieve at certain milestones (e.g. year one, year two, year five); where, when and how you will run your business; and some analysis of the market. You will also need to include your budget and financial targets. Most start-ups are on a very tight budget so your forecasting, cash-flow and expenditure should be detailed and correct.
The plan should evolve with your business
Once you’re up and running, a business plan becomes a vital part of your daily, monthly and yearly strategy. In 2019, many start-ups choose to utilise their preferred software to create an ever-evolving business plan that is easily updated and adapted. Almost all successful entrepreneurs would agree that one of the most important new business tips is being adaptable and flexible to solve the inevitable problems and to take advantage of new opportunities.
What are you waiting for?
When working on the plan for your new business tips are readily available online and through business advisors, so take advantage of every available resource.
Writing a business plan can be daunting if you’ve never done it before, but remember this is YOUR plan for YOUR business, so it needs to work for YOU. Start with a quick draft and bullet points then expand each aspect until you are confident that your plan will help your business succeed.
Your business plan is an important part of starting up your own business, but remember, it’s not the only thing to consider. Make sure you take the first steps to getting found online. Whether you offer a service or you’re looking to sell your products online, you’ll need a great website.
Website Builder is a great starting point, providing you with everything you need to set up your website, and the best bit? No technical knowledge required, and you can build your site exactly the way you want it.