Are you starting a business? Maybe you need a business plan to get investors interested in you? Maybe you don’t need any funding at all, it’s still a great idea to create a business plan so you know exactly what you’re doing, where you’re going, what you want to achieve and how you’re going to do it. Without one, you are literally taking a stab in the dark, which in business can backfire massively.
What is a business plan?
A business plan is a document that maps out the details of your business. It covers everything to do with your business from how you will start, how you will promote and market it, where you will get your products from, where you will get your customers from and it will also explain the financial side of how much money you need to start and how much money the business can make.
Not only does a business plan give you something to follow but it also makes you think through all aspects of your business while you are writing the plan. Whether or not you use the business plan to secure funding from an investor, your business plan will act as a blueprint for creating your empire.
Why do I need one?
Okay, so technically you don’t need one. But I would highly advise that you create one as you can really plan everything that you want to do. Do you really want to just go with the flow in business? The truth is, loads of people have business ideas. It’s whether these ideas are good that really matters. With a detailed business plan, you can cover everything you intend to do and add as much information as possible. The best part is once you have this plan ready you can send it to possible investors or just friends and family to read over and check. Sometimes a second opinion can be a great thing.
How to create a good business plan?
There’s a lot to cover in your business plan but don’t be put off by the time it takes. I know what you’re thinking. What’s the point in writing one when I could be just cracking on with getting my business ready to launch? You could do that, you’re right. But what happens after you have launched? What if you don’t have time to think of the next step? This is why planning is really important. You don’t want to go with the flow, you need a plan. So how do you create one? Here are the topics that you need to cover to create a good business plan for your business.
- Company description
- Executive summary
- Leadership & Staff
- Your product line/service
- Marketing plan
- Sales strategy
- Financial projections
- Operations & Logistics
In summary, make sure that you be clear and realistic when writing your business plan. It’s good to have crazy dreams of where you want your business to be but you need to make it realistic for now. If you’re wanting investment from either a private investor or even a bank loan then having a solid business plan is very important. Remember that it is also important for you to actually implement what you’re writing down. It’s called a business plan for a reason, you’re planning what you’re going to do with your business which you will need to follow through on.