Things to Know When Making Your Business Plan

Before you start a business, the first thing that you have to do is to create a business plan. Some people might not like the sound of this because they think of endless paperwork, but if you think of the long term benefits of having a business plan, you'll realize that all the time and effort you put into your business plan are worth it in the end. If you're ready to start your business plan, here are some reminders that would keep you on the right track.

Research

First and foremost, you have to know that as a business owner, you have the responsibility of knowing everything about your competitors and your target market. It doesn’t matter how you do this. You can hire a professional who would do all the research for you or you can do it yourself. The important thing is to do in-depth research. For example, if you are planning to be in the fashion industry, you have to know some tips about starting a clothing line. Knowing what’s out there would make yourself ready. It would help you be prepared for the challenges and the competitors that you would encounter later on. Read and observe the industry so you can analyze and have the knowledge that you need to make an effective business plan. 

Man in business

Your Business’ Profile

Making a business plan is also an opportunity for you to tell the story of your company. You can tell a short background on how you started the business and the products or services that you are offering. It's a must to include this part in your business plan because this is where you will be able to explain why you are doing what you're doing and how you can help your target market. Plus, when you're finally done with your profile, you can also use it on your company's website about page. Also, this is one of the first things that you'll have to write as well.

The Purpose

The business plan also includes the purpose of the organization. Yes, you have to earn and profit from your products and services, but that is not enough to make your employees always eager to wake up in the morning and go to work. Having clear purpose and values would encourage everyone to keep doing their best. The core values of your organization should be understood and applied by you and everyone in your company. For your team to work efficiently, they have to follow the same values and goals. As a business owner, it's your role to show, lead, and teach them how and why they should follow the core values of your company.

The Vision

Having a vision is vital for every company. If you don't have a clear vision of what you want for your business to achieve, it would be difficult for you to move forward and grow. Stating a specific vision in your business plan would allow you to focus on them. No matter what challenges you go through in your journey, you'll remember your vision, and it would keep you going. That's how important vision is. But to achieve your vision, you also have to list down three to five strategies that you can use to get your goals. Make sure that you’ll write a straightforward vision and strategies.

Vision comes together with a mission. Having a vision is a must for every company as well. You need to put this in your business plan so that everyone knows why you are doing this business. Now, this is also where you have to specify how you're going to complete your mission.

Have A Solid Marketing Plan

Your marketing plan should also be discussed in your business plan. You might be thinking of just doing this portion later on once you've established your business. However, that's not a very good idea. If you want to be ready for the competition in your chosen market, you have to do your best. And that means laying down all your marketing plans so that you can prepare the budget in advance and research everything that you need to create an effective marketing campaign. This way, you won't be cramming. Imagine doing all the marketing plan when your business is already running. You'll lose a lot of time, and you will miss a lot of potential customers.

Documenting Is Important

When you’re proposing business to a potential partner or investor, you have to present all the documents that you can to prove that your business has the potential to grow. Some of the documents that you have to ready are your cash flow statements, expenses, and projections. Most of the time, your license agreements and strategies would also be asked by the investors. Provide as many documents as you can.

Avoid Silly Mistakes

Even though you don't have to be an English expert to run a business, you still have to make sure that your business plan doesn't have grammatical or spelling errors. While the content is important, the structure and form of your business plan can also help impress your potential investors. Showing them that you know what you're doing and that you are someone who strives for perfection in your work is already something that would make them trust you more with their investments. Before you present your business plan, ask someone to proofread what you wrote.

Explain

When you're presenting your business, you should be able to explain why you want to do it. Is it just for the sake of earning money? And this is the best time to show investors, customers, and employees that you are passionate about what you're doing. Being in the business industry won't be easy. Investors know that you will go through a lot of challenges when running your business but if they see that you are passionate and motivated, they will have more faith in you because your passion can make you stand out from competitors and it would push you to keep going even if the situation gets tough.

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Terrence Kennedy

Written by Terrence Kennedy

Terrence Kennedy is the man’s man on a journey to self-discovery. A traveler, extreme sports aficionado, an observant wanderer, a DIY-Know-How, an ultimate outsider and a documentarist of culture, sex, dating, relationship, fashion, style and gentleman's etiquette. He has learned a lot through his escapades, and is happy to pass that knowledge on to you.

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