The Business Plan Basics
So you have this great business idea and you want to go into business immediately, don’t jump into the water just yet, consider making a plan first.
I’m not an expert but I found this very basic and true. Frequently overlooked but very important when starting a business is creating your business plan. At first, it sounds very technical, but it’s your own business plan, you don’t need to make it technical. You can do it by yourself.
Here are the steps
- Come up with your own business name, it should be unique and descriptive of your type of business. As for me, I came up with something that is related to web marketing and services. Then under your business name, you can have different related brands.
- Once you have a business name, write the business plan. With a good descriptive business name, you can pretty much loosely write your mission statement, business summary, your strengths, what makes you unique, your goals and target. It can be drafted and can be finalized and put into more details later.
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Next is feasibility planning, start by asking these questions.
- Is there a demand for your product or services?
- Are there any competitions?
- What is your target audience?
- How will you be able to reach your audience either to advertising, networking, word of mouth, viral marketing etc.
With these common questions you can factor in all possible scenarios and how to approach them, this step is critical as it can determine the success of your business.
- Financial planning, how much is your current investment, with the feasibility study you can estimate how much investment will go to your products, services and equipments and part of a startup business is advertising. Plan your budget for the entire year and not just for the initial start. Some pour in all their investments in the start and rely on the market to carry them to the next month or year.
With a good laid out business plan and market study you will see the it is easier to foresee how the business will fare. When you are ready you can execute the business plan and finally open for business.
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