Writing a business plan is an opportunity to carefully think through every step of starting your company so you can prepare for success. It can prove quite challenging to establish a solid business plan when a business is just starting up. One has no numbers to use in making financial forecasts nor do you have any proven marketing strategy. In this article we will highlight the few pointers in writing a business plan for a startup.
You Should know your Business
A business plan need not be fancy and the idea that startups feel the need to hire business plan writers is not really a necessity. Keep it simple with these few tips.
Have a brainstorming session with your team and concentrate only on answering the following questions.
- What is my business about?
- What goals do I want to reach and how?
- What is my potential market size?
- What value does it bring to the customers? Why would customers buy my product?
- Are there competitors in my niche? What are their strong and weak points? Why would I be better?
- What do I need to execute my plan?
Once these questions are answered, then all you need is to put them on paper. This is your chance to discover any weaknesses in your business idea, identify opportunities you may not have considered, and plan how you will deal with challenges that are likely to arise.
Get yourself some Templates
Use the internet and come up with a template that will fit your business. Note that this only helps you to structure and formulate information; everything else is just you and your understanding of the business
Before getting to the point of looking for templates, one must have ready information.
- You must have done due diligence and studied your market.
- You must know what your customers want and how you will deliver to them.
- You must know about your competitors and how you will stand apart from them. You must know what value you bring to the market and to potential customers.
Only then can you sit down and decide to write it down as a business plan.
Carry out Detailed Investigations:
- This may involve talking to your customers.
- One may decide to check out your competitors and their weaknesses.
- Calculating the potential costs of executing your business plan and how much you stand to make within one year of being in business.
When you compare your first projections and the real ones (after the investigation) you will find that most people tend to give up and decide that business is not for them. There are the few who are not fazed by the dwindling numbers or the hard task of building a business. If they decide to stick it out, then they have to incorporate the new findings of their investigations into the business plan and work with that.
All in all, venturing into business is one of the scariest ideas that many people undertake. A business plan only works as a guide in showing you in what you need to do and what to expect. The real work cannot be put on paper; it is the unspoken sleepless nights and the long hours. All in all, a business plan is an important part of the business and should be as realistic as possible.