How to compile a simple business plan
So you have a great idea for a business and you know it will work. You’ve thought through every aspect of the project and it’s time to create a business plan. But how do you even get started? You know what you want to say, but you’ve just got to get it all down.
A comprehensive business plan is the first step to creating a successful business. So, to help you out, here’s some sound advice.
Know what you’re talking about
● Know what you’re offering – What is your value proposition? You need to know all about the product or service your business will provide. You have to know the ins and outs of what your business will offer. The idea has to be fully formed in your mind and you need to know exactly what is required to make this happen. You also have to be certain it will work.
● Know the industry – What area are you operating in? Who are your competitors? How are they marketing their product or service and how can you compete with that? You need to ensure that the market you’re entering isn’t flooded.
● Know the numbers – You can’t just have an idea. You have to know how your business is going to work and have the numbers to back it up. You need to be able to predict your expenditure with certainty. What kinds of profits are you expecting? You need to have done extensive research.
● Know how you’re going to handle the financial aspects of the business – How are you going to go about getting machinery finance or purchase stock? Who are your investors or how to do you plan to get investors on board?
Put it on paper, convincingly
Now that you’ve got all the information you need, you have to lay it down on paper. A business plan has to be structured and organised. It can’t be a mess of thoughts scattered over a 67 page document. You need to go through the plan section by section and cover everything from core concept to execution.
It’s also a good idea to get a professional to proofread (and possibly edit) your business plan before you present it to anyone. A simple typo could make you look like an amateur.
Your business plan is one of the most important things you need to do to turn your idea into a fully-functioning (and hopefully successful) business.