If you are thinking about setting up a business, you need to compile a business plan. Think about it like this, if you were going to send an army into battle, you wouldn’t simply arm up and head off into the sunset, you would need to plan every aspect of the operation.
Here is our guide to writing a business plan.
When you are looking to set up a company, your business plan is your guideline to success; a comprehensive business plan would be 25-35 pages and would cover the following topics:
- Overview of the business – Mission statement and a general description of the business.
- List of company assets.
- Startup costs
- Running costs
- Sales & marketing
- Organization flowchart
- 3-5-year forecasts
It is always a good idea to ask a business coach to take a look at the finished plan; if you are looking to take on a franchise, there are steps to creating a franchise business plan and the franchiser will assist you with that.
Market research
Researching the market is crucial to ensure there is adequate demand for your product/service; this cannot be overlooked and you should also be thinking about how you can offer things that your competition is not. What can you do to make your package more attractive and emphasize that in your business plan.
Create an aggressive marketing plan
Digital marketing is obviously very important, as we live in a digital world; talk to a leading US digital marketing agency and let the experts compile a marketing plan that is on-point and includes SEO and social media. Don’t make the mistake of thinking you can get by without online marketing; smart entrepreneurs always set aside a monthly budget for digital marketing, as they know how important it is.
Startup capital
Costing the startup is an essential aspect of your business plan and you need to add something to keep the business afloat for the first few months. The number 1 reason that small businesses fail is lack of funds; all it takes is a few unpaid invoices to put you dangerously in the red.
We hope that this short article helps you create the perfect business plan and you enjoy a successful launch.
