When starting a business of your own, having a business plan or creating one is imperative. I cannot stress how important a business plan is for your business. Whether it is the direction your organization will take or the structure of it business plans are important to let investors and interested parties know about your company.
It is almost mandatory for the success of an organization. A business plan needs to include a lot of things. It is basically a blue print of your business and needs to have the profile of your company, the direction it will take, the financial and market projections and the product and services you are offering to name a few.
So how do you go about creating something all important for the success of your business? Here are a few steps to make business plans that succeed.
Yes, Research! That’s the first step. You need to read, read and read until your eyeballs roll out. You need to know the in and out of everything from the market to your company and its products and even know the competition.
In short you need to know everything about everything that might even slightly concern your organization and the industry you are entering.
Profile of your Company
This is obvious. You need to know what your company has set out to do and you need to put it on papers so the others, investors and employees alike, also know what you have set out to do. You need to put down the products and services you are going to offer, your niche and how you fit in the industry.
Planning the organizational structure of your company has to be done before hand or things will get out of control pretty easily. You need to mention the owner ship structure and the background of your team, owners and employees.
It is also important to list the members on your board, if you have any, and prove to potential investors you have impressive individuals surrounding and supporting you. You also need to jot out a hiring plan for the future and the key hires you will need to expand.
Marketing Plan and Market Analysis
How you fit in the market is very important for the company. A good business plan will always, I mean always, have a market strategy written into it. You need to have an objective section that defines the ‘whats’ and the ‘whys’ of the marketing tasks also have a financial part which estimates how much money you will need.
Financial Planning and Assessment
This is obvious. This is what investors look at the most. How much money will your organization take and how much will it make when it hits the ground running. You need to explicitly define the financial plan and how the money will be put to use and also make projections on how you expect to make money and generate revenue.