Don’t underestimate the importance of a business plan in your firm. It’s the backbone of your firm and a foundation pillar upon which you’ll build your business. The plan will act as a first impression for countless potential investors and partners. It’s the road map for your enter prise for the first couple of years.
Writing a business plan is easy. There are no rules for format, length, subject matter or presentation. But knowing the right questions and getting the right answers is critical in laying a base for stable business; one that attracts sufficient attention from partners and investors.
But there’s a problem, as an entrepreneur, you’ll be bust with other priorities. Such include developing products, recruiting teams and finding customers. With all these responsibilities, you won’t be able to write a compelling plan. The only solution here is to hire a Business Plan Company to do the task for you.
Most Business Plan Consultants have tangible experience in starting and growing your business. They’ll help draft a plan that answers these questions.
1. What Need are you addressing?
Most people confuse this question for “what does your firm do?” The two are completely different. It’s one thing to describe your business in general, outlining the products and services you offer. But if you want a concrete business plan, take it to the next level.
It’s good to imagine your firm offering something useful. It’s even exciting to think of people buying the products you offer. But your plan needs to be critical and logical when considering what drives your customers to buy your products. That’s the fundamental need that your business plan should address. Back this assertion with a data to demonstrate the need actually exists.
2. What Makes Your Business Different?
It’s a huge world out there, and entrepreneurs are setting up competing businesses out there. Chances are, they’re many businesses serving the crucial need in step one above. That doesn’t you won’t serve the market better or in a different way.But that’s where the challenge lies, figuring out that which makes you different.
First, you have to acknowledge all the major players in your market. Use a research to acknowledge what they’re doing right, wrong and how they run their business. Identify any differentiating factor that’ll make you stand out. Emphasize on it.
3. Who’s Your Audience?
Here’s a hint; your answer can’t be everybody. No matter how practical or useful your product is, there’s no way you’ll sell to everyone on the globe. Take these factors into account when determining your audience; sex, age, education, working status, geographical location and marital status.
Remember, your key demographic will evolve over time. So don’t just stick to one niche. Also remember it’s easier to expand to other markets once you establish yourself in one. So, if you’re targeting different demographics, it’d be wise to focus on one to kick start things.
4. How Will Your Business Make Money?
Seems like an obvious question, right? Well, you’d be shocked to see how different business owners fail to illustrate on their plan. The common answer to this query being to”sell goods and services”
But how will you sell these products? Where will you be selling them? Howmuch will you charge the products for?
Also, what are your operating costs and expenses? Who will you be paying and what services will you be paying for? Lastly, will the amount you collect surpass the one you owe? When will your business breakeven?
5. How Will You Promote Your Business?
Promoting your firm is as important as creating it. Otherwise, consumers won’t know anything about you or your business. The marketing strategy you adopt should be based on what other businesses in your field have done.
Do they rely on online marketing or traditional advertising? Do they attend local shows and trade shows or use technology to market themselves.
6. What Do You Need to Start Operating?
For many potential investors and partners, this is their bottom line. All enterprises have to start from somewhere. The starting line however varies from an entrepreneur to another or from one industry to the other. Will you need advanced tools? Who should you hire? How much money do you need to setup the business? Answering these questions should offer an idea on resources and capital that you need to start the business.