Creating a business plan is something that needs to be done if you’re starting or even growing a business. This plan will be your “roadmap” of sorts in achieving success. Creating a business plan is, in essence, answering a number of questions, wherein the first one is, “Where do I want my business to go?” Other important issues to address include what you’d want the business to have within a given number of years, how much revenue will your business be having during that time, the number of employees you have as well as the number of locations, among others.
Aside from those, the business plan you’re writing ought to address these matters for a shorter span of time, specifically within a year. Ask yourself, “What are my business’ aims for this year?” and “What must I achieve in order to make this year successful?”
When it comes to answering these questions, you also need to take the following into consideration:
- What are the products and/or services that you have on offer at present? What products and/or services are you going to develop and then provide in the future?
- Who is the competition? What are their primary strengths and key weaknesses? In what parts are you going to have a competitive edge against them? How will you have said competitive edge?
- Who’s your target audience? What are their individual demographic and/or even their psychographic profiles? What is it that they need?
- What’s the amount of external funding do you require in order to establish your business? In what parts will such funds get invested? What are the projected revenues over the next few years? What are the assets that you need to obtain?
- How large is the market? How is it shifting? What are the trends that affect it? Do such trends become advantageous for you and for your business’ future success?
- Who makes up your current staff? What essential hires do you need to do for you to capitalize on the opportunities that are right before you? Are you going to establish a board? If you are, who will you be looking for?
- Do you have any actions plans? What milestones do you need to reach in order for your business to go from where it is right now to where you’d want to be once the end of the year comes? How about at the end of a few more years?
Addressing these questions is going to help you in coming up with certain business goals. They’ll also help you in answering the most important question that you’ll include when you’re writing your business plan’s Executive Summary, specifically: “Why is my business uniquely qualified to succeed?”
There are a lot of reasons why that business of yours may be able to do so. For instance, it could be because of the overall qualities of your management staff. On the flipside, it could be because of the methods you are employing or the partnerships you’ve made.
So, if you are still thinking about how you can write your business plan, you can start by answering each of the questions that have been mentioned above. It’s both the thinking as well as the strategizing part that’s truly more important, not the part where you write.
If you do want other people to read and/or, subsequently, fund that business, your plan needs to read well enough or even be properly formatted, to say the least. However, it’s your business plan’s content, the ways you strategize plus the reasons why you’re going to succeed that’ll prompt other people to invest or even join you in your aims to establish a successful business.