3 Key Reasons You Need A Business Plan
Okay so you've decided to start your own business or want to find an investor or partner to grow your current one.
It's time to dig into writing a business plan.
Why Your Business Plan Is Important!
You have this great idea for your business and want to jump in!
Great - but where to start?
A business plan does many things for you, but ultimately it is a sales document that helps both you, and other people you are hoping will help you, understand what you want to do and how you plan to get there.
There is a laundry list of things to include in your plan. Here are a few of them listed from Smart Asset's reference:
- Target market: Who you are selling to?
- Value Proposition: What you are selling and why they should choose you?
- Finances: What your cost will be against what your pricing and expected income will be?
- Competitors: Who is already in your market and what are they doing?
- Marketing plan: How are you going to get in front of and communicate with your target market?
- Sales strategies: You've found your prospects, how are you going to convince them to buy from you?
- and so on.
That brings us back to why?
The 3 Key Reasons You Need a Plan:
1 - Setting Goals
Whether you are just starting or growing, you need to know where you are and where you want to be. It can include a 1, 3, and 5 year goal. You are only guessing at how successful or stable you business is if you don't have anything to measure against.
2 - Analyzing Costs
How much money do you need initially to get the business going and to keep you going until your first sales?
3 - Getting Financing
Are you planning to put all of the needed money to get you started yourself? Or are you looking for an investor, partner, or loan from a bank?
If you want some help with financing, then you have to have a well thought out plan laid out for them to consider.
There are a lot of tools out there to help you get started and guide you through step by step to create a complete plan.
Here is a report with 15 tools and resources for you to use.
I know it is sometimes easier to avoid sitting down and writing this plan, but break it into smaller pieces and get one done every day. You'll have a completed plan in less than 2 weeks and have taken the first step to build a rock solid foundation for your business!
Let me know below if you have any questions or book a 15 minute consultation call!