The way the world does business has changed.
New businesses are sprouting up overnight with the influx of brilliant ideas from a bevy of resourceful minds, scaling revenue models that were not even envisioned, eventually guided by wise investors and thus laying the foundation for the spurt in small businesses. The key is to get the ball rolling not just quickly but also in the right direction. So no matter what your business idea is, whether it’s selling jewelry, landscaping or grooming animals, a business plan is a good way to demonstrate the idea’s potential for success.
A basic business plan will help guide you in thinking through the feasibility of an idea, it reflects your focus, it reminds you of the audience you need to tailor to and it keeps the numbers in check. We have outlined in this blog key points to note when writing a business plan and it doesn’t involve five year plans, in fact we think you could write a healthy, progressive plan in a mere 500 words. Read on.
Stage 1 – Determine your Goals
So you have a great idea or you are in an existing business that is plateauing, reflect on the top reason for your business. Roll over the feasibility and the market readiness of your business with your partners and professional advisors. Recognize the unique nature of your business and it’s long time viability. Once you are clear on this, it is time to get moving.
Stage 2 – Going for It
Write down a plan that is simple and straightforward. Describe your company and the goals you foresee. Indicate research and statistics to remind you of the scope of the business and to impress your potential future investors. Exemplify your marketing plan and budget – if the market doesn’t know you, the market can’t use you. Prepare a section for contingencies – Plan B and perhaps even a Plan C. Elaborate on the ideal talent you would need to have a strong team behind you. Crunch the numbers in detail – this would be the most important part of your plan that you should revisit frequently. List the documentation you would need to put in place. And finally, end your plan with an Executive Summary that outlines the perspective, the dream and reality.
And really, that’s all there is to it. Get rolling!