Quality is everything: give your business plan the once-over
Every business starts somewhere, and that’s usually with an idea that gets translated into a business plan. If you are looking to build your own business, it is absolutely essential that you have a plan to follow. This plan needs to be of the highest quality, as it forms a representation of your business as a whole.
The quality of this plan will inevitably contribute towards determining your business’s overall success, as it will either open or close a lot of doors for you in your chosen industry. Below, you’ll find a list of essentials to include in your plan so that regardless of whether you own a big or small business, yours will be a solid one.
You need to be able to sum up exactly what your business is in nothing more than a few sentences. This summary needs to appear in the very beginning of your business plan, as anyone reading it will need to understand the context and concept of your proposal before reading any further. If you are hoping to get the backing of an investor or two, you will need to make sure that you carefully and clearly explain what it is you are hoping to do, as too much confusion can put people off immediately.
Analysis of industry and customers
In order for you to convince someone to support or invest in your business, you need to show them that you’ve done your research and you know what you’re doing. Include an analysis of both your industry and potential customers. The former should detail your closest competitors, the size of the industry and trends that have affected the industry in the past. The latter, on the other hand, will see you identify your target market and what its demographic is.
Your vision for your business is important to whoever is reading your business plan, as it tells them that you are committed to ensuring the best possible outcomes because you have dedicated time and effort to figuring out which direction you want to go in. While it’s important to tell them what you want to do and where you see the business going, you also need to be sure that you are succinct in conveying your vision and avoid waxing lyrical. Potential investors just want to know the crux, so give them just that.
When it comes to researching what to detail in your business plan, you will no doubt encounter the buzz words “executive summary.” In essence, what this is is a two page breakdown of everything important in your business plan. Here, you will need to detail the key points you have made, including discussions on how your business will make it, how it is going to keep track of money, and why consumers will be interested in what you have to offer them. Think of it as your business’s flashcard.
Because each business is different, each business plan will be too. However, there are certain things that every business plan needs, especially if the financial backing of a bank or independent investor is needed. But for the most part, it is incredibly important to let your business idea guide the writing of your plan, as this is the most important aspect – after all, it may just be the idea that offers a product or service that everyone is looking for.