Many people think that a business plan is like a school assignment, where you just need to fill out the 20 or so sections and that’s it. Actually, this is wrong. A business plan is not a school assignment, it is not just fill in the blanks. You must think about how you will survive in this industry for a long time, how to run this business, and how to make a profit from day one. Your business plan should be clear and specific, and it does not need to be fancy to be successful. A well-developed business plan can provide a roadmap for your company and is a good starting point.
This article will provide you with 8 practical tips to get your business on the right track:
1. Understand your competitors
Understand who your competitors are and what makes your company different from others. Sometimes your competitors are not because they have other businesses, but because they have a brand new technology. It may make your things obsolete. Use your own advantages to make yourself different from others.
2. Be conservative in your financial estimates and forecasts
Many people think their business plans are conservative, but most are not. If you are confident that your company can achieve 50% market share in the first year, you can explain why you think so and analyze and explain what the numbers represent. However, be as conservative as possible; for example, a 10% market share in the first year is more credible. It is best to have examples to prove that your estimates and projections are conservative.
3. Every goal and request you put forward needs to be supported by evidence
If you want to be a leader in your industry within your first six months, you need to be able to articulate why you think so. If you think your product will take the market by storm, you need to have the data to back it up. If you think your team has what it takes to make your business a success, you need to make sure your employees have the right experience.
4. Take the time to research and understand the industry
Take some time to research the market you are entering. Find out who your audience is, what your competitors are like, and what documents and money you will need to enter the market.
5. Time is more important than form
If you spend a lot of time on the Internet looking for good-looking templates, you are wasting time writing the content of your business plan. The form is not important, and expensive templates cannot lead you to business success. A simple word document is enough. The template is just a shell, as long as the content inside has practicality, appropriate marketing planning, understanding of venture capital, and competitive pressure.
6. Don’t complicate things
If you had to explain what you do and for whom in one minute, what would you say? If you had to condense your business plan onto one page, what would be the most important things to include? Ask yourself the important questions from the beginning, and don’t make things more complicated than they actually are.
7. Product Pricing
This is a key section and the foundation of your business plan. What is your menu of services? How much do you sell them for? Who will buy them? What is the market price? How do you make a profit now, and how will you maintain profitability in the future?
8. List your assumptions
In a financial forecast, the numbers are a series of assumptions. Listing the assumptions allows you to use them as a target for your future action plan. That way, if the assumptions pan out in the future business, so will your financial forecast.
If you need help writing a business plan, please call the Golden Key Business Development Center at 416-551-9990/416-705-1122 for consultation.
Learn more about business plans:https://www.goldkeybiz.com/maintaining-business/business-plan/
