Are you considering starting up a business? If so, have you started writing your business plan yet? If so, have you thought about how you are going to go about it or what you should include in it? If you are unfamiliar with business plans, particularly what they include, you should carefully take the time to research what is commonly found in a business plan. Doing so will may make it easier for you to find the motivation to get going and ultimately come up with a plan that will fit your needs.
Here are some of the key points to include in your business plan.
What Your Business Is All About
Your starting point is the type of business you are interested in setting up. For example, are you interested in starting a retail store, an online store, or a cleaning service? Explain why you feel you will be a success in that sector and provide detail on how exactly the business will operate. Here you will also outline the products or services you plan on selling, and at the same time describe what makes them unique compared to what the competition is selling.
Where Are You Based?
The next point to cover is where your business will be located. If you are planning on starting an internet business then that’s very simple – your home is probably the answer! If you are planning on running a more traditional business then describe where you are planning to base yourself. Is your premises going to be leased, rented or owned?
Carefully consider the pros and cons of each of these options and clearly state in your plan why you have chosen the route you have.
Will You Be Working Alone?
The reader of the plan needs to know who will you be running your business; is it you or will you hire someone else to run it for you? Naturally you will be the backbone of the business but if you are hiring staff it’s good for the reader to know the number and quality of the staff you will be hiring. It is these people who have the ability to make or break your business. But there is also a cost consideration – if you have to buy in the very best people what pressure will this put on the business?
Where’s Your Market?
In addition to your business expenses, it is also important to focus on how you plan on generating income for your business. That is why your business plan should include details of your advertising and marketing strategy; in other words how you are going to reach your target audience. Your target audience is the type of person or company who you think is most likely to become a client or a customer of yours. In the plan outline what they look like. What are their needs or wants and how do you plan to satisfy them?
Who are You Competing Against?
Ignore your competitors at your peril, both in real life and when writing your business plan. Addressing the competitive threat is extremely important, especially if you are planning on using your business plan to obtain financing; your bankers will be well aware of who your competitors are, so don’t try to pretend they don’t exist!
Financial lenders and investors will want to make sure that your business will be a success and that success can depend on the strength or otherwise of the competition. That is why it is advisable you obtain an accurate count of businesses in your area that are offering the same products or services as you are, as well as the prices that those products and services are being offered at.
The above mentioned points are just a few of the many areas you will want to cover when writing your business plan. You will find a complete guide in my e-book ‘The Secrets of Writing a Killer Business Plan’.
Even if you are not planning to obtain finance for your start up business think carefully about writing a business plan – it is well worth the effort to invest your time.
Robert runs a number of websites focusing on ideas and tips for small businesses, and people running online businesses. Check out his websites for free newsletters, e-books and articles: http://www.smallbusinesssuccess.biz , http://www.smallbusinessloansecrets.com , http://www.marketingtipsandideas.com and http://www.internetmarketingtipsandideas.com
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