Enhance a business plan with step-by-step guides regarding marketing
Elements of a Successful Business Plan. Creating a business plan is crucial when you’re starting out. Enhance a business plan with step-by-step guides regarding marketing, finance, investments, and how to plan articles. A business plan is an essential roadmap for business success. …
How do you plan to market your business? How to Make Your Business Plan Stand Out. A good business plan defines exactly what you want to achieve and how you intend to achieve it. Our most popular business plan samples included a restaurant, online retail, health care, and others on the same page and pushing forward to build a successful business.
The idea of setting down all the thoughts, research, dreams, and plans you’ve been holding in your head for months as you prepare to launch a business may seem too overwhelming to undertake as a new entrepreneur, but the plan doesn’t have to be dozens of pages long. Some experts will tell you it only needs to fit on a Post-it note. What matters is that it provides you with a road map of what your business will look like, who your customers will be and how you’ll deal with setbacks.
7 ELEMENTS OF A SUCCESSFUL BUSINESS PLAN
“You want to make sure you understand how the business is going to work, how it’s going to work within your life, what that balance is all about,” says David Wilton, director of small business banking at Scotiabank. “A good business plan can help you think all those things through and anticipate problems before they actually occur.”
The plan only needs to map out the broad strokes and include enough information to start getting feedback. When it’s time to prepare a business plan for potential lenders or investors, less is often more. “These are busy folks, so brevity is appreciated. A 20-page plan will usually produce better results than a 50-page plan.”
Regardless of how many pages you chart your course in, here are some of the key elements experts suggest incorporating:
- A general description of the business: What is the goal of the startup? What product will the company be selling, and what problem is it trying to solve?
- What’s unique: It’s important to take the time to explain what’s special about your product or service, and how it differs from other offerings in the market. Why will customers love it most?
- Market research: Who else is trying to solve this problem, and what are they offering? Who are your customers? How big is the marketplace, and can it grow? These are key questions because your success will often be tied to what your competitors are doing.
- The team: Who are the people managing and running the business, and what makes them uniquely qualified to do it? What do you have to offer as the leader, and what do the various members of your team have to contribute? Why should investors trust you with their money?
- Sales and marketing strategy: Are you going to sell online or will you have a sales force? How will you market your product to generate awareness and close sales?
- Operations: This section will vary depending on the type of business, but it should answer questions around what equipment and production systems will be needed, as well as how long it will take to produce, distribute and sell the product.
- Financials: Financial information will be important when the startup needs funding or a loan, but it’s also a useful projection tool that business owners can measure their progress against. It can also look at how you’ll deal with changes in the market or consumer behaviors and increased competition.
Ten pages should be enough to cover these areas. If that still seems intimidating, keep in mind that while a detailed plan is important, it’s not a prerequisite to begin testing your product.
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BEWARE OF “GET RICH FAST” PROGRAMS!
There is nothing like having your own online business. You make the decisions, and as one song says, you “win or learn”. However, creating your own company can be tricky. Especially if you are building from the ground up. There will be constant questions that must be answered, such as: How will we consistently draw in customers? How will we stay up with trends? How will we do all of this and not break the bank? It quickly becomes obvious that one thing is needed above all else-
INFORMATION IS NEEDED
Without accurate facts and data, wrong decisions get made. When a fork in the road comes up, a turn can become a dead end. What is the most common way to find information right now? If you said, “Google it!” you are right. Unfortunately, Google isn’t an encyclopedia. It is a place where people upload information and sometimes that information isn’t as reliable as we would like it to be. In fact, there are some people who put false information online just to see what effect it might have.
THE IMPORTANCE OF STRAIGHT FACTS
But if you, as a new business owner, go to Google and receive false answers to your questions, you could lose your business. At the very least, you might lose money, time, or a good reputation.
ONE TYPE OF SCAM
One of the most damaging falsehoods—also known as a scam—is the type that asks for people to “invest” in a company. Then, that company will help the person earn unbelievable amounts of money.
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