1 April

Business Plan Basics: 5 Steps to Your Best Business Plan

When starting your own business, there’s one detail all successful business owners can attest to: create a solid business plan. While this may not be groundbreaking news, your business plan is a crucial step and needs to be taken seriously.

A solid business plan will help you with more than investment pitches (though that is a critical point for most). It will also help you outline everything you’ll need to be successful and will illuminate any potential problem areas.

Creating the detailed plan can be a tedious task but avoid being tempted to rush through it. This piece will be the backbone of all your future business’s endeavors; approach it with commitment.

With your future success riding on a solid business plan, prep work is imperative. To help make this happen, here are 5 steps to your best business plan:

1 – Create a Space

You might be ready to dive into writing, but the very first step should be to create a space. Before you begin your plan, you must make sure you’re prepared to work!

Whether it be a home office, a co-working office space, or an on-site building, you need to have a location that is specifically for working on your future business. Why? Not only does an office space give you a chance to work undistracted, it reaffirms your commitment to future endeavors. By designating a work space for yourself, you’ll be able to cut down on distractions, focus on your commitment to your future success, and get down to business.

2 – Do Your Research

Once you’ve created your working space, it’s time to begin researching. Since a bulk of your business plan will revolve around outlining your intentions, you need to be able to back up your words with action. Research similar businesses, speak with local business owners for tips, and use your research to formulate your intended actions.

3 – Do More Research

When it comes to a business plan, knowledge is key. The more you research, the higher your chances of success. It’s not enough to simply have a dream – you need to be able to make it a reality. You do this by fleshing out an outline of your path. You’ll need to know your market, competitive pricing, thoroughly define what you’re offering and how you’ll stand out from competition.

4 – Business Plan Outline

After you’ve begun your research, create a basic outline of your business plan. You shouldn’t begin writing it entirely, but create a skeleton outline of what to expect. For some, this can come in the form of a generic business plan template. An online search will help you locate one if you’re having trouble and want a basic template for reference. This outline will help you to organize your research and understand what’s needed before beginning your polished plan.

5 – Keep Focused

Lastly, while you want to make sure you have a fantastic business plan to present to potential investors or partners, do not let your determination be swayed by perfection. In other words, no matter how many times you review your plan, know that you’ll likely always find something to tweak, but don’t let that cause you to lose sight of your goals and miss your opportunities. It doesn’t have to be perfect – it just has to be detailed and concise. Stay focused.

“Don’t wait until you think your business plan is perfectly polished and cannot possibly go any further in depth. Otherwise, chances are you will have missed your window of opportunity…” Forbes.com.

Overall, the most important rule to remember when creating a successful business plan is to do thorough research and keep plugging away at it until it’s finished. It all begins with your preparation, so get yourself prepared for success!

15 March

The Business Plan

I use my business plan every day.  It is a living document in my business.  It is a tool that helps me stay focused and make decisions, while considering the implications the decisions will have on other parts of the business.  A lot has changed since the first draft of my business plan, but it has remained a constant check and balance for me.  Read More