All people dream of making it big, selling out the house, having arrived or….just complete financial independence will do. The latter sounded incredibly sexy. But how, we ask?
Well, those of us who want to be entrepreneurs, & be wildly successful, we need a plan. Duh, right? No, a business plan. A legit, well-written, organized, and impeccably researched plan. Preparation is imperative.
It’s only day one but the vision is there, maybe your even at a finish line in this daydream. But that’s just a dream. There’s only one person who can make it come true, you!
There will be many questions to ponder when a business idea comes to mind. Brainstorm often, take notes, jot down ideas for this is the beginning of a very critical project, your business plan. This could be your company’s first asset, it’s first marketing tool, and the keys to the kingdom!
Let’s begin with a brainstorm:
***He who fails to plan, plans to fail. Have you set goals and do you have a plan for reaching them? This is where you outline what your 3 month, 6 month, 12 month, 2 year, 3 year & beyond goals are. You know where you are, so where do you want to go? Once you understand what it is you want, the next step is a detailed plan of how to get there, your business plan.
Let’s refresh our minds on what this business plan is. Your business plan paints the vision of your business, through details, goals, & paths to various achievements. It will contain the keys to sucess; operational procedures, financial procedures, opposition research & marketing ideas.
Remember this, the top reason your business plan is so crucial is that it is one of the chief requirements for venture capitalists & banks. Potential investors must have a legit, well well-written business plan to read.
We’ll assume you have your target market, identified your niche. Now let’s write the plan so that we will see the company as a whole. The big picture. Strategic focus & setting priorities is the way to get there. There will be a lot of planning processes; such as; Managing Change, How to Develop Accountability, start-up costs, overhead costs, & your plan for managing cash & accounting.
Strategy will be involved in business planning, so identifying your style business tactics will be priceless.
Keep asking yourself: Where are you going & how do you get there?
Next, milestones & metrics. Milestones mark activities that you have surpassed. Business Metrics help signal what you’re doing right & what you’re doing wrong. Find the numbers that will matter. Sales, expenses, and such always matter but don’t forget about overhead. Find what matters.
Bottom line, a business plan is a must have. Nothing can replace preparation, ever, not even luck. So, in the next article, I’m going to help you learn how to write a business plan, what to include or not include, how to research competition, how to forecast the future, basically. Until then!