It can be exciting when you have an idea for a new business, and for most people, all you want is to get going as quickly as possible.
However it is a good idea to actually put together a business plan that you can reference at any time in the future when your idea starts to get a bit blurry or you forget some of the details
Business plans do not have to be complicated
People often think that a business plan is for other businesses and not their simply because they think it should be complicated to write one.
Sure, there are certain situations that require that you have a very in depth business plan, such as in the case of a bank requesting this for a business loan, or in the case of getting an investor on board with your business.
But, for everyone else, keeping it simple is the way to go.
Just remember that you are writing it mainly for your benefit (so that you can remember key details later).
What should be in a simple business plan?
Here I’ll share with you five things that you should have in a business plan.
These are not set in stone, but they cover key aspects about your business. You can always add additional items later as the document can change as you develop your ideas further.
Also I recommend that you start by keeping it as a 1 pager. Doing just one page will make it easy to just jot down only those key things without overwhelming yourself.
OK, so here we go.
Your simple business plan should have info that answers these questions:
1 – Your vision
What are the goals and objectives of your business? Where would you like it to go in the long term?
2 – Who you help
What type of people can benefit or who do you solve a problem for?
It is important to pick a target market (a group of people that you concentrate on to directly appeal to) as this allows you to stand out from a crowd.
3 – How you help
What services/products will you be providing and how do they effectively answer the needs of your target market?
At a fundamental level your service need to be effective and good enough in the eyes of potential clients, otherwise they will not do business with you
4 – How will you deliver?
Are you using suppliers, or doing the work yourself, and how will that work? If you will have a team you need to start documenting the different roles that you need and looking at finding those people.
You’ll also need to think about your business processes and policies so that you can deal with clients smoothly.
5 – What are the financials?
What are your cost price, selling price and revenue projections?
Knowing this can help you make better decisions about cash flow and how to make your business not just sustainable but to also thrive over the long term
With most businesses failing within 5 years of launching, you put yourself at an advantage by having a plan that can guide you and keep things on track. By doing this, you automatically increase your chances of success
Even if you already started without a plan, you can take some time to create one right now and get clear on what your business is about—you’ll thank me (and yourself) later for getting one done.
Marlon wishing you amazing online business success