So you’re thinking it’s about time to start your own business. First of all – good for you! The spirit of entrepreneurism is in the air – and it’s high time you take hold and run with it. Between taking charge of your own destiny and getting out from under the confines of working for someone else, starting your own business means creative freedom and the power to shape your future. Whether you’re going out on your own to turn your passion into a reality or you’re just plain ready to work for yourself, putting together a business plan is essential to getting your goals in line and staying on a track toward success. Not sure where to start? Keep reading for tips on writing a killer business plan.
#1. Understand why you need a business plan in the first place.
-Necessary for applying for business loans.
-Essential if you’re seeking investment funds.
-Helps map out how to set the stage for scalable growth along the way.
#2. Figure out exactly what need your business fulfills.
-Having a purpose and being able to define that purpose is essential.
#3. Create a Mission statement.
-What will you provide and how will you do that better than competing businesses?
#4. Define what sets you apart and why people should do business with you.
-Your unique presence will set the stage for your ongoing success.
#5. Clearly define your target market.
-Identifying a target market shows investors that you know exactly who will use your product or service and allows you to hone in on the right customers.
#6. Identify your organizational structure.
-Understanding the who and how behind how it all works is essential to staying organized, identifying needs within your management and defining the value that each person brings to the table.
#7. Have a thorough and clear breakdown of revenue.
-Understanding your revenue streams is essential to staying on top of your finances and knowing which parts of the business need attention or added support.
#8. Use all this information to determine just how much capital you’ll need to move forward.
-Be clear, direct and have justified proof to knowing exactly what you need and why to get your business off the ground.
Have you ever written a business plan? What questions and parameters helped guide you through that process?