Planning is important to be able to define the steps you want to take in building your business. Remember above all that the business plan should be written not only for themselves but also for prospective investors wishing to acquire or invest in your company. Do not see planning as something hard. This should be written in a conscious way, and has to be a plan that has the flexibility to be changed over time.
As any experienced entrepreneur knows, the initial ideas of a company must be able to adapt to circumstances.
If you put water into a cup, it becomes the cup, if you put water into a bottle, it becomes the bottle. Water can flow or it can crash. It is the same attitude that you must have with your initial business plan.
Before making that business plan you should know that this must include the following details:
1.It explains the purpose of the project
The first step for your successful business plan is to explain what you will do with it. After all, what is the value of your investment? Create a project, which is supposed to satisfy a market need. The first part is a brief summary of what appears written in all the plan and shall contain the following:
- Justify why should the client will consider your offer
- Explain briefly, what are your main competitors
- Explain why the market needs of your project. To be more convincing, if you can write it in figures that support your project.
- Adapt the figures in the current context
- Is it a prediction? Expand what you know about the market and how it will develop
In this part, you can capture the mission of your company. If you sell books, for example, your job could be to sell books at a fairly low price, which makes buying books for all social classes. Basically, you have to answer this simple question:
what is the purpose of creating your business?
2. SWOT analysis
This is another of the most important points. Doing a SWOT analysis implies that you know not only your business but also your competitors and the market. In short, we can say that a SWOT analysis is a technique that helps you visualize some important features about your business to give more emphasis to the areas most in need:
This is where all the qualities defined strengths of your business are. Think about what you shall offer to the market or what you are going to do better than your competitors to reach satisfactory conclusions.
Here you can find flaws that exist in the market and you can explore. In the background, it is to realize what people want and what you are doing wrong to use it.
As in any business, you also have weaknesses. You think you’re setting aside that need improving and list here.
This is the part that can be exploited by competitors. If you have a poorly structured web site, for example, this may be a point to be exploited by your opponents so they can steal market share.
3. How administrarás your money?
All of the above steps are important, but they are nothing if you can not find an effective way to generate income. If you work as a freelancer, is a quick solution customers. They will be your main source of monetization and without them no freelance business. However, your analysis of how to make money should go much further. Consider: Need to know how you will get customers.
The use of social networks. The sites will use to ship products or services to your customers. Who will be your first customers? Even if you work independently, need to know how you will run your billing, either using software or manually temporarily. When you determine how you will earn money, it is also important to put other issues on the table like that think about other forms of monetization beyond the usual forms known.
It is important to define your target audience from the start.Need to know what kind of customers are going to be and what they will buy most of your products (male or female), age, whatever the level of education or social class. This information is particularly important for investors.
5. Socioeconomic Impact
When creating a business plan, you also have to take into account the socio-economic impact that will generate. That is: what is going to be affected in society with this project? It could be to improve the conditions of the area in which you incursionarás with your company, offering a better product or service, for example. Also, surely you want to create jobs in the future when your business grows.
To make your business plan describes how you will change the world around you. This point is also very important for investors or to borrow money from a bank.
6. Competitive Analysis
Here is one of the points that will take more work to do because as the title, at this stage you will see how the market and discover that you can “steal” to attract customers to your business.
You must conduct a thorough investigation. Search Google explores with suppliers, seen in newspapers or check out social networks and do not forget that you must also be aware of your indirect competitors. For example, if you want to create a website that has as main theme the economy, sites that speak exclusively in this niche are not your only competitors. Blogs and general newspapers also concerned with economics programs or television on this subject are also your competitors, but do so indirectly.
7. Marketing Mix
Also known as “Four P”, the Marketing Mix is a formula created by Jerome McCharty and whose principle is the analysis of market variations that take place between you and your customers. Basically, they are all interconnected and have a great impact on your business. Let’s see how they should be analyzed:
- Product: At this point, you should explain your product in an attractive way.This is a brief summary of the concept that has been developed here.
- Price: Please explain at the outset what your pricing and discounts which you want to make to compete are.
- Place: Here, you give to know how, where and what product or service is offered to customers.
- Promotion: All promotional tasks will be used to publicize your product.Basically, how can you hit with what you sell.
8. Human Resources required
Depending on the size and characteristics of your business, you may not initially need a great human capital to work. It is important to determine in advance how many people will work in your business if so required, which should be their professional qualities and what the wage bill will be. I advise to take good care this point and let it last if possible, especially if it is your first business as you have little idea about the responsibilities and the necessary payments demanded by the State which may involve costs not considered. Always place a higher value than initially consider so you will not encounter surprises later.
9. It sets a deadline for the return on investment
Everything that goes around comes around and the money invested by itself should not be an exception. Sets the time you want your money invested in the recoverable project. Project your plan enough until the return on investment, that is, until your company reaches the break-even point, which is the state to be completed in the It works only to cover project costs and begins to generate profits. Remember that time can often take years to accomplish, especially if you’ve resorted to a bank loan to start your own business.
You see, these are the essential steps to perform a basic business plan . This way you can answer several questions to shape and define good ideas of what it takes to liven up your business project. I always recommend you make your plan prior to running any business idea. This helps to clarify ideas, to sort the plans and, above all, to increase your chances of success.
Let’s go through these 6 videos to gain more idea and let me fulfill this article with it. On the left corner at the top, you will find the list to go to another video. Hope this article will be helpful for you and don’t forget, sharing is caring so share it to let others know of it.
how to start a business plan outline, how do i start a business plan, how to start a business plan template, how to start a business plan for a restaurant, how to write a business plan, business plan templates, how to prepare a business plan, how to write a business plan template, how to start a business proposal, create a business plan online, business plan help,