One of the most important things you’re going to put together before you start your business is your business plan. If you plan on starting your own business, you better have a business plan. If you don’t, you can kiss your business goodbye before it even starts because anyone will tell you, a business that doesn’t have a plan is a business that’s deemed to fail.
I’m going to outline some things you should include on your business plan in order to make it a successful one. Without these necessary items, your business plan may not be put together properly. Let’s take a look at what you should include and what each thing means for you and your new business.
Looking at the money figures – How is your business going to progress over the years? How’s it going to do with the market it’s in? The competition? Look at the competition around you and try to get some numbers. It’s not hard to get some estimates but make sure you never reach too high. Instead, try and go low, so that when the numbers come in, you won’t be surprised by them.
Look at your staff – When you start your business, how many people are you going to hire? What is each person going to do for your business? What do you plan on paying them? Employees are going to be a crucial part of your business because if they don’t do their job right, you’re going to lose money. Just remember, you want to make money off your employees.
Outline your goals – What are going to be your goals for your company? Do you want to turn a profit in the first month? Do you want to have a million in sales in 2 years? Write a list of your goals and never be afraid to make the sky the limit. As long as you’re realistic, you can reach these goals if you work hard enough. Once you know how your business works, anything is possible.
Look at the marketing – Another important part of your business is going to be the marketing plan. When you start, if you have no marketing plan, no one is going to know about you. This is why it’s important to lay out how much you want to spend in each media category. Do you want to advertise in the newspaper, TV, etc? Get some ways to advertise and test each category. Testing and tweaking is extremely important when you advertise. Once you find the right mix, you can potentially hit the gold mine.
Make up a balance sheet – Before you even start your business, you should know what you’re going to spend on rent, employees, etc. Write out a balance sheet to see where all your money is going. This is will give you a better understanding on how to budget your money. Also keep in mind that your sales numbers are going to change as well. This is where you should put in lower estimate numbers so, once again, you’re not surprised by the results.
These categories are important when you outline your business plan. Make sure you step back and take time to create your outline. A business without an outline is going to be a business that fails. This is why it’s important that you take the most out of your days to work on this. Hire help if you need to but don’t let this be a 5 minute project because you’re just asking for failure if you do.