You’ve seen a need for a product or service, or a gap in what’s currently being offered in the market. You know you have a great idea for providing the product or service in a way that consumers will respond to in a positive way. So, you’ve decided to start a business. Congratulations! But what exactly goes into the business planning process?
First, you need to review the market. What’s going well? What isn’t going well that you think you could improve? Jot down your ideas on the market, current companies (who will soon be your competitors) and future trends you see happening.
Second, you need to define your idea. What will you provide? How is it different? What will set you apart from the competition? These are all really important questions to answer before launching a business, writing a formal business plan and securing funding.
Next, you’ll need to figure out how to go to market. What will your sales strategies be? How will you market your products/services? What will you do to get customers in your door (literally or figuratively) so that you can make money? Keep in mind, marketing and sales will be included in the business plan so having a thorough idea will help.
Then, you should take some time to prepare a budget and financial forecast. Where will money come from? Where will you spend it? When do you expect to make any loans back so you can pay them off?
Finally, you need to write it all down. A business plan is a road map to a successful business. Having an expertly crafted plan can help you know what milestones you are hoping to hit at each stage, as well as be prepared to answer questions as you go into meetings with investors, vendors, partners and future employees. As a living document, you can make changes to it as you network and find out new or better ideas to present your business. But an initial plan written by an experienced business plan consultant can help you feel prepared as you step into the new world of business ownership.
Contact Bargain Business Plan for a free consultation on your business plan needs. With thousands of plans created for startups, nonprofits, visa applicants and more, our experts understand how to create a plan that works. They’ll take the time to get to know you and your business idea, then draft a business plan to help you achieve your goals.