Your business plan is defines the structure of your business
Business Plans Explained
A Business plan is the basic structure of your business describing how your business will function. A well laid out business plan includes product description, marketing strategy, revenue streams etc. If someone is thinking of starting a business should know how to write a business plan. It is said that 90% of the businesses fail within first five years of operations. One major reason for this failure is not having a detailed business plan. Business plan help define goals and achieve targets. If you are starting a business you should set up goals which are achievable and set concert targets for the business.
Why You Really Do Need a Business Plan?
You need a business plan to implement and formulate the strategies of your business. Taking care of your goals and vision for the company business plan explains every detail how your business is going to function. It makes an impact in your mind for the business it clears down the path. And makes you ready for achievement of business goals. It also helps to gain interest of potential investors. It also helps in getting approval of loan from the banks for business.
A successful business can be a result of your business plan
A Good successful business is a result of well-structured business plan. A business plan is a structure to a good business. Business plan lays down the foundation of business. It defines important elements of a business .By a good business plan you can structure out your business
A business plan helps in developing trust of a person into the business. All the beneficiary of business gets a confidence in business. A structured business plan develops the trust of investors and partners of business into the business..A business plan can be treated as a tool to lay down the foundation and trust of business partners
Which structure of business plan will work best for you?
There is no correct way of finding a correct business plan making strategy. Generally there are two way of making a business plan which can help you in finding structure of your business. Traditional business and lean start-up business are two of the most common used business plans
Traditional business plans are more structured way of defining the business process, product and strategy of a business.
Whereas lean start-up business is more conventional form of defining a business. It is basically outlining the business and defining the main elements of a business.
Some of the areas that need to be considered while writing a business plan
- Define your vision: – This will help you in what you wish to achieve from your business. This will help your team to identify what your vision and mission of your plan. Defining a vision is one the key players in defining and aligning task with the business
- Define your unique selling proposition (USP):- Unique selling proposition set you a side from the crowd and make you stand out of your competitors. This will also help in attracting potential customers to your business.
- Know your audience: – market/ audience of your product should be well known to you. Knowing your audience will help you find the potential customers with relative ease
- Know your customers: – Knowing your customers will help you define your product and make a better USP out of it. You should know what your customers want and what are you offering. Customer is god for your business take customers seriously .Their experience matters the most.
- Define the marketing goals: – These goals define how your product will look like. What will it cost and how will you distribute it plus how will you promote it. These question are majorly ignored by start-ups which cause a failure.
- Define the marketing strategy:- After having well defined marketing goals you need to decide your marketing goals and define the marketing strategy which describes the area which you will serve the profit margins you wish to work how many products you need to sell
- Take action: – And last and one of the most important step after doing this is to take action on the defined goals. This one the most basic steps for every business.
Steps to a Perfectly Written Business Plan
No one can determine a specific business plan. Business plans should be flexible. But if you wish to have a specific plan you do that by following these steps
Step 1. Research
One major key player in formulation of business plan is to the research. If a there is a business plan without a proper research there are chances that it will fail. A failure in business plan describes as a failure in business. Business research helps you in setting your goals. It helps you with what you can do and what you cannot do while writing the business plan. The business research a=can be done offline as well as online
Step 2. Defining the purpose of your plan.
Purpose of business plan refers to the structure and end goal of your business. For example some business might be there for fame purposes, and some might be there for money, some might be there for both and balancing out your business
Step 3. Create a company profile.
Company profile introduces you to the customers and its stake holders. Company profile is first impretion of a company. A well written company profile can attract various customers towards the business. Therefore making it the most important task of structuring a business plan
Step 4. Document all aspects of your business.
Business before coming into existence needs a proper documentation Such that there are no disputes while functioning of business.
Step 5. Have a strategic marketing plan in place.
Marketing attracts customers to the business . Marketing helps in creation of awareness in people.
These are some of the steps which will help you in making of a business plan.
I am sure these steps would have helped you in writing your business plan