Writing a business plan is one of the most vital aspects of
starting your own business. Coming up with business ideas is quite easy.
It is the planning and structuring that makes the journey difficult.
You have to make sure that you spend a good amount of time and money in
creating a business plan. The business plan will serve as your company's
blueprint, and it also plays a huge role in the success of your
entrepreneurial venture. It is a detailed map that includes your
company's vision, cash flow and financing assessment, business profile, a
marketing extension plan, and as well as a contingency plan.
Business Profile
This
section involves defining your business. It includes your company's
objectives and the services or products that you intend to sell in the
market. In this part, you get to define whether yours is a product based
or service based company. Include a little analysis on the growth
trends on your chosen line of business. Make a good description of your
target market. Indicate whether you want to sell your services to
businesses, individuals or both.
Business Contacts and Staffing Requirements
This
part should include who you will be employing in the company and the
respective qualifications for each position. List any important business
contacts that you find relevant in your previous experiences. List the
names of your company's lawyer, financial advisor and accountant.
Marketing Strategies and Expansion Plans
Marketing
plans must be addressed appropriately and in detail. Allot an
advertising and marketing budget to help brand your business. Choose the
right advertising options once you have decided on a target audience.
There are several types of advertising media such as newspaper ads,
radio spots, direct mail flyers, etc. One of the most popular
advertising trends these days is done online. Start by developing your
company website and optimize it. Create a user-friendly and web
crawler-friendly site. Create a viable and achievable expansion plan.
Include specific target sales that need to be met prior to an expansion.
Develop a plan with helpful strategies on how you can grow your
business. This can be through extensive international marketing,
increased advertising efforts, aggressive recruitment and so on.
Know and Understand the Competition
Competitor
analysis is a vital aspect of the comprehensive planning process.
Knowing your company's competition will provide a basis to create
strategies for competitive advantage in the coming days. Competitor
analysis will also help you understand a competitor's past, current and
future strategies. These studies can also help in forecast returns for
future investments. For example, how will competitors behave in response
to a brand new pricing strategy or product?
Business Financing
It
is vital that you list down any expenses that you may have and how you
intend to pay them. Does your company have the proper insurance, zoning
and licensing agreements? Make sure you also include your business's
estimated capital requirements, cost and sales.
Contingency Plans
A
good business plan will include a backup plan in cases of market
slumps, risk of failed targets and other unfortunate events. Planning a
contingency plan ahead of time will help you prepare for the tough
times.
Writing a Business Plan: The Competitors' Profile
