Tue, October 15, 2019

Effective and Simple Business Plan

funny image of business plans

Business plans can be large and scary. We want to break it down into bite-sized chunks and walk you through a simple business plan concept. First, what is it and why do we need it?

What is it? A business plan is a document that lays out all the details of a business idea. It is like a ‘playbook’ for your business. When someone reads your ‘playbook’ they know exactly what you will be doing for your business. If you look at the graphic on your right,Business Plan Graphic
you will see that business plans simply tell us where we are today, where we want to go and how we plan on getting there. It is really that simple.
Why do we need them? Most people write a business plan to get funding. They want someone to invest in their company or they want to apply for a loan. Personally, I think writing a business plan helps you think through what you business is all about. If you know where you are going, you are more likely to get there!
It is easy to say, I will have a business, but when you actually think through the process of what it takes to create the business and flesh out some details, it will become real. You may not have all the answers, but getting a lot of your ideas on paper helps you get the ‘big picture’ of your business.
Even if you are not a details person, it will be helpful to work through a business plan. Just make it yours, you own it and it represents you.

We start a business plan by answering some basic questions:

– What is your product or service and why do you think it will be successful? (Business Idea a.k.a Executive Summary)

Who do you think would use your business and why? (Customers a.ka. Market Analysis)

How do you plan to let people know about your business? (Promotion and advertising a.k.a. Marketing Plan)

What is your timeline to reach your business goals? (Strategic Planning a.k.a. Implementation Schedule or Milestones)

Where will you get the money you need for your business? (Funding a.k.a. Financial Analysis)

Answering these questions helps you prepare for working out a complete business plan. Remember what they say, Success is when opportunity meets preparation!

Visit our step-by-step “Simple and Effective Business Plans” series:

The Simple and Effective Business Plan
1. The Business Idea – Concept
2. Defining The Market – Customers
3. Sending Your Message – Marketing
4. Creating Your Future – Forecasting
5. Communicating About Money – Financials

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