The 5 Tips You Need for Writing Your Business Plan
If you fail to plan, you’re planning to fail.
Now THAT is a scary statement, but “so true bestie” as the kids say.
A business isn’t something you can just “wing” for a lot of reasons, one of those being funding, which is quite critical in the early development stages. It is important throughout your business owner journey, but we’re talking about the beginning when you have no money and are figuring out how to get started.
First thing first, once you have your concept, it’s time to write a business plan. This is where you do your research, figure out what your goals are, understand how you’ll make money and how much you can expect to make, get your timeline in order etc.
I came up with 5 tips to help you write your business plan that I used in writing my business plan all that time ago because the best advice is from people who have firsthand experience!
Do your research
Before you start writing your business plan, it’s important to understand the competitive market you’re entering. So how do you do this? Research, research, research! Dust off the laptop, and put yourself in that “student” mindset. To help get you started, I recommend first researching your target customers and then, the industry you’re entering to understand the trends and opportunities. This is a good place to become more familiar with your potential customers, your competitors, what’s working in your market, and what isn’t. Ultimately, this is where you can use this information to inform what and how you offer your product and services.
Define your objectives
A clear set of objectives will give structure to your business plan and help you stay focused. Consider what you want your business to achieve, both short and long-term, and make sure to include those goals in your plan. What do you want to achieve? Are these financial goals? Are these community-based goals? Is there a social cause you’re wanting to contribute to through your business? These are just a few questions you need to ask yourself when it comes to your goals.
Outline the financials
Yes, we need to talk about finances. Firstly, you need to make sure to include financial projections in your business plan because you need to understand how you’ll make money and how your business will grow. This will help potential investors or lenders understand the financials of your business and help you plan for the future. Ultimately your financial section is less for you and more for those investors and lenders, so the stronger and more detailed your financial projections, with information to support your findings and assumed future revenue, the better it will be for you in applying and being approved for your startup funding. If you’re looking for a tool to help you get started or further your progress, check out my FREE Budget & Cashflow calculator.
Set a timeline
A timeline will help you stay on track and ensure your business plan is completed on time. In your timeline, you should also include key milestones like product launches, customer acquisition goals, and financial goals. This takes your plan and helps you make it more actionable, now that you are creating deadlines, and tracking your progress. This also will allow you to convey your intentions and expectations for both yourself and your stakeholders. Simple as that.
Get feedback
You may not have thought about this, but just because it’s YOUR business plan, doesn’t mean you’re alone. One of the most powerful ways to create a stellar business plan is to ask for feedback from people you trust. Having an outside perspective can help you refine your business plan and make sure it’s the best it can be. So, reach out to your mentors, your friends or family, anyone you trust and that you think can give you perspective on your process and you’ll find that they can help you look at your business in new ways, ensuring you see the details and the whole picture more clearly.
These are just a few of the ways to help you write your business plan, and if anything these will help you kick off your research and writing process! It’s overwhelming, of course, it is, but betting on yourself, and trying something completely new can be fun and so rewarding.
Take it from me. Been there, done that, and still doing it.
If you’re looking for an extra hand in creating your business, for someone to consult with you and get you started on the right foot, learn about my international coaching program, Boardwalk to Profit, and feel free to book a consult call with me to see if we’re a good fit!!