Next Step After Deciding on Chosen Business
Written By Naomi Fisher
Build a business plan
Now that you have your idea in place, there are a few important questions you need to ask yourself. What is the purpose of your business? Who’s your target market? What are your goals and aspirations for your business? Where will you get your source of funding for your start-up costs. These questions will be answered in your business plan.
A business plan helps you to understand what your business is about, what you can offer your customers, your future and current plans, ways to deal with the challenges your business may face and how you will continue to make your business grow and become successful.
- What your business is about and how you will accomplish your goals.
- Your extended goals, and how you will fulfill your market’s needs.
- Your research on your target market.
- Organization and management of your company.
- Your service or product line, including copyright information and R & D activities.
- Strategies for market penetration and growth.
- Estimated costs and funding request.
- Assess your finances.
Why should you have a business plan
- Setting out an accurate plan will help you determine whether your business idea is feasible.
- A business plan sets out in detail exactly how and why you will run your business.
- A business plan is vital to helping you get finance.
- Your business plan will include financial forecasts. A well-written business plan containing relevant figures will help you convince investors your business is a reliable proposition.
- A well-researched business plan which includes the right figures and realistic forecasts will also reassure potential investors you are a sensible investment opportunity.
- Your business plan will help you manage and understand your business finances, including managing cash-flow and determining your break-even point.
- A business plan can help you to prioritize.
- Developing your business plan helps you to step back and look at what’s working in your business and what you can improve on.
- You can set specific goals, time frames for achieving them and show how you’ll measure performance.
- You can make sound business decisions that focus your activities, maximize your resources and give you a competitive edge.
- A business plan can give you control over your business.
- A business plan will allow you to map the future of your business. You can come up with a detailed strategy on how you will deal with various scenarios.
- Your business plan gives you a place to list specific goals and objectives for your business, helping you to set out clearly, how you plan to meet these goals and on what sort of timescale, and helping you to commit to that course of action.
- Many business plans help determine how many employees you will need.
- If you have employees, the planning process can be a good opportunity to seek their feedback on possible ideas and improvements. Your employees will value this opportunity to contribute to the business.
- Your business plan includes detailed market research which will allow you to learn about your industry, market and competitors.
- You can write down exactly where you are in the market and where you’re headed.
- You can identify challenges you may come across and work out strategies to avoid or overcome them.
- The planning process helps you learn about the different forces and factors that may affect your success. If you’re already in business, it helps you to step back and look at what’s working and what you can improve on. Instead of worrying about the future, a business plan helps to give you a sense of control over your business and your livelihood.
- Update your business plan regularly It’s important to have a business plan, but it’s just as important to keep it up to date.
- To write an efficient business plan you’ll need discipline, time and focus. The whole process may seem challenging; however, it will give you sense of control over your business.
Extremidy is a business management company. Our aim is for small businesses to, connect, grow and succeed, by providing them with support, networking and assistance.