It may feel like an overwhelming task to write your business plan, but it has been proven that how well you’ve written your plan contributes markedly to your business success.
Starting your own business from ground up can be difficult and demanding, so writing a business plan forces you to think thoroughly about your plans and the steps you are going to take.
A business plan helps you in formulating your business strategies, and also encourages you to accomplish your goals. It serves as a guide for you to foresee challenges and work on their resolution, which can ease your stress and anxiety.
In addition, creating your own business plan will highlight the dedication and commitment you will need to devote to your business.
Before you continue, watch this video from a recent event where Business Expert Kevin Lovewell shows you how to create a simple business plan for the ‘Start’ stage of your business:
Remember: One Product, One Customer…
Components of a Business Plan
The business plan should be concise, professional, and understandable. Here are the necessary components of any good business plan:
- Executive summary
- Business Description
- Products and Services Design and Development
- Industry analysis
- Market analysis
- Marketing plan
- Business structure & management team
- Operations plan
- Legal and risk management plan
- Financial projections
Creating a plan that covers every area of these components takes a lot of time and effort. However, when the plan is completed, you will have learned a lot in the process. Ask yourself then:
How deep is your understanding of your business?
What is your confidence level going to be when you launch the business?
After answering these questions, we can say that it is important that you will personallyl write your business plan, rather than having a staff member or an outside consultant create it for you. Additionally, it is an exciting feeling to have your business ideas into writing. There are lots of resources available to guide you in creating your business plan, such as books, websites, and consultants.
When applying for a business loan, banks and other lenders usually require you to provide a business plan before they will consider your application. Without a well-writtenbusiness plan, you will most likely leave a poor impression on them and the chances of getting finance are fairly low.
A business plan also serves as a tool in evaluating the progress of your business against your laid out goals and performance standards.
Formulating your business plan may reveal that your idea is not viable. Although it is unfortunate, failing early and on paper is better than actually launching your business and then realising its impracticability later.
Here’s What To Do Next…
If you’re not really sure what’s involved in starting or buying a business, what opportunities and risks you should be looking for, or how to set things up on a solid foundation while creating a lifestyle you’ll truly enjoy, here’s how I can help.
Each month I hold a small number of Start Scale Sale Reviews designed to help you start and grow your business, while ensuring you can take advantage of your opportunities while minimising your risks.
Join me for a complementary and obligation-free Start Scale Sale Review where we’ll:
- Do a complete analysis of your current position. Do a complete analysis of your current position. To get you started, we’ll sit down together and look at your overall financial position, talk about your goals, and look at potential business ideas and options. We’ll look at any investments you have, along with potential sources of funding, and discuss the best structure for your business for maximising opportunities and minimising risks. We’ll explain everything for you so it all makes sense, and you’ll know exactly where you stand when we’re done.
- Explore your options. Based on our analysis of your current situation, we’ll outline your options for starting and then growing your business, growing and securing your personal income and your overall wealth, while paying as little tax as possible. Having an impartial expert help you get things set up on a solid foundation can help you identify the best opportunities, and prepare for or avoid any risks, which can significantly improve your financial position and build a business that enhances your way of life.
Please Note: Your review will not just be a thinly veiled sales presentation. You will be provided with actionable ideas for starting or buying your ideal business, regardless of whether we decide to work together or not.
If we believe we can help you even further, you may be invited to become a client, but your decision to work with us or not will be completely up to you.
So if you’d like to register for a complementary and obligation-free Start Scale Sale Review to discuss how to make the most out of starting or buying your own business, even if you are just a little bit curious, let us know by using this contact form or call us on us on 1300 740 066 and we’ll set up an appointment to meet with you.
I’m truly looking forward to meeting with you.
James Huy Vuong