Write a Business Plan

You may have a viable business idea, and you can’t wait to hit the ground running. At that point, nothing sounds boring, such as slowing down a bit to write a whole thesis. Statistical analysis? Pie charts? Spreadsheets? No, thank you. Yes, writing a business plan sounds like an uphill task, but it essential to know that every successful business started with an idea, and the good news is, that writing a business plan may not involve such complex outputs and bar graphs. As a matter of fact, a 40-page business plan is no longer fashionable nowadays, and a good example has to contain only substantial information, which prospective investors, business partners, and lenders will need to look at when making a decision to be involved in the implementation of your business idea. To make the process of writing a business plan even more straightforward, there are several online resources you could utilize.

At its very core, a business plan is about thinking through and trying to answer some hard questions about the company you’re just about to start. Once you’re done with the writing process, you will be able to refine your initial idea into an even more viable one. Some of the questions you should seek to answer in your business plan include the following.

What is Your Target Market?

Your target market is the people who your business will serve. The more specifically written and clear your answer is, the better your business will be able to meet the needs of the target market.

What Makes Your Business Unique?

As a starter, you will probably not be alone in the industry, so what will make your business different from your competitors? What is it you’ll offer which will make customers choose you over others? Your uniqueness may include things such as price point, business location and commitment to quality, among other features.

How Will Customers Reach You?

Your answer to the above question is what will go into formulating your marketing strategy. Will you primarily use word of mouth to generate business? Or will you use a paid advertisement? How will your online presence (social media, business website, etc.) help you connect with customers? These are some of the questions that will go a long way in turning your potential customers into a loyal customer base.

What Resources Will You Need to Start Your Business?

To make money, you will need to spend money. So, what will you need to create your services or products? Will you need a retail space, software and computers, manufacturing equipment and tracks, etc.? You will need to outline everything in your business plan.