So you have an amazing business idea and are wanting
to build a name for yourself but now what?
Business Foundations are the key to any business success. Without a strong base, businesses lose fast. The to-do list is long and lengthy and even with the best business idea, without completing it, it’s likely to never get off the ground let alone be successful.
Business plans, registration, licensing, government regulations, financing, HR processes, insurance, record keeping and marketing plans are all on the list and need to be worked through, some before you even get going!
DO YOU HAVE EVERYTHING IN PLACE TO BUILD A GREAT BUSINESS FOUNDATION?
Let’s get started with a Business Plan. (We will work together through the other steps in future posts)
Do you really need a business plan?
A business plan helps you understand your target market, research competition, build budgets, and outline your plan for success, whatever that looks like for you. It also keeps you on track, identify targets, and manage cash flow.
There are also a number of instances where a business plan is vitally necessary (pitching investors, bringing in partners, and securing bank financing) but even if you don’t fall into one of those scenarios, it’s just good business sense to have one. It can be detailed or simple but should cover the following information:
Company Description with Vision, Mission and Objectives.
- Get detailed here; it will help paint the picture you have in your mind on what you want your business to be and where you intend it to go.
- Basic company information including size, mission, vision and what you want to accomplish.
Executive and Management Summary
- Who’s running the company, their qualifications and experience.
- Management structure
- What product or service are you offering?
- What need are you filling for potential customers?
- This section will detail your industry, competitors, market size, and where your business offering fits into the mix.
- This will outline how you intend to market your brand, information on your pricing model, and how you will ultimately sell your product/service.
- Outline traditional marketing methods as well as a social presence.
- Spend some time on this one. It’s where a lot of businesses underestimate their costs causing them to stall or even close their businesses completely.
- Detail your finances now, expected growth, start up operating expenses, and future needs.
- Identify the steps you will take going forward, how you will measure success and identify some realistic goals.
- Whether you opt to go with a detailed traditional business plan or a simpler one page document, going through and documenting these items and going through this process will give you some insight as to what will all be involved, give you a roadmap and help build a solid foundation that you can build your future successes on.
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