The very first step of your business career should be to start creating a highly focused Business Plan. Without a business plan you are setting out on the route to failure – guaranteed!
Look at it this way, when your build a house you must lay the foundations for the house to stand. The same rules apply for any business; whether it’s a home based business, high street business, or even an internet business; you simply MUST HAVE a business plan.
The problem is for the majority of aspiring entrepreneur’s, they do not know what to include in their business plane, or if they do, they put the business plan at the bottom of their drawer, never to be seen again!
So, the first step in writing a business plan that is guaranteed to bring you success is to get down the basics. The basics should include details of you as the primary business owner, and also any other ‘key players’ in the business. Within these details you should include contact details for every relevant person, just in case you need to contact them in an emergency. Once you have gained all of the relevant details should now start to focus on the following areas:
Your business idea Within this section you should write down your business ideas. Don’t worry, a business plan is a working document, and therefore you can change the business plan as your ideas and creativity progress.
The aim of the business Within this section of the plan try to detail what the main aim/objectives of the business are. You should try to include short, medium and long term aims of the business. Where do you want to be in 3 months time? Where do you want to be in 12 months/36 months and 60 months time etc?
Your product and services Within this section you should concentrate on providing details that are relevant to your product or service. Always, and I mean always, aim for quality in everything that you do. Who’s going to make your product? Who’s going to deliver the service and are they capable of delivering the same high standards that you expect? Remember, without other’s help, you will not succeed in business.
Trade accounts Within this section you should include define details that relate to your trade accounts. Are you going to meet with them face-to-face, or are you going to communicate b telephone and e mail? It is very important that you meet up with your trade accounts from time to time in order to build up a relationship/
Business funding Within this section of the business plan, try to define details that relate to the funding of your business. Are you going to fund the expansion yourself, or are you going to seek capital from a third party such as a bank or venture capitalists? Whichever you choose, make sure you can afford the repayments!
Other areas of your plan should include Business premises, staff details, further costs and expenses, inventory and action for progress.