As many of you know I am a business plan writer and virtual assistant. Writing your business plan is the first and most important step you must take to ensure the success of your business. I have heard many people say "I don't need a business plan...I don't need funding". Obtaining a loan is only one reason why you need a sound business plan.
For starters a business plan forces you to take a realistic look at your idea and business goals. Some ideas are great in your mind, but when put down on paper, you may realize that it was much more than you expected.
Start-up costs versus projected revenues, legal requirements, employee salaries, management, marketing strategies, and the location need to be evaluated prior to starting your business. I have worked with many clients who thought they had a great idea, until they saw the financial projections. Once they realized that their idea did not make sense financially, it was then time to create a new plan of action to make their dream a reality. Sometimes all you need to get going is a new stategy, and a business plan will help you do this.
My favorite section of the business plan is the marketing plan. Why? Because that is what will bring exposure to your business entity needed to meet projected revenues. Without this you are destined to fail. Many people think that the marketing plan means advertising, but it covers so much more including ecomomic factors.
•What is the total size of your market?
•What percent share of the market will you have?
•Current demand in target market.
•Trends in target market—growth trends, trends in consumer preferences, and trends in product development.
•Growth potential and opportunity for a business of your size.
•What barriers to entry do you face in entering this market with your new company? Some typical barriers are:
High capital costs
High production costs
High marketing costs
Consumer acceptance and brand recognition
Training and skills
Unique technology and patents
Shipping costs
How will you overcome theses barriers?
How could the following affect your business?
Changes in technology
Changes in government regulations
Changes in the economy
Changes in your industry
These are important questions to ask yourself before investing any of your time or money. I know this sounds overwhelming, but that's why I am here to help! Contact me today!
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