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In my high school IB Business class, I was taught that before you embark on the journey of entrepreneurship, you need to have a rock-solid business plan in place. This is imperative for any future entrepreneurs, be it their first or one of many business ideas.
Entrepreneurship is tricky, and it is impossible to tell the business outcome as it depends on various internal and external factors. However, it is important to have your game plan chalked out to ensure that it does not tank and take all your money and hard work before you even kick start!
Let’s have a look at the seven most important steps in creating a successful business plan:
Purpose of your plan:
Understand the purpose of your plan before you start creating one. For example, if you write one for your financial investors, it needs to have a projected profit and loss statement and all the other financial details compiled concisely.
Research:
Without thorough research, you will not be able to create a business model for your idea. You need to research to find out if your idea is solution-based, is it even profitable, if yes, who are your potential competitors, what are they doing better. The research process will also make you more familiar with all aspects of the business and help you write a very strategic business plan.
Company Profile:
A company profile describes everything you do in a short and sweet format. It gives an outsider insight into what your business is about without having to probe! Include a little story of what made you start this company, the products or services offered, your USP, why it is solution-oriented, its target market, and the audience it caters to.
Aspects of your business:
All the investors and stakeholders would like to know the important financial decisions, the cash flow, your strategy behind sales and marketing activities. It is important to have these aspects of business documented for all time to come!
Marketing plan:
An aggressive marketing plan is always the way forward. You can be offering the best products or services, but without proper marketing and PR channels in place, you won’t get the visibility you require, and sales would not exactly be soaring without that!
Adaptable for all kinds of readers:
Your business plan will be read by all kinds of readers, be it industry experts, stakeholders, potential clients, or absolute laypeople. You must make sure your business plan is adaptable for easy understanding, or you have slightly tweaked versions available for everyone.
Vision:
Last but one of the most vital points is to share your vision in the business plan. Why do you care about this goal and what you want to achieve by pursuing this business idea?!
Business plans are essential for businesses of any size, whether they are startups or established companies. The seven steps in this article will guide you through the process of writing a perfect business plan. After completing these steps, you’ll be able to move your business forward. However, there’s more! You can also find out which type of entrepreneur you are by taking our test. Knowing that will help you tailor your business plan to meet your needs
