Business planning is essential to you success. From my experience, most new business failures are due to a lack of foresight, a failure to think things through. A failure to plan. A business plan helps you to learn everything about your business, your industry, your customers, and your competition. Think of creative ways your going to find customers or clients, and how you are going to creatively market your goods or services to your customers. Remember one of the greatest benefit of a business plan is that , by writing everything down, you are more likely to see the entire picture, and you are more likely not to forget some important steps to prepare yourself for this huge venture. Think of it like this say you built a house without blueprints, which you can certainly do. However, when you discover a mistake in the foundation after the roof is shingled, you going to want to kick your self in the behind.
MISSION STATEMENT:
First things first if you want a good business plan it starts with a short written statement of what your business is, what you want to do, and how you intend to get there. A mission statement can easily resemble a promo piece, keep in mind that this mission statement is for you, to help you visualize and verbalize exactly what you are trying to accomplish. To many people wanting to start a business have not thought out their goals at all, and too many people quickly lose their direction and their interest. Think of your mission statement as your business’s BRAND.
A BASIC PLAN:
So by the time you have come to the idea that you need to put a business plan together you have done, your market research, estimated your start-up expenses, tried your hand at the cash flow guessing game, and wrote it all down some what like a puzzle. Now all you have to do is put it together. this will help you to organize your thoughts and observations. Show your problems that require more thought and analysis, and help you put the pieces of the puzzle in the right places. Remember business planning is an ongoing process. It is important to understand the limits of the a business plan, particularly one this early in the game. The ideas are only that: untested ideas. The numbers are guesses, you own inexperienced, optimistic guesses. Don’t rely on them heavily. Proceed with all caution, keep your eyes open, and let experience, not some written plan, you be your guide.
RAISING CAPITAL:
It’s very important to have a structured business plan. When your trying to raise start-up funds from individuals or a bank, a more structured business plan will help you get your ides across to prospective leaders and investors.
1.) Your business idea.
2.) Your education, experience, business contacts, and other information to emphasize that you knowledge and a background that will lead to success.
3.) Where you plan to locate or have a satellite office.
4.) How you’ll obtain or manufacture inventory.
5.) How you will find and keep customers, and the status of the competition.
6.) How much money you will need to start, and what the money will be used for.
7.) How much time and how much of your own money you plan to commit to the business.
8.) How much you will pay yourself.
9.) How you will repay the loan or investment. This is a major key to the success of your plan and to raising funds. An investor wants to be confidant that your venture will net enough money. After all expenses, to have enough left over to pay back the investor.
Include a “proforma” financial statements, which are the projections forecasts of income and expenses and cash flow. These projections should be honestly labeled “guesses” or even “hopes and dreams.” A business plan is just to show the investors how good you rare at preparing and how well you understand business concepts. Striving for accuracy and professionalism it this section is essential, as your preparation shows that you’re serious about what you’re trying to do.
– Last but not least outline the legal terms of engagement, including payment, intellectual property right, and and limitation of liability.
– Important considerations when writing a business plan.
– Tailor to the client: Adapt your plan to specific needs and challenges of each potential investors.
– Concise and Clear language: Use simple, easy-to-understand language and avoid technical jargon.
– Visual Appeal: Incorporate graphs, charts, and images tp present information effectively.
– Proofread Thoroughly: Carefully review your plan for grammar, spelling, and formatting errors.
– From there your should have your self a great BUSINESS PLAN.
