Starting a new business doesn’t happen overnight and it requires the completion of many actions before you actually begin doing business.
Things like selecting a product or service, deciding on a legal structure for your business, creating a memorable name for your company and more. Before you dive into all these things, you need to write your start-up business plan. A thorough business plan is priceless for any business, and if you’re trying to grow your business in a crowded marketplace, it could be your biggest asset.
Knowing your “why” what is the purpose or reason for being of your business? why are you doing- often at great effort and expense – what you’re doing? you need to be able to answer this before you can even start your business plan. Once you have, then developing your business plan will be like a roadmap for your business to achieve your objectives and vision.
Why do you need a business plan?
Business plans are often required when seeking funding from banks or Angel investors.
Your business plan acts as a blueprint for your business and keeps you on track. It:
- Allows you to test the feasibility of your business idea by forcing you to think through all aspects of business and its execution.
- Highlights potential problems and challenges.
- Aids in the prioritization of goals and objectives.
Your business plan should include:
- A statement of where you are now (a situation analysis)
- Your ‘why’. The purpose or reason for your business
- Where you want to go (your goals and objectives)
- How you are going to get there (the strategies)
- When you intend to get there (the time frames)
Key performance indicators (KPI’s)
