When writing a business plan...
Writing a business plan may the last thing you think of, you might not see the need for it at all; although there are lots of things to think about when you’re setting up a new business. What will you name business? What type of logo design would look good? Which colours you want you use for your branding. Whether you should be a sole trader or a limited company? The list continues… You already feel you know what your business idea is and what you will do to make it successful, so why even bother?
Here’s why it is important to write a good business plan!
As the old saying goes; “if you fail to plan, you plan to fail” ~ [Quote somebody anonymous] This is why it is important to set clear goals with clear deadlines for each of your smaller goals, but all activities whether product development, marketing, branding or any other business aspect should be done with one overall business aim.
Identifying potential problems before they occur.
It would be fantastic if we could see into the future to know before hand whether there’s some major issue or problem that could cause your business to fail? By having a solid business plan, allows you to deal with the fundamentals of how your business will work. What risks are there might be? Who your competitors are? What the market research is saying? What costs will you have? Identifying these things early is the best way to take less risks and to have more chances of success. Another key reason to have a business plan is if you are going to need financial support to get your business started. Having a sound business plan is vital. Any prospective lender or investor will want to ensure that your business is being set up correctly, what the costs are and that your plans for business will be profitable and successful.”
What should I include in my business plan?
A business plan may vary depending on what type of business you are setting up and who you might be aiming it at, as doing a business plan for investors might focus more on the financial side of the business verses companies that are interested in showcasing a niche idea. There is no set in stone rules for a business plan however there are some very vital things that a good business plan should include.