HOW TO CREATE A BUSINESS PLAN
A successful business doesn’t just happen by accident. Even if you come up with a brilliant idea or you practically fall into a money-making opportunity, you’re going to need a plan if you want to maintain ongoing success. But before we get into how to create a business plan, you might be wondering if need one at all.
Yes, You Need a Business Plan
There are those who say business plans are antiquated wastes of time. While it’s true that you can put too much time into a business plan and/or make an unrealistic business plan that won’t help you at all, any business can benefit from a properly executed business plan.
In fact, formal plans have shown to increase the odds of success by 30-50 percent. Additionally, a person with a plan is two-to-three times more likely to start their business in the first place.
And for those planning on securing investments, you can bet that any serious investor is going to ask to you see your plan.
So how exactly do you create one? It’s not as complicated as you might think.
How to Create a Business Plan
As you grow and build out a business, your strategies, KPIs, and date will get much more specific and complex. When it comes to an initial business plan, however, keep it simple and flexible. After all, your business is bound to change a lot, especially throughout its first year.
Your plan needs to be able to accommodate these changes.
What you’re establishing here is a core foundation to build off of. Because of this, you should begin with a summary of what your business is. This will force you to ask yourself questions about the very purpose of your business.
Why does it exist? What’s it going to do? Who is it going to help?
Once you have the core idea set, you can begin to expand on that. Discuss the industry you’re going into. Share statistics and vital information. Yes, this means you’ll have to do some research.
Then relate the industry to the services your business offers while outlining a marketing strategy of how you’ll reach the customers of your industry. Compare yourself to your competition. Talk about what makes you different.
Plans for Future Growth
A business plan isn’t just for where you are now, but where you’re going. You should begin to plan out future growth, including future employees you’ll hire and at what point you’ll hire them.
This will involve projection of growth in terms of revenue, client base, etc.
Want a little more structure and guidance for your business plan? How about a free template to get you started?
If you’ve already purchased Business is ART, you’ll find the directions in there. Either way, you can download our template for free here. Once you’ve figured out how to create a business plan, you’ll realize there’s still a lot between you and running a successful business.
For those who area really serious about increasing their chances for success, join our Odds Makers training. Odds Makers (part of our growing BIA University) will help you create a business plan, strategy, KPIs, and more, all with templates to follow and video instructions.
Sign up now!