Planning a business is serious work itself. One of the first and most important things you need to do is to create a business plan or layout. But having a business plan is not entirely the key to owning a successful and fulfilling business. The key is planning one that goes according to the wishes and end results that you have in mind.
How Do You Plan Your Business Right?
So you’re ready to create your business plan, but you still aren’t sure how to go about it the right way. Stick to the following steps below for guidance:
Determine What Your Business Goals Are
The only way you can arrive at your destination is to know where you are headed in the first place. Before you map out a plan, it would help greatly to ask yourself: What do I hope to achieve from this business? What do I want the results to look like? What goals do I hope to achieve as I carry out my business plan? You need to figure out where you are going before you hit the road. Without having goals or end results in mind you may lose your way. Your business goals are the beacons that you keep your eyes fixed on to help guide your path. Determine what your goals are to see that they would keep you on the right track as you plan your business.
Determine How You Would Achieve those Goals
Now that you have highlighted your goals, what actionable steps do you plan to take to achieve your goals? It is one thing to know the way, and another to know how you are going to get there. Will you be walking? Or flying? These are the questions you need to ask yourself in creating your business plan. Pick each goal and try to answer: What do I need to do to make this goal a reality? Every answer you give should be actionable, workable, simple to understand and achievable. This way you are building a link between your desired result and the plans you are creating for your business. Organize your list of actionable steps and prepare to fit them into your business plan.
Determine How Much it Would Cost
It goes without saying, that to achieve some of the goals you have laid down in your actionable steps, you would require some money. Money is the oil that makes the process go smoothly. You need to consider the cost of what you would need to bring your goals to completion. You need to create a budget. Remember each of the steps you have previously highlighted? Attach the cost it would take to achieve each step to them. This will help to prepare adequately and to avoid roadblocks as you proceed to accomplishing your goals. Calculate the overall costs against the funds you have previously budgeted for this plan. Is it sufficient or less? Is the profit that you make enough for you? Take all of this into consideration and make adequate adjustments if need be.
Determine What Your Business Model and Values Would Be
One of the proven and trusted ways to make sure that your business remains in sync with your wishes, is to have a written model and laid down values, just like a blueprint to run with. You may design a brief summary of what services/products your business hopes to bring to the society, what needs it seeks to meet, a mission and vision statement and the values that are important to the business. This way, even in your absence, there is a kind of template that can be referred to just to make sure everyone is working to meet the same goals and achieve similar results.
Determine Your Competition and Target Market
Who is your business going to be up against? Who are the big players in your business niche? Who do you plan to offer your products/services to? How do you intend to convince them to buy from you and not the others? What edge would your business have over your competition? You would need to invest your time in researching your competition and how to woo your potential customers. You must know your competition’s next move and how to be one step ahead. You must study your customers intimately. Take note of your findings and input them into your business plan. Once you are familiar with these, you can adjust and modify your plan to get your desired results.
Determine Who Your Key Players Are
How do you intend to run your business? Would it be a one-man band? Or would you hope to employ some staff? How many? What would be the structure of the organization? What key roles would the staff play and what would be their responsibilities? Here you have the opportunity to create duties and job description of would-be staff to fit into what your goals and results look like. You can tailor their positions to fit into the overall picture of your business goals. The people you bring along with you on a journey have a great role to play in the success of your business. Some may help keep you on track while some would lead you off track. This is the opportunity to determine who you want to work with.
Improvise and Adapt
By now, you should have a bit of clarity as to what your plan should look like, as well as a clearer picture of your proposed business. Your business plan should be flexible enough to accommodate sudden changes and slight variations that may occur in the course of your start-up. You should be open to improvising if need be, and adapting to and allowing for new changes in your business. However, your improvisation and adaptation must still lead you to accomplish your business goals.
Writing a business plan is only one step in the entire business start-up process, but it is very vital in helping to keep you focused as you build up to kick-starting your business. Consider the steps highlighted above in creating your business plan to ensure that your desired wishes for your business sync with your intended results.
Author’s Bio: Cheryl Hearts is a talented journalist from Boston, Massachusetts. From an early age, she was into writing so she decided to make it her career. Obtaining a Master’s Degree in Journalism has boosted her desire to grow as a journalist and currently she contributors to major media publications. Cheryl also runs her blog CherylHearts.com where she shares her opinion on topics trending in modern society.