Business
Does your business plan have holes? Do you even have a business plan? When was the last time you looked at it (last January when you created it)? Many aspects of a business plan are overlooked and that can lead to professional disaster. Before you can build a successful business, you must first learn how to create a solid business plan. Not surprisingly, writing a business plan can be a tedious process. You may be tempted to jump in head first, but it’s important to pinpoint these basic questions before you move forward. Given the adequate preparation and attention a successful business plan needs, your worthwhile investment will build your business on a solid foundation. Now, let’s explore the four essentials of successful business planning. 1. Defined Purpose: Before you can go anywhere, you must first know where you are headed. Ever attempt a cross-country road-trip without a map or GPS? Well, building a business plan without having a vision for the business is much like driving a car without a map or directions. Defining the purpose of your business will give you a starting and ending point - both of which are essential to building a solid business plan. First, define the benefits you are delivering to clients. From there, define how those benefits will change your clients’ lives for the better. What will they specifically be able to do that they weren’t able to do before they purchased your product or service? If you’re not quite sure of the answers, start with these bullet points: • Who will you be selling these items to? Define your ideal client. • What product or service are you providing? What purpose does it provide? • Where you will be selling it from? Catalog? Website? In-Person? Third party? • Why would consumers purchase your product or service? What needs/hole/void does it fill? If you’re specializing in a specific item or service, try to locate accessories or add-on services to market along with the main product. Does it make sense for you to open up a brick and mortar shop or is it more practical to open up shop online? Yes, properly answering these questions can be time consuming, but preparing a successful business plan is essential to setting your business up for success. 2. Detailed Marketing Strategy: No business can survive without an effective marketing strategy. When starting a business, it’s imperative to be aware of exactly how you’re going to locate clients for your business. Unfortunately, this is where most business owners fall short. If you don’t know where to find your customers/clients - you will not know where to find the sales. Whether you’re creating a business plan to attract potential investors or for your own personal records, you need to take the time to craft a carefully detailed marketing strategy. Creating a detailed marketing strategy consists of defining your target market, understanding why they would want to purchase the product or service you are selling, and pinpointing the price they are willing to pay. The good news is that you’ve already done some of the work by pinpointing the product or service you will be providing. In addition, you’ve also pinpointed the benefits of the product/service and how those benefits will improve the lives of your prospects/clients. Now you’re clear on the benefits of your product/service, but where do you find your clients? Start by asking yourself these questions: • Where do your clients shop? Online? In-store? • Are they users of social media (LinkedIn, Facebook, Plaxo, and Twitter)? • What do they read? Particular magazines? Newspaper? Online news? • Do they have pre-existing businesses? If so, how can you get your product/service in front of them? 3. Differentiation: A cookie-cutter business will only go so far - and unfortunately, it won’t be very far. Breaking the mold holds the potential of launching your business into success, because when you can fill a hole in the market, you create a nice