If you are a newbie entrepreneur, the chances are that you are still in the planning stages of your venture. You have a money-making idea that you know can become successful. Before you can put your entrepreneurial plan into action, you need a well-constructed business plan. Don’t just print something generic off the Internet and fill in a random template, only to file it away never to be seen again. A strong business plan is a working document that helps you to hone your business vision. The ethos of your venture will be borne out of the pages of your business plan. Forget about drafting ideas on an envelope or scraps of paper, and instead, opt for a bespoke working document that will enable your business to thrive. Take a look at this essential guide to an excellent business plan.
Funding
Every business, no matter how small, needs some sort of funding to help it launch. It doesn’t matter whether you only require a three-figure sum to get off the ground, or whether you need a heftier investment, it’s vital that you address this in your business plan. The business plan will be the first thing that a loan manager or business angel asks to see. Ensure that you detail accurately your profit projections and that you know your gross from your net. Anyone looking to lend you money needs to know that you and your business are a good prospect. Project your profits for at least the first three years of trading, and don’t overinflate your figures. Mitigate any financial risks that you may face, such as a downturn in custom or seasonality, and address them when you pitch your business plan.
Marketing
Every venture may seem like a money-making prospect. However, your target market needs to know that you are trading before you can make any revenue. This is why marketing is so important. Detail your digital marketing strategy within your business plan. This means focusing on your SEO strategy. Are you going to outsource or keep this in house? Search engine optimization for your website and social media channels will be the single most important aspect of getting your brand visible and noticed. By sharing relevant and meaningful content through social media and blogs, you will garner more attention from your niche. In your business plan, discuss how you will harness this audience and morph their interest from viewer to customer.
Staff
You may need to hit the ground running with a small staff team to help you launch your venture. Ensure that you detail staffing policies within your plan. To prevent a high turnover of staff, you need to look at how you can facilitate a positive place to work, how to create a cohesive team, and how you can show respect to your staff. Invest in your team by ring-fencing money for their professional development. When you craft a team, you want it to be as stable as possible. Ensure that you pay above market rate and that you give them the opportunity to contribute to the company ethos. By doing this, you will have a well oiled staff machine to help your business excel.
Follow this guide, and you can hone an excellent business plan for your venture.
