There are very few things that can be established without a plan, and the same goes for your business. For your business venture to be successful, you’ll need to create a business plan that sticks, but how exactly can you do that? Here are some tips.
Be aware of your competition
Being aware of your competition doesn’t mean discrediting it in any kind of way. But for a memorable business plan, you have to mention what makes you stand out from your competitors. This is known as your Unique Selling Proposition (USP). Showing off what makes you different sets you apart from the other businesses who are offering similar products or services.
Know your audience
Ultimately, the people who you want to invest in your business are what’ll keep your business afloat. With that said, you have to know exactly who you’re talking to. Are you talking to individual investors or companies who’d like to fund your start-up? Whoever you’re targeting is who you should speak to. Mention what investing in your company will do for them and the community. That’s a good way to keep your audience interested.
Back up your statements
Believing that your product or service will be the best on the market can come off as wishful thinking. That’s every entrepreneur’s dream and goal, but if there are facts to back up such thoughts and opinions or a solid plan that you have that’ll lead to your business getting that point, this needs to be evident in your business plan. Having a goal is great, but showing how you’re going to get to that goal is even better.
Wanting to work with big brands and companies is the real jackpot in business, but do you have the time and resources to be taking on such big clients? Give yourself enough time to get into the swing of things because the big companies have just as large of the nitty-gritties as they do reputations. Be careful not to aim for unrealistically high goals, too quickly. The time for that will come and when it does, you’ll be better equipped for it if you’ve built up to it slowly and properly.
If you’ve done some social experiments or created prototypes that prove that your business idea is the real deal, you have to pull those out. The more you can showcase that legitimises your business idea, the better. This includes the challenges that you’ve spotted in the market that you think you can improve. Your business plan is there to speak for you, while getting investors on board.
These are only some of the factors that go into a successful business plan, but they’re not the only ones. There’s a lot more that goes into a business plan that can be easily forgotten because it may seem small or unimportant, like where you’ll be running your business from, how you plan to repay your investors, how many people you’re looking to hire etc. If you can think of other important factors entrepreneurs should consider, share them with your fellow #CellCgirls on Facebook, Twitter and Instagram.